-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KzPvttXjbgqRYFzF5Z4f3zbreK9ZRFKQeC5zCsXvBIwo7dAKlPVFnpfnmZ1grN4c G/GSzEy3OZIUZ41j+Z3TqA== 0000930413-03-001024.txt : 20030331 0000930413-03-001024.hdr.sgml : 20030331 20030331165249 ACCESSION NUMBER: 0000930413-03-001024 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20021231 FILED AS OF DATE: 20030331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TENGASCO INC CENTRAL INDEX KEY: 0001001614 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 870267438 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15555 FILM NUMBER: 03631602 BUSINESS ADDRESS: STREET 1: 603 MAIN AVE STREET 2: SUITE 500 CITY: KNOXVILLE STATE: TN ZIP: 37902 BUSINESS PHONE: 4235231124 MAIL ADDRESS: STREET 1: 630 MAIN AVENUE STREET 2: SUITE 500 CITY: KNOXVILLE STATE: TN ZIP: 37902 10-K 1 c27529_10k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 REPORT ON FORM 10-K (Mark one) /X/ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended DECEMBER 31, 2002 or / / Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission File No. 0-20975 TENGASCO, INC. (NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) TENNESSEE 87-0267438 (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) 603 MAIN AVENUE, KNOXVILLE, TENNESSEE 37902 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (865) 523-1124. Securities registered pursuant to Section 12(b) of the Act: NONE. Securities registered pursuant to Section 12(g) of the Act: COMMON STOCK, $.001 PAR VALUE PER SHARE. Indicate by checkmark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes /X/ No / / Indicate by checkmark if disclosure of delinquent filers in response to Item 405 of Regulation SK is not contained in this form and no disclosure will be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] State the aggregate market value of the voting stock held by non-affiliates (based on the closing price on March 3, 2003 of $1.39): $8,378,799. Indicate by checkmark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act): Yes / / No /X/ State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second quarter (based on the closing price on June 28, 2002 of $2.80): $18,994,161. State issuer's revenues for its most recent fiscal year: $5,700,478 State the number of shares outstanding of the registrant's $.001 par value common stock as of the close of business on the latest practicable date (March 3, 2003): 11,927,004 Documents Incorporated By Reference: None. TABLE OF CONTENTS
Page PART I Item 1. Business.....................................................................................1 Item 2. Description Of Property.....................................................................22 Item 3. Legal Proceedings...........................................................................29 Item 4. Submission of Matters to a Vote of Security Holders.........................................32 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.......................33 Item 6. Selected Financial Data.....................................................................34 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation...............................................................................35 Item 7A. Quantative and Qualitative Disclosures About Market Risk....................................46 Item 8. Financial Statements and Supplementary Data.................................................48 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure..............................................................................48 PART III Item 10. Directors and Executive Officers of the Registrant...........................................49 Item 11. Executive Compensation.......................................................................55 Item 12. Security Ownership of Certain Beneficial Owners and Management...............................58 Item 13. Certain Relationships and Related Transactions...............................................61 Item 14. Controls and Procedures.....................................................................63 PART IV Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.............................64 SIGNATURES.......................................................................................................71
i FORWARD LOOKING STATEMENTS The information contained in this Report, in certain instances, includes forward-looking statements. When used in this document, the words budget, budgeted, anticipate, expects, estimates, believes, goals or projects and similar expressions are intended to identify forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected by such forward-looking statements. Important factors that could cause actual results to differ materially from those projected in the forward-looking statements include, but are not limited to, the following: production variances from expectations, volatility of oil and gas prices, the need to develop and replace reserves, the substantial capital expenditures required for construction of pipelines and the drilling of wells and the related need to fund such capital requirements through commercial banks and/or public securities markets, environmental risks, drilling and operating risks, risks related to exploration and development drilling, the uncertainty inherent in estimating future oil and gas production or reserves, uncertainty inherent in litigation, competition, government regulation, and the ability of the Company to implement its business strategy, including risks inherent in integrating acquisition operations into the Company's operations. PART I ITEM 1.BUSINESS. OVERVIEW The Company is in the business of exploring for, producing and transporting oil and natural gas in Tennessee and Kansas. The Company leases producing and non-producing properties with a view toward exploration and development. Emphasis is also placed on pipeline and other infrastructure facilities to provide transportation services. The Company utilizes state-of-the-art seismic technology to maximize the recovery of reserves. The Company's activities in the oil and gas business commenced in May 1995 with the acquisition of oil and gas leases in Hancock, Claiborne, Knox, Jefferson and Union Counties in Tennessee. The Company's current lease position in these areas in Tennessee is approximately 41,088 acres. See, "Item 2, Description of Properties." To date, the Company has been drilling primarily on a portion of its Tennessee leases, known as the Swan Creek Field in Hancock County (the "Swan Creek Field or Leases") focused within the Knox formation, one of the geologic formations in the Field. The Company currently has 22 producing gas wells and 6 producing oil wells in the Swan Creek which produce approximately 1.4 MMcf of natural gas per day and 2,200 barrels of oil per month. Revenues from the Swan Creek Field were approximately $200,000 per month during 2002. 1 On March 8, 2001, the Company's wholly owned subsidiary, Tengasco Pipeline Corporation ("TPC"), completed a 65 mile intrastate pipeline from the Swan Creek Field to Kingsport, Tennessee at a cost of approximately $15.3 million. Until the Company's pipeline was completed in 2001, the gas wells that had been drilled in the Swan Creek Field could not be placed into actual production and the gas transported and sold to the Company's industrial customers in Kingsport. The Company initially believed that when actual production began from the Swan Creek wells that the volumes of natural gas from the Swan Creek Field would be significantly higher than the rates of actual production that have occurred since production began. The reasons for the occurrence of lower production volumes include initial production problems caused by naturally occurring fluids entering the well bore, the slower than anticipated rate of production of the wells due to underground reservoir characteristics that became apparent only when the wells were placed into actual production, and the inability of the Company to drill additional wells due to capital acquisition problems and difficulties with the Company's primary lender, Bank One, N.A. of Houston, Texas ("Bank One"). The Company has taken steps to minimize fluid problems in existing wells by mechanical means, and to prevent them in any future wells by drilling and completion techniques. However, management believes that the only way to increase production volumes of gas from this field is to drill additional wells to most efficiently drain the underground reservoirs of the large reserves of gas, and the Company's ability to do so is dependent upon raising the additional capital for drilling. Although no assurances can be given, the current management of the Company believes that it will be able to resolve the difficulties currently preventing it from drilling additional wells and increasing production volumes of natural gas from the Swan Creek Field. Effective December 31, 1997, the Company acquired from AFG Energy, Inc. ("AFG"), a private company, approximately 32,000 acres of leases in the vicinity of Hays, Kansas (the "Kansas Properties"). Included in the acquisition which closed on March 5, 1998 were 273 wells, including 208 working wells, of which 149 were producing oil wells and 59 were producing gas wells, a related 50 mile pipeline and gathering system, 3 compressors and 11 vehicles. The total purchase price of these assets was approximately $5.5 million, which consisted of $3 million in cash and seller financing of $2.5 million. The seller financing portion of the purchase price was refinanced by Arvest United Bank of Oklahoma City, Oklahoma as evidenced by a note dated November 23, 1999 in the amount of $1,883,650 to be paid in monthly installments of principal and interest over a three year period. This obligation was subsequently satisfied from the proceeds of a line of credit received by the Company from Bank One. See, "Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operation." The Kansas Properties are currently producing approximately 800,000 cubic feet of natural gas and 336 barrels of oil per day. Net revenues from the Kansas Properties were approximately $275,000 per month during 2002. 2 HISTORY OF THE COMPANY The Company was initially organized under the laws of the State of Utah on April 18, 1916, under the name "Gold Deposit Mining & Milling Company." The Company subsequently changed its name to Onasco Companies, Inc. The Company was formed for the purpose of mining, reducing and smelting mineral ores. On November 10, 1972, the Company conveyed to an unaffiliated entity substantially all of the Company's assets and the Company ceased all business operations. From approximately 1983 to 1991, the operations of the Company were limited to seeking out the acquisition of assets, property or businesses. At a special meeting of stockholders held on April 28, 1995, the Company's stockholders voted: (i) to approve the execution of an agreement (the "Purchase Agreement") pursuant to which the Company would acquire certain oil and gas leases, equipment, securities and vehicles owned by Industrial Resources Corporation ("IRC")(1), a Kentucky corporation, in consideration of the issuance of 4,000,000 post-split (as described below) "unregistered" and "restricted" shares of the Company's common stock and a $450,000, 8% promissory note payable to IRC. The promissory note was converted into 83,799 shares of the Company's common stock in December 1995; (ii) to amend the Articles of Incorporation of the Company to effect a reverse split of the Company's outstanding $0.001 par value common stock on a basis of one share for two, retaining the par value at $0.001 per share, with appropriate adjustments being made in the additional paid-in capital and stated capital accounts of the Company; (iii) to change the name of the Company from "Onasco Companies, Inc." to "Tengasco, Inc."; and, (iv) to change the domicile of the Company from the State of Utah to the State of Tennessee by merging the Company into Tengasco, Inc., a Tennessee corporation, formed by the Company solely for this purpose. The Purchase Agreement was duly executed by the Company and IRC, effective May 2, 1995. The reverse split, name change and change of domicile became effective on May 4, 1995, the date on which duly executed Articles of Merger effecting these changes were filed with the Secretary of State of the State of Tennessee; a certified copy of the Articles of Merger from the State of Tennessee was filed with the Department of Commerce of the State of Utah on May 5, 1995. Unless otherwise noted, all subsequent computations herein retroactively reflect this one for two reverse split. During 1996, the Company formed TPC to manage the construction and operation of its pipeline, as well as other pipelines planned for the future. - ---------------------- (1) Malcolm E. Ratliff, the Company's former Chief Executive Officer, former Chairman of the Board of Directors and former Director, is the the sole shareholder of IRC. 3 GENERAL 1. THE SWAN CREEK FIELD Amoco Production Company ("AMOCO") during the late 1970's and early 1980's, after extensive geological and seismic studies, acquired approximately 50,500 acres of oil and gas leases in the Eastern Overthrust in the Appalachian Basin, including the area now referred to as the Swan Creek Field. In 1982 AMOCO successfully drilled two significant natural gas discovery wells in the Swan Creek Field to the Knox Formation at approximately 5,000 feet of total depth. These wells, once completed, had a high pressure and apparent volume of deliverability of natural gas; however, in the mid-1980's a substantial decline in worldwide oil and gas prices occurred and the high cost of constructing a necessary 23 mile pipeline across three rugged mountain ranges and crossing the environmentally protected Clinch River from Sneedville to the closest market in Rogersville, Tennessee was cost prohibitive. In 1987, AMOCO farmed out its leases to Eastern American Energy Company which held the leases until July 1995. The Company became aware of a law adopted by the Tennessee legislature which enabled the Company to lease all of AMOCO's prior acreage. The Company filed for a declaratory judgment as to its right to lease AMOCO's prior acreage. The Company was ultimately successful in winning all right, title and interest in all of AMOCO's prior leases in a precedent-setting Supreme Court case. In July 1995 after completion of the Purchase Agreement with IRC, the Company acquired the Swan Creek Leases. These leases provide for a landowner royalty of 12.5%. A. SWAN CREEK PIPELINE FACILITIES In July 1998 the Company completed the first phase ("Phase I") of its pipeline in the Swan Creek Field, a 30 mile pipeline made of 6 and 8 inch steel pipe running from the Swan Creek Field into the main city gate of Rogersville, Tennessee. With the assistance of the Tennessee Valley Authority ("TVA"), the Company was successful in utilizing TVA's right-of-way along its main power line grid from the Swan Creek Field to the Hawkins County Gas Utility District located in Rogersville. The cost of constructing Phase I of the pipeline was approximately $4,200,000. In April 2000, TPC commenced construction of Phase II of the Company's pipeline. This was an additional 35 miles of 8 and 12 inch pipe laid at a cost of approximately $11.1 million extending the Company's pipeline from a point near the terminus of Phase I and connecting to an existing pipeline and meter station at Eastman Chemical Company's chemical plant. The pipeline system was completed on March 8, 2001 at an overall cost of approximately $15.3 million and extends 65 miles from the Company's Swan Creek Field to Kingsport, Tennessee. 4 B. SWAN CREEK CONTRACTUAL ARRANGEMENTS On November 18, 1999, the Company entered into an agreement with Eastman Chemical Company ("Eastman") which provides that the Company will deliver daily to Eastman's plant in Kingsport a minimum of the lesser of (i) 5,000 MMBtu's (MMBtu means one million British thermal units which is the equivalent of approximately one thousand cubic feet of gas) or (ii) forty percent (40%) of the natural gas requirements of Eastman's plant and a maximum of 15,000 MMBtu's per day. Under the terms of the agreement, the Company had the option to install facilities to treat the delivered gas so that the total non-hydrocarbon content of the delivered gas is not greater than two percent (2%). This would have allowed the gas to be used in certain processes in the Eastman plant requiring low levels of non-hydrocarbons. If the Company elected to perform this option by installing additional facilities, the minimum daily amount of gas to be purchased by Eastman from the Company would increase to the lesser of (i)10,000 MMBtu's or (ii) eighty percent (80%) of the natural gas requirements of Eastman's chemical plant. On March 27, 2000, the Company and Eastman signed an amendment to the agreement permitting the Company a further option with respect to the allowable level of non-hydrocarbons in the delivered gas. This amendment gives the Company the further option to tender gas without treatment, at a minimum volume of 10,000 MMBtu's per day, in consideration of which the Company agrees to accept a price reduction of five cents per MMBtu for the volumes per day between 5,000 and 10,000 MMBtu's per day under the pricing structure in place under the original agreement. To date, none of the gas sold by the Company to Eastman exceeds the allowable level of non-hydrocarbons permitted under the agreement and does not require treatment. Under the agreement as amended March 27, 2000, Eastman agreed to pay the Company the index price plus $0.10 for all natural gas quantities up to 5,000 MMBtu's delivered per day, the index price plus $0.05 for all quantities in excess of 5,000 MMBtu's per day and the index price for all quantities in excess of 15,000 MMBtu's per day. The index price means the price per MMBtu published in McGraw-Hill's INSIDE F.E.R.C Gas Market Report equal to the Henry Hub price index as shown in the table labeled Market Center Spot Gas Prices. The agreement with Eastman is for a term of twenty years and will be automatically extended, if the parties agree, for successive terms of one year. The initial term of the agreement commenced upon the Company's completion of construction of Phase II of its pipeline and connection to Eastman's facilities and once commercial operation of that facility was approved which was in March 2001. On January 25, 2000, TPC, signed a franchise agreement to install and operate new natural gas utility services to residential, commercial and industrial users in Hancock County, Tennessee for the Powell Valley Utility District. The Powell Valley District had no existing natural gas facilities and the system to be installed by TPC was intended to initially extend to schools and small customers, and gradually be expanded over time to 5 serve as many of the 6,900 residents of the County as is economically feasible. TPC purchases gas from the Company on behalf of the District which is to be resold at an average retail price of about $8.00 Mcf. Under the franchise agreement, which has an initial term of ten years and may be renewed for an additional ten years, TPC will receive 95% of the gross proceeds of the sale of gas for its services under the agreement. In June, 2000, TPC began installation of the necessary facilities to begin to serve up to 1,500 residential and industrial consumers in the City of Sneedville, county seat of Hancock County. The Company's existing eight inch main line from its Swan Creek Field passes through the city limits of Sneedville. A one-half mile of interconnecting pipeline from the Company's existing pipeline was installed, as well as an additional four miles of pipeline as the initial phase of the distribution system. The construction was completed and delivery of initial volumes of gas into the system from the Swan Creek field occurred on December 27, 2000. The cost of construction of these facilities was approximately $133,000. Upon enactment of initial rate schedules by the Powell Valley Utility District, initial sales began in January 2001 to a small number of residential and small commercial customers. TPC contracted with the City of Sneedville to conduct billing and installation activities in connection with the day to day operation of this system. On March 11, 2002, the Company began delivering gas to its first commercial customer in a new industrial park in Sneedville, Kiefer Built, Inc, an Iowa based manufacturer of livestock and industrial trailers. The Company hopes to be able to supply gas to other customers who may move into that industrial park. At this time, however, no gas sales agreements for large volume or base load sales have been signed and there can be no assurances that such agreements will be signed and if signed, it is not possible to predict when such sales may begin or what the overall volumes of gas sold may be. Due to the small number of existing customers and relatively high operating costs, the Company experienced a loss of approximately $35,000 attributable to the operation of this system in 2002. The Company intends to either expand the operation of this system so as to increase revenues or to sell these assets to neighboring utilities or the City of Sneedville. In the event of such a sale, the Company could still sell gas to the Powell Valley Utility District. On March 30, 2001, the Company signed a contract to supply natural gas to BAE SYSTEMS Ordnance Systems Inc. ("BAE"), operator of the Holston Army Ammunition Plant in Kingsport, Tennessee for a period of twenty years. Natural gas is used at the Holston Army ammunition facility to fire boilers and furnaces for steam production and process operations utilized in the manufacture of explosives by BAE for the United States military. Under the agreement, BAE's daily purchases of natural gas may be between 1.8 million and 5 million cubic feet, and volume could increase significantly over the life of the agreement as BAE conducts additional operations at the Holston facility. The contract calls for a price based on the monthly published index price for spot sales of gas at the Henry Hub plus five cents per MMBtu in the same manner as the price is calculated in the contract between the Company and Eastman. The Company has the only gas pipeline located on the grounds of the 6,000-acre Holston facility. A portion of the Holston facility is being developed by BAE as the new 6 Holston Business and Technology Park which will serve as a location for additional commercial and industrial customers. The Company's presence at the Holston Business and Technology Park will provide the availability of gas service to other customers and is considered by BAE to be an important factor in the development of the Park, as well as the source of potential new customers for the Company. C. SWAN CREEK PRODUCTION AND DEVELOPMENT The Company began delivering gas through its pipeline to BAE on April 4, 2001 and to Eastman on May 24, 2001. Daily production in June 2001 was 4,936.2 Mcf and in July 2001 daily production averages increased to 5,497 Mcf per day. However, the Company was unable to maintain these production levels for the remainder of 2001 and for 2002. This was due primarily to three factors: initial fluid problems in some wells; natural and expected production declines from the type of reservoir that exists in the Swan Creek field; and the inability of the Company to offset expected natural declines in production by drilling new wells because of funding difficulties caused in large part by the dispute with the Company's primary lender Bank One. See, "Item 3 Legal Proceedings" and "Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operation - Liquidity and Capital Resources" for a more detailed discussion of the Bank One matter. As to the first of these problems, the Company experienced the in-flow of substantially more fluids in the existing wells than had been expected when they were first brought into continuous production in 2001. These fluids entered the wells from the boreholes. The fluids obstructed and significantly reduced the flow of gas from the existing wells in the Swan Creek Field and required the Company to perform substantial additional work and repairs to increase the production from existing wells. First, it was necessary to install a drip tank system to eliminate the fluids in the pipeline. Next, the Company had to install mechanical devices in many of the existing wells to reduce the fluid problems. As a result of this repair work, many of the existing wells had to be shut down while the repairs were made. Gas lifts have been installed in 15 of the Company's existing wells and act as mechanisms to remove the fluids and stabilize erratic behavior, such as large swings in individual well production. These devices have had a variety of effects on production totals of existing wells. On some individual wells production has more than doubled, while on others, although production totals have not increased, the monthly average production volume has become constant and more predictable. The techniques used in addressing these fluid problems will be applied in any future wells the Company drills in the Swan Creek Field and it is anticipated that this will minimize or prevent these problems. Second, the Company experienced an expected and normal decline in initial production from existing wells in a newly-producing field, such as Swan Creek, related to natural fracture production and the associated decline to steadier flow rates from such a two-part system. The natural storage system for the Knox formation in the Swan Creek Field to which the Company's existing wells have been drilled and from which gas is currently being produced has both primary and secondary porosity distributed throughout the 7 dolomite rock that makes up this complex formation. All types of gas wells experience some type of decline as production takes place. While the natural fractures enhance production cumulative overall and contribute to longevity, the initial production declines can be significant. These natural declines were expected and do not diminish either the shut in pressure or the Company's actual reserves in the Swan Creek Field. They do, however, suggest the production rates from some of the smaller wells will be slower, but production will last longer than expected. Third, the declines in production have not been addressed and replaced by additional drilling as the Company had expected. In order for overall field production to remain steady or grow in a field such as the Swan Creek field, new wells must be brought online. Any of the new wells drilled by the Company would also experience the same harmonic (i.e. a relatively steep initial decline curve followed by longer periods of relatively flat or stable production) decline as does every natural gas well in a formation similar to the Knox formation, so continuous drilling is vital to maintaining or increasing earlier levels of production. Only two gas wells were added by the Company in 2002 due to the destabilized lending arrangements caused by the actions of Bank One and ongoing litigation regarding that matter. The Company anticipates that the natural decline of production from existing wells is now predictable in Swan Creek, that the total volume of the Company's reserves remains largely intact, and that these reserves can be extracted through existing wells and also by steady additional drilling brought on by reliable financial arrangements to fund drilling. The Company is hopeful that it will be able to obtain additional or replacement financing which will allow it to satisfy any indebtedness owed to Bank One and to drill additional wells; however, no assurances can be made that such financing will be obtained. See, "Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operation - Liquidity and Capital Resources." Due to natural and expected declines that continue to occur in ongoing production from any oil and gas well, some additional declines are expected to occur in production from the Company's existing wells in Swan Creek. The Company expects these natural declines to be less than the decline experienced to date, and that ongoing production from existing wells will tend to level off, in view of two factors: first, additional work, repairs, and recompletions have been performed on many of the existing wells; and second, the natural production decline from any well is greatest during the initial producing periods, which periods as to the Company's existing wells are now coming to the point where future production is expected to remain relatively level. Declines in production in the Swan Creek Field experienced in the last quarter of 2001 and the first quarter of 2002 began to stabilize in March 2002 at approximately 2.5 million cubic feet per day as these factors came into play. During the remainder of 2002, the Field continued to experience natural decline in production, although the rate of the decline was slower as would normally be expected from a field such as the Swan Creek Field. Natural gas production from the Swan Creek field during 2002 averaged 2.567 million cubic feet per day in the first quarter; 2.553 million cubic feet per day in the second quarter; 2.224 million cubic feet per day in the third quarter; and, 1.467 million cubic 8 feet per day in the fourth quarter. This production history reflects a combination of natural and expected decline from initial production from existing wells, partially offset in the second and third quarters by the addition of production from two new gas wells. During the fourth quarter, no wells were added to offset the natural and expected declines in initial production from existing wells. The Company also experienced reductions or declines in its sales volumes during certain times in 2002 for reasons unrelated to the production capability of its wells or fields. These declines were caused by reductions in the Company's customers' usage requirements or delivery restrictions. For example, during the period from June 28, 2002 through July 29, 2002, Eastman temporarily ceased its purchases from the Company because the Company was delivering most of its then available volumes to supply BAE's newly increased requirements resulting from BAE connecting additional gas burning facilities to its operations. The Company was unable to sell all volumes of gas exceeding BAE's increased requirements to Eastman, although the Company was able to produce these volumes, because Eastman requires a minimum for its meters that available volumes did not exceed, and a uniform rate of delivery that taking short term volumes would interrupt. During the time Eastman was not purchasing gas from the Company, BAE purchased additional volumes until BAE experienced a partial equipment outage on July 15, 2002 and reduced its purchased volumes. As a result of these occurrences, which were not within the control of the Company, the Company's sales volume to BAE and Eastman in July 2002 declined to 42,382 Mcf or an average of 1,367 Mcf per day. Eastman recommenced its purchases of gas from the Company on July 29, 2002. Due to the combination of factors listed above affecting the deliverability of gas from the Swan Creek Field, the Company remains capable of delivering gas to both BAE and Eastman such deliverability from the Swan Creek field of approximately 1.5 million cubic feet per day as of March 31, 2003. In order to increase the volumes of gas for delivery from the Swan Creek Field, the Company must drill additional wells. However, even if additional wells are drilled, the Company anticipates based on all information acquired to date that deliverability from the Swan Creek Field, once stabilized, may not exceed approximately 3 million cubic feet per day. During 2002, the Company deepened or drilled and completed three wells in the Swan Creek field, the Colson No. 2, Paul Reed No. 8 and the Paul Reed No. 9, to offset in part the normal and expected natural decline in production from the Company's existing wells, and to thereby increase overall oil and gas production capability and deliverability to BAE and Eastman. In May, 2002, The Colson No. 2, previously an oil well with low production levels, was deepened from approximately 3000 feet to 4,500 feet and successfully recompleted as a gas well. The Colson No. 2 produced 59 million cubic feet of gas in 2002 and is currently producing approximately 175,000 cubic feet per day. On July 1, 2002, the Paul Reed No. 8 well was drilled to a total depth of 4,600 feet and although gas was present, based on information acquired during drilling, the 9 Company determined that it was economically more beneficial to the Company in view of current oil prices and the anticipated levels of potential gas production, to complete this well as an oil well in the Murfreesboro and Stone River formations at a depth of 2500-3200 feet. The Paul Reed No. 8 well was successfully completed as an oil well and came in producing 100 barrels per day. This well is currently producing approximately 65 barrels per day. The Company drilled the Paul Reed No. 9 well to a total depth of 4,860 feet and completed it as a gas well. The well was connected to the Company's pipeline in early August 2002 and is currently producing approximately 200,000 cubic feet of gas per day. The completion stimulation techniques used on the Paul Reed No. 8 well were also used on two existing oil wells with moderate success. The Paul Reed No. 5 which had stopped production in March 2002 due to paraffin build-up was re-stimulated with a similar technique to enhance flow and limit build-up of paraffin. Additional production was achieved, with 828 barrels produced in July and 1,036 barrels in August 2002, and production continues to date. Altogether, in September 2002, Swan Creek oil production achieved its highest monthly total to date of 2,423 barrels, which increased again in October 2002 to 3,012 barrels of oil. Despite these increases, oil production in the Swan Creek Field declined from 30,323 barrels in 2001 to 20,122 barrels in 2002. This decline was due primarily to the cessation of production from one of the Company's wells, the Paul Reed No. 2 for mechanical reasons, although production from the Paul Reed No. 8 largely offset the lost volumes from the Paul Reed No. 2. which has been abandoned and will be plugged. The Company is presently reviewing key areas for drilling of new oil wells in the Swan Creek Field. In addition, chemical treatments to enhance production from existing wells are presently being studied and may be undertaken if the Company believes the results of such treatments will be cost effective. During 2002, the Company had 30 producing gas wells and seven producing oil wells in the Swan Creek Field. Miller Petroleum, Inc. and others had a participating interest in twelve of these wells. See, "Item 2 - Description of Property - Property Location, Facilities, Size and Nature of Ownership." In total, the Company has completed 45 wells in the Swan Creek Field. The majority of these gas wells were drilled prior to the completion of the pipeline system so only test data was available prior to full production. Of the completed wells, twelve are shut-in or currently not producing because these wells are either not presently producing commercial quantities of hydrocarbons, or are awaiting workover or tie-in to the Company's pipeline. However, certain of these wells may not be tied-in to the Company's pipeline since the expense of connection over rough terrain may not be justified in view of the expected volumes to be produced. The Company has not been able to drill a substantial number of additional gas or oil wells at Swan Creek in 2002 because it has not had sufficient funds to do so. Although the Company had expected to commence and continue its drilling program in 2002, the Company has been forced to postpone any further drilling until additional funds become available and the dispute between the Company and its primary lender 10 Bank One are resolved. Because the Knox formation has been defined by the accumulation of data from previously drilled wells and seismic data, new locations and new wells when drilled are expected to contribute significantly to achieving increases to production totals. The Company believes that new wells can be strategically located due to the high degree of information it has developed from its existing wells as to the shape and key producing horizons of the Knox formation. The Company has obtained approval from the Tennessee regulatory authorities with jurisdiction over spacing of wells to drill additional wells on smaller spacing units in the field, effectively allowing more wells to be drilled and the reservoir to produce more quickly but with no decrease in the long term efficiency of production of the maximum amount of reserves from the reservoir. The Company is hopeful that production from these new wells will be in line with its more productive existing wells in the Swan Creek Field and will have a noticeable effect on increasing the total production from the Field. Although no assurances can be made, the Company believes that, once this work is completed and the new wells are drilled, production from the Swan Creek Field will increase. However, even if such production increase does occur, the deliverability from the Swan Creek Field will not be sufficient to meet the Company's daily requirements under the contracts with BAE and Eastman. The Company also intends to commence drilling in other formations in its Swan Creek Field. To date, drilling in the Swan Creek Field has focused on production of gas primarily from the Knox formation. This is a lower Ordovician Dolomite, and the heart of the anticline structure at Swan Creek. However, immediately adjacent to this formation and shallower over these formations are other formations which the Company believes have a potential for gas production. The Stones River and Trenton formations hold the possibility for both oil and gas and have produced some gas to date. These Upper Ordovician formations have not been a primary target for gas production, but the shallower depths needed for drilling and the moderate gas production might make a potential subsequent source for additional gas production. With the completion of only one well in the Trenton formation which is producing approximately 50Mcf per day, the impact of these targets is proportional both to an area and an extent that is yet undefined. However, the Company can not proceed with such drilling until such time that it has the funds to so. D. RELATIONSHIP WITH THE UNIVERSITY OF TENNESSEE On March 17, 2000, the Company announced that it had entered into an agreement with the University of Tennessee-Knoxville ("UTK") related to its hydrocarbon exploration activities in eastern Tennessee. Two UTK geological scientists, Professor Robert D. Hatcher, Jr., a University of Tennessee/Oak Ridge National Laboratory Distinguished Scientist in structural and Appalachian geology who served as a Director of the Company in 2002, and Dr. Richard T. Williams, Ph. D., Associate Professor in geophysics, who is currently the Company's Chief Executive Officer and a Director of the Company, provide the Company with assistance in interpreting the structure of the Swan 11 Creek Field and geophysical data from that field. New seismic data will permit better subsurface imaging and more exact determination of the size of the Swan Creek Field. A major outgrowth of the Company's relationship with UTK is a new graduate fellowship, called the Tengasco Fellowship, to be awarded in UTK's Department of Geological Sciences to an outstanding graduate student interested in pursuing a career in the petroleum industry. The fellowship will provide a living allowance and tuition for the student. A number of UTK graduate students receiving financial support from the Company have already provided computer generated 3-D images of the Swan Creek Field. These images have helped outline the subsurface shape of the hydrocarbon producing zone to allow the Company to better understand where additional production might be located. The Agreement between the Company and the University of Tennessee also provides for cooperation between them in the use of vibreosis seismic equipment, primarily a large vibrator truck, owned by the University that is to be used in the Company's exploration program. Under the agreement, the Company is entitled to use the equipment in exchange for performing required routine expert maintenance and upkeep on the University's equipment, the cost of which exceeds the University's available resources. The University-owned truck is identical to two trucks owned by the Company and used in its seismic exploration program. 2. THE KANSAS PROPERTIES The Company, as of December 31, 1997 acquired the Kansas Properties which presently includes 134 producing oil wells and 51 producing gas wells in the vicinity of Hays, Kansas and a gathering system including 50 miles of pipeline. The Company also acquired 37 other wells which now serve as saltwater disposal wells in the vicinity of Hays, Kansas. Saltwater wells are used to store saltwater encountered in the drilling process that would otherwise have to be transported out of the area. These saltwater disposal wells reduce operating costs by eliminating the need for transport. The aggregate production for the Kansas Properties at present is approximately 800 Mcf and 336 barrels of oil per day. Revenue for the Kansas Properties was approximately $275,000 per month in 2002. The Company employs a full time geologist in Kansas to oversee operations of the Kansas Properties. Recent well workovers in Kansas have improved production with an estimated $1.80 increase in revenue for every $1.00 in work expense. The Company has identified five new locations for drilling wells in Ellis and Rush Counties, Kansas on its existing leases in response to drilling activity in the area establishing new areas of production. In 2001 the Company successfully drilled the Dick No. 7 well in Kansas and completed the well as an oil well. The Company did not drill any new wells in Kansas in 2002 due to lack of funds available for such drilling. The Company is also engaged in gathering for a fee the gas produced from wells owned by 12 others located in Kansas adjacent to the Company's wells and near the Company's gathering lines. The Company's plans for its Kansas properties include maintaining the current productive capacity of its existing wells through normal workovers and maintenance of the wells, performing gathering or sales services for adjacent producers, and expanding the Company's own production through drilling these additional wells. Such plans are subject to the availability of funds to perform the work. In addition, there are several capital development projects that are available with respect to the Kansas Properties which include recompletion of wells and major workovers to increase current production. These projects when completed may increase production in Kansas. Management, however, has made the decision not to perform this work at the present time, as the Company does not presently have the funds necessary to perform these projects. It will however, reconsider its decision if such funds become available through the Company's operations or other sources of financing. 3. OTHER AREAS OF DEVELOPMENT The Company is presently exploring other geological structures in the East Tennessee area that are similar to the Swan Creek structure and which the Company believes have a high probability of producing hydrocarbons. The Company has either acquired seismic data on these structures from third-party sources, or is conducting its own seismic studies with its own trucks and equipment. The seismic analysis is continuing and related leasing activities have begun based on initial analysis of seismic results. The Company plans to conduct exploration activities in these areas. The first of these locations was in Cocke County, Tennessee which is approximately 40 miles southeast of the Swan Creek Field. In 2002, the Company, in conjunction with Southeast Gas & Oil Corp. of Newport, Tennessee, drilled an approximately 6,000-foot exploratory well to the Knox formation. This well did not result in any commercial quantities of hydrocarbons. GOVERNMENTAL REGULATIONS The Company is subject to numerous state and federal regulations, environmental and otherwise, that may have a substantial negative effect on its ability to operate at a profit. For a discussion of the risks involved as a result of such regulations, see, "Effect of Existing or Probable Governmental Regulations on Business" and "Costs and Effects of Compliance with Environmental Laws" hereinafter in this section. PRINCIPAL PRODUCTS OR SERVICES AND MARKETS The Company will conduct exploration and production activities to produce crude oil and natural gas. The principal markets for these commodities are local refining companies, local utilities and private industry end users, which purchase the crude oil, and local utilities, private industry end users, and natural gas marketing companies, which purchase the natural gas. 13 Gas production from the Swan Creek Field can presently be delivered through the Company's completed pipeline to the Powell Valley Utility District in Hancock County, Eastman and BAE in Sullivan County, as well as other industrial customers in the Kingsport area. The Company has acquired all necessary regulatory approvals and 100% of necessary property rights for the pipeline system. The Company's pipeline will not only provide transportation service for gas produced from the Company's wells, but will provide transportation of gas for small independent producers in the local area as well. Direct sales could also be made to some local towns, industries and utility districts. Natural gas from the Kansas Properties is delivered to Kansas-Nebraska Energy, Inc. in Bushton, Kansas. At present, crude oil is sold to the National Cooperative Refining Association in McPherson, Kansas, 120 miles from Hays. National Cooperative is solely responsible for transportation of the oil it purchases whether by truck or pipeline. There is a limited market in the area and the only other purchaser of crude oil is EOTT Energy Operations Ltd. DRILLING EQUIPMENT In addition to the drilling equipment and vehicles which it acquired from IRC, on November 1, 2000, the Company purchased an Ingersoll Rand RD20 drilling rig and related equipment from Ratliff Farms, Inc., an affiliate of Malcolm E. Ratliff, the Company's former Chief Executive Officer and former Chairman of the Board of Directors and a former Director of the Company. All of this equipment is in satisfactory operating condition. The Company also receives contract drilling services from Miller Petroleum, Inc. and Union Drilling in the Swan Creek Field. DISTRIBUTION METHODS OF PRODUCTS OR SERVICES Crude oil is normally delivered to refineries in Tennessee and Kansas by tank truck and natural gas is distributed and transported via pipeline. COMPETITIVE BUSINESS CONDITIONS, COMPETITIVE POSITION IN THE INDUSTRY AND METHODS OF COMPETITION The Company's contemplated oil and gas exploration activities in the States of Tennessee and Kansas will be undertaken in a highly competitive and speculative business atmosphere. In seeking any other suitable oil and gas properties for acquisition, the Company will be competing with a number of other companies, including large oil and gas companies and other independent operators with greater financial resources. Management does not believe that the Company's initial competitive position in the oil and gas industry will be significant. Its principal competitors in the State of Tennessee are Nami Resources, 14 LLC, Miller Petroleum, Inc., Knox Energy Development and Penn Virginia Corporation. The Company is in a favorable position in the area in which its pipeline is located. Within that area, the Company owns leases on approximately 41,088 acres. There are numerous producers in the area of the Kansas Properties. Some are larger and some smaller than the Company. However, management expects that it will be able to sell all of the gas and oil that the Kansas Properties produce. Management does not foresee any difficulties in procuring drilling rigs or the manpower to run them in the area of its operations. The experience of management has been that in most instances, drilling rigs have only a one or two day waiting period; however, several factors, including increased competition in the area, may limit the availability of drilling rigs, rig operators and related personnel and/or equipment; such an event may have a significant adverse impact on the profitability of the Company's operations. The Company anticipates no difficulty in procuring well drilling permits which are obtained from the Tennessee Oil and Gas Board. They are usually issued within one week of application. The Company generally does not apply for a permit until it is actually ready to commence drilling operations. The prices of the Company's products are controlled by the world oil market and the United States natural gas market; thus, competitive pricing behaviors are considered unlikely; however, competition in the oil and gas exploration industry exists in the form of competition to acquire the most promising acreage blocks and obtaining the most favorable prices for transporting the product. Management believes that the Company is well-positioned in these areas because of the transmission lines that run through and adjacent to the properties leased by the Company and because the Company holds relatively large acreage blocks in what management believes are promising areas. SOURCES AND AVAILABILITY OF RAW MATERIALS AND NAMES OF PRINCIPAL SUPPLIERS Excluding the development of oil and gas reserves and the production of oil and gas, the Company's operations are not dependent on the acquisition of any raw materials. See, "Competitive Business Conditions, Competitive Position in the Industry and Methods of Competition" set forth above. DEPENDENCE ON ONE OR A FEW MAJOR CUSTOMERS The Company is presently dependent upon a small number of customers for the sale of gas from the Swan Creek Field, principally Eastman and BAE, and other 15 industrial customers in the Kingsport area with which the Company may enter into gas sales contracts. Natural gas from the Kansas Properties is delivered to Kansas-Nebraska Energy, Inc. in Bushton, Kansas. At present, crude oil from the Kansas Properties is being trucked and transported through pipelines to the National Cooperative Refining Association in McPherson, Kansas, 120 miles from Hays, Kansas. National Cooperative is solely responsible for transportation of products whether by truck or pipeline. There is a limited market in the area and the only other purchaser of crude oil is EOTT Energy Operations Ltd. The Company, however, anticipates that it will be able to sell all of the oil and gas produced from the Kansas Properties. PATENTS, TRADEMARKS, LICENSES, FRANCHISES, CONCESSIONS, ROYALTY AGREEMENTS OR LABOR CONTRACTS, INCLUDING DURATION Royalty agreements relating to oil and gas production are standard in the industry. The amount of the Company's royalty payments varies from lease to lease. NEED FOR GOVERNMENTAL APPROVAL OF PRINCIPAL PRODUCTS OR SERVICES None of the principal products offered by the Company require governmental approval; however, permits are required for drilling oil or gas wells. See, "Effect of Existing or Probable Governmental Regulations on Business" below in this section. The transportation service offered by TPC is subject to regulation by the Tennessee Regulatory Authority to the extent of certain construction, safety, tariff rates and charges, and nondiscrimination requirements under state law. These requirements are typical of those imposed on regulated utilities. TPC has been granted a certificate of public convenience and necessity to operate as a pipeline utility in Hancock, Hawkins, and Claiborne counties, Tennessee. In addition, TPC was authorized to construct and operate the portion of Phase II of the pipeline to Eastman by resolution of the City of Kingsport in May, 2000. This resolution was approved by the Tennessee Regulatory Authority as required by state law. All approvals for the Company's pipeline have been granted. The City of Kingsport, Tennessee has also enacted an ordinance dated June 6, 2000 granting to Tengasco Pipeline a franchise for twenty years to construct, maintain and operate a gas system to import, transport, and sell natural gas to the City of Kingsport and its inhabitants, institutions and businesses for domestic, commercial, industrial and institutional uses. This ordinance and the franchise agreement it authorizes also require approval of the Tennessee Regulatory Authority under state law. The Company will not initiate the required approval process for the ordinance and franchise agreement until such time that it can supply gas to the City of Kingsport. Although the Company anticipates that regulatory approval will be granted, there can be no assurances that it will be granted, or that such approval may be granted 16 in a timely manner, or that such approval may not be limited in some manner by the Tennessee Regulatory Authority as is expressly permitted under state law. TPC presently has all required tariffs and approvals necessary to transport natural gas to all customers of the Company. See, "Effect of Existing or Probable Governmental Regulations on Business" below in this section. EFFECT OF EXISTING OR PROBABLE GOVERNMENTAL REGULATIONS ON BUSINESS Exploration and production activities relating to oil and gas leases are subject to numerous environmental laws, rules and regulations. The Federal Clean Water Act requires the Company to construct a fresh water containment barrier between the surface of each drilling site and the underlying water table. This involves the insertion of a seven-inch diameter steel casing into each well, with cement on the outside of the casing. The Company has fully complied with this environmental regulation, the cost of which is approximately $10,000 per well. The State of Tennessee also requires the posting of a bond to ensure that the Company's wells are properly plugged when abandoned. A separate $2,000 bond is required for each well drilled. The Company currently has the requisite amount of bonds on deposit with the State of Tennessee. As part of the Company's purchase of the Kansas Properties it acquired a statewide permit to drill in Kansas. Applications under such permit are applied for and issued within one- two weeks prior to drilling. At the present time, the State of Kansas does not require the posting of a bond either for permitting or to insure that the Company's wells are properly plugged when abandoned. All of the wells in the Kansas Properties have all permits required and are in compliance with the laws of the State of Kansas. The Company's operations are also subject to laws and regulations requiring removal and cleanup of environmental damages under certain circumstances. Laws and regulations protecting the environment have generally become more stringent in recent years, and may in certain circumstances impose "strict liability," rendering a corporation liable for environmental damages without regard to negligence or fault on the part of such corporation. Such laws and regulations may expose the Company to liability for the conduct of operations or conditions caused by others, or for acts of the Company which were in compliance with all applicable laws at the time such acts were performed. The modification of existing laws or regulations or the adoption of new laws or regulations relating to environmental matters could have a material adverse effect on the Company's operations. In addition, the Company's existing and proposed operations could result in liability for fires, blowouts, oil spills, discharge of hazardous materials into surface and subsurface aquifers and other environmental damage, any one of which could result in personal injury, loss of life, property damage or destruction or suspension of operations. The Company believes it is presently in compliance with all applicable federal, state or local environmental laws, rules or regulations; however, continued compliance (or failure 17 to comply) and future legislation may have an adverse impact on the Company's present and contemplated business operations. The Company's Board of Directors adopted resolutions to form an Environmental Response Policy and Emergency Action Response Policy Program. A plan was adopted which provides for the erection of signs at each well and at strategic locations along the pipeline containing telephone numbers of the Company's office and the home telephone numbers of key personnel. A list is maintained at the Company's office and at the home of key personnel listing phone numbers for fire, police, emergency services and Company employees who will be needed to deal with emergencies. The foregoing is only a brief summary of some of the existing environmental laws, rules and regulations to which the Company's business operations are subject, and there are many others, the effects of which could have an adverse impact on the Company. Future legislation in this area will no doubt be enacted and revisions will be made in current laws. No assurance can be given as to what effect these present and future laws, rules and regulations will have on the Company's current and future operations. See, "Risk Factors", below. RESEARCH AND DEVELOPMENT The Company has not expended any material amount in research and development activities during the last two fiscal years. Research done in conjunction with its exploration activities will consist primarily of conducting seismic surveys on the lease blocks. This work will be performed by the Company's geology and engineering personnel and other employees and will not have a material cost of anything more than standard salaries. COST AND EFFECTS OF COMPLIANCE WITH ENVIRONMENTAL LAWS See, "Effect of Existing or Probable Governmental Regulations on Business" set forth above in this section. NUMBER OF TOTAL EMPLOYEES AND NUMBER OF FULL-TIME EMPLOYEES The Company presently has twenty-one full time employees and no part-time employees. RISK FACTORS In addition to the other information in this document, investors in the Company's common stock should consider carefully the following risks: 18 SIGNIFICANT CAPITAL REQUIREMENTS. The Company must make a substantial amount of capital expenditures for the acquisition, exploration and development of oil and gas reserves. Historically, the Company has paid for these expenditures with cash from operating activities, proceeds from debt and equity financings and asset sales. The Company's ability to re-work existing wells and complete its drilling program in the Swan Creek Field is dependent upon its ability to fund these costs. Although the Company anticipated that by this time it would be able to fund the completion of its drilling program in the Swan Creek Field from revenues from the sales of gas, it is unable to do so. Further, the Company's credit facility with Bank One has been reduced by Bank One, although the Company vigorously disputes the Bank's actions. As a result of Bank One's reduction of the credit facility and the corresponding demand for payment, combined with the fact that the Company is still in the early stages of its oil and gas operating history during which time it has a history of losses from operations and has an accumulated deficit of $27,776,726 and a working capital deficit of $7,998,835 as of December 31, 2002, the Company's independent certified public accountants have indicated in their report on the Company's Consolidated Financial Statements for the year ended December 31, 2002, that these circumstances contribute to uncertainty over the Company's ability to continue as a going concern which depends upon its ability to obtain long-term debt or raise capital to satisfy its cash flow requirements. At the present time and until the Company is able to increase its production and sales of gas and to resolve its dispute with Bank One, it must obtain the necessary funds to complete its drilling program from other sources such as equity investment, bank loan or a joint venture with another company. In addition, the Company's revenues or cash flows could be reduced because of lower oil and gas prices or for some other reason. If the Company's revenues or cash flows decrease and the Company is unable to procure alternative financing, this would require the Company to reduce production over time and this would have an adverse impact on the Company's ability to continue in business. Although management believes it will be able to obtain the long-term debt or raise capital to enable it to continue drilling and remain in business, there can be no assurances that it will be able to obtain such funding. Where the Company is not the majority owner or operator of an oil and gas project, it may have no control over the timing or amount of capital expenditures associated with the particular project. If the Company cannot fund its capital expenditures, its interests in some projects may be reduced or forfeited. VOLATILE OIL AND GAS PRICES CAN MATERIALLY AFFECT THE COMPANY. The Company's future financial condition and results of operations will depend upon the prices received for the Company's oil and natural gas production and the costs of acquiring, finding, developing and producing reserves. Prices for oil and natural gas are subject to fluctuations in response to relatively minor changes in supply, market uncertainty and a variety of additional factors that are beyond the control of the Company. These factors include worldwide political instability (especially in the Middle East and other oil-producing regions), the foreign supply of oil and gas, the price of foreign imports, the level of drilling activity, the level of consumer product demand, government regulations and taxes, the price and availability of alternative fuels and the overall economic environment. A substantial or extended decline in oil and gas prices would have a material adverse effect on the Company's financial position, results of operations, quantities of oil and gas that may be economically produced, and access to capital. Oil and natural gas prices have historically been and are likely to continue to be volatile. This volatility makes it difficult to estimate with precision the value of producing properties in acquisitions and to budget and project the return on exploration and development projects involving the Company's oil and 19 gas properties. In addition, unusually volatile prices often disrupt the market for oil and gas properties, as buyers and sellers have more difficulty agreeing on the purchase price of properties. UNCERTAINTY IN CALCULATING RESERVES; RATES OF PRODUCTION; DEVELOPMENT EXPENDITURES; CASH FLOWS. There are numerous uncertainties inherent in estimating quantities of oil and natural gas reserves of any category and in projecting future rates of production and timing of development expenditures, which underlie the reserve estimates, including many factors beyond the Company's control. Reserve data represent only estimates. In addition, the estimates of future net cash flows from the Company's proved reserves and their present value are based upon various assumptions about future production levels, prices and costs that may prove to be incorrect over time. Any significant variance from the assumptions could result in the actual quantity of the Company's reserves and future net cash flows from being materially different from the estimates. In addition, the Company's estimated reserves may be subject to downward or upward revision based upon production history, results of future exploration and development, prevailing oil and gas prices, operating and development costs and other factors. OIL AND GAS OPERATIONS INVOLVE SUBSTANTIAL COSTS AND ARE SUBJECT TO VARIOUS ECONOMIC RISKS. The oil and gas operations of the Company are subject to the economic risks typically associated with exploration, development and production activities, including the necessity of significant expenditures to locate and acquire producing properties and to drill exploratory wells. In conducting exploration and development activities, the presence of unanticipated pressure or irregularities in formations, miscalculations or accidents may cause the Company's exploration, development and production activities to be unsuccessful. This could result in a total loss of the Company's investment. In addition, the cost and timing of drilling, completing and operating wells is often uncertain. COSTS INCURRED TO CONFORM TO GOVERNMENT REGULATION OF THE OIL AND GAS INDUSTRY. The Company's exploration, production and marketing operations are regulated extensively at the federal, state and local levels. The Company has made and will continue to make large expenditures in its efforts to comply with the requirements of environmental and other regulations. Further, the oil and gas regulatory environment could change in ways that might substantially increase these costs. Hydrocarbon-producing states regulate conservation practices and the protection of correlative rights. These regulations affect the Company's operations and limit the quantity of hydrocarbons the Company may produce and sell. In addition, at the U.S. federal level, the Federal Energy Regulatory Commission regulates interstate transportation of natural gas under the Natural Gas Act. Other regulated matters include marketing, pricing, transportation and valuation of royalty payments. COSTS INCURRED RELATED TO ENVIRONMENTAL MATTERS. The Company, as an owner or lessee and operator of oil and gas properties, is subject to various federal, state and local laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the lessee under an oil and gas lease for the cost of pollution clean-up resulting from operations, subject the lessee to liability for pollution damages, and require suspension or cessation of operations in affected areas. The Company maintains insurance coverage, which it believes is 20 customary in the industry, although it is not fully insured against all environmental risks. The Company is not aware of any environmental claims existing as of December 31, 2002, which would have a material impact upon the Company's financial position or results of operations. The Company has made and will continue to make expenditures in its efforts to comply with these requirements, which it believes are necessary business costs in the oil and gas industry. The Company has established policies for continuing compliance with environmental laws and regulations. The costs incurred by these policies and procedures are inextricably connected to normal operating expenses such that the Company is unable to separate the expenses related to environmental matters; however, the Company does not believe any such additional expenses are material to its financial position or results of operations. The Company does not believe that compliance with federal, state or local provisions regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, will have a material adverse effect upon the capital expenditures, earnings or competitive position of the Company or its subsidiaries; however, there is no assurance that changes in or additions to laws or regulations regarding the protection of the environment will not have such an impact. INSURANCE DOES NOT COVER ALL RISKS. Exploration for and production of oil and natural gas can be hazardous, involving unforeseen occurrences such as blowouts, cratering, fires and loss of well control, which can result in damage to or destruction of wells or production facilities, injury to persons, loss of life, or damage to property or the environment. The Company maintains insurance against certain losses or liabilities arising from its operations in accordance with customary industry practices and in amounts that management believes to be prudent; however, insurance is not available to the Company against all operational risks. HEDGING MAY PREVENT THE COMPANY FROM FULLY BENEFITTING FROM PRICE INCREASES. The Company does not presently have any hedging agreements or plans to enter into any hedging activities. However, to the extent that the Company does enter into such agreements or undertake such activities, it may be prevented from realizing the benefits of price increases above the levels of the hedges. In addition, the Company is subject to basis risk when it engages in hedging transactions, particularly where transportation constraints restrict the Company's ability to deliver oil and gas volumes at the delivery point to which the hedging transaction is indexed. GENERAL ECONOMIC CONDITIONS. Virtually all of the Company's operations are subject to the risks and uncertainties of adverse changes in general economic conditions, the outcome of pending and/or potential legal or regulatory proceedings, changes in environmental, tax, labor and other laws and regulations to which the Company is subject, and the condition of the capital markets utilized by the Company to finance its operations. 21 ITEM 2. DESCRIPTION OF PROPERTY PROPERTY LOCATION, FACILITIES, SIZE AND NATURE OF OWNERSHIP The Company's Swan Creek Leases are on approximately 41,088 acres in Hancock, Claiborne, Knox, Jefferson, Morgan and Union Counties in Tennessee. The initial terms of these leases vary from one to five years. Some of them will terminate unless the Company has commenced drilling. However, the Company does not anticipate any difficulty in continuing the Swan Creek Leases. In 2002, the Company reduced the acreage comprising the Swan Creek Field from approximately 50,500 acres to the present 41,088 acres. This reduction in acreage was a result of the Company having a better understanding of the geological and geophysical makeup of the Swan Creek Field. Management believes the acreage eliminated from the Field does not have the potential to produce commercial quantities of oil or gas. The reduction of this acreage does not affect the reserves of the Swan Creek Field or diminish its potential. Further, the elimination of the leases for this acreage will result in beneficial cost savings to the Company. Morita Properties, Inc., an affiliate of Shigemi Morita, a former Director of the Company, currently has a 25% working interest in nine of the Company's existing wells, and a 50% working interest and 6% working interest in two of the Company's other existing wells. All of these wells are located in the Swan Creek Field and all but two are presently producing wells. In addition, to those interests, Morita Properties, Inc. previously owned a 25% working interest in three of the Company's other existing wells and 12.5% working interest in another of the Company's wells which it subsequently sold. An individual who is not an affiliate of the Company purchased 25% working interests in two other wells, the Stephen Lawson No. 1 and the Patton No. 1. Both of these wells are located in the Swan Creek Field and are presently producing wells. Another individual has a 29% revenue interest in the Laura Jean Lawson No. 3 well by virtue of having contributed her unleased acreage to the drilling unit and paying her proportionate share of the drilling costs of the well. The Company was obligated to allow that individual to participate on that basis in accordance with both customary industry practice and the requirements of the procedures of the Tennessee Oil and Gas Board in a forced pooling action brought by the Company to require the acreage to be included in the unit so that the well could be drilled. The forced pooling procedure was concluded by her contribution of acreage and agreement to pay proportionate share of drilling costs. This well is also located in the Swan Creek Field and is a presently producing well. The Company also entered into a farmout agreement with Miller Petroleum, Inc. ("Miller") for ten wells to be drilled in the Swan Creek Field with the Company having an option to award up to an additional ten future wells. All locations were to be mutually agreed upon. Net revenues are to be 81.25% to Miller and the Company's subsidiary TPC will transport Miller's gas. The Company reserved all offset locations to wells drilled under the farmout agreement. All ten wells have been drilled under the farmout agreement. The Company acquired back from Miller a 50% working interest from Miller in nine of those ten wells in addition to its rights under the farmout agreement. In addition, the Company and Miller have drilled two additional wells on 22 a 50-50 basis, although the Company declined to exercise its option for a ten-well extension of the farmout agreement. Of the wells in which Miller owns an interest, six are presently producing. Other than the working interests described or referred to in this Item, the Company retains all other working interests in wells drilled or to be drilled in the Swan Creek Field. Working interest owners in oil and gas wells are entitled to market their respective shares of production to purchasers other than purchasers with whom the Company has contracted. Absent such contractual arrangements being made by the working interest owners, the Company is authorized but is not required to provide a market for oil or gas attributable to working interest owners' production. At this time, the Company has not agreed to market gas for any working interest owner to customers other than customers of the Company. If the Company does agree to market gas for working interest owners to the Company's customers, the Company will have to agree, at that time, to the terms of such marketing arrangements and it is possible that as a result of such arrangements, the Company's revenues from such customers may be correspondingly reduced. If the working interest owners make their own arrangements to market their natural gas to other end users along the pipeline which have been served by East Tennessee Natural Gas, an interstate pipeline, such gas would be transported through the Company's wholly owned subsidiary TPC at published tariff rates. The current published tariff rate is for firm transportation at a demand charge of five cents per MMBtu per day plus a commodity charge of $0.80 per MMBtu. If the working interest owners do not market their production, either independently or through the Company, then their interest will be treated as not yet produced and will be balanced either when marketing arrangements are made by such working interest owners or when the well ceases to produce in accordance with customary industry practice. The Kansas Properties contain 138 leases totaling 32,158 acres in the vicinity of Hays, Kansas. The original term on these leases was from 1 to 10 years and in most cases has expired, however, most leases are still in effect because they are being held by production. The Company maintains a 100% working interest in most wells. The leases provide for a landowner royalty of 12.5%. Some wells are subject to an overriding royalty interest from 0.5% to 9%. The Company pays ad valorem taxes on its Kansas Properties. It does not pay any taxes on its Swan Creek Leases. The Company has general liability insurance for the Kansas Properties and the Swan Creek Field. The Company leases its principal executive offices, consisting of approximately 5,647 square feet located at 603 Main Avenue, Suite 500, Knoxville, Tennessee and an office in Hays, Kansas at a rental of $500 per month. During 2002 and the first quarter of 2003, the Company closed a field office in Sneedville, Tennessee and an office in New York City it had previously leased at an aggregate rental of $3,100 per month. RESERVE ANALYSES Ryder Scott Company, L.P. of Houston, Texas ("Ryder Scott") has performed reserve analyses of all the Company's productive leases. Ryder Scott and its employees and its registered petroleum engineers have no interest in the Company or IRC, and performed these services at their standard rates. The net reserve values used hereafter were obtained from a 23 reserve report dated February 10, 2003 (the "Report") prepared by Ryder Scott as of December 31, 2002. In substance, the Report used estimates of oil and gas reserves based upon standard petroleum engineering methods which include production data, decline curve analysis, volumetric calculations, pressure history, analogy, various correlations and technical judgment. Information for this purpose was obtained from owners of interests in the areas involved, state regulatory agencies, commercial services, outside operators and files of Ryder Scott. The net reserve values in the Report were adjusted to take into account the working interests that have been sold by the Company in various wells in the Swan Creek Field. The Report provides that the net proved reserves for wells in the Swan Creek Field are 30,360 MMcf of natural gas and 226,456 barrels of oil. According to the Report, the value of the future gross revenues of the Company's interest in the Swan Creek Field as of December 31, 2002 is $103,667,886 before production taxes and $100,557,852 after production taxes. The Report further provides that as of December 31, 2002 the value of the future net income before income taxes of the Company's interest in the Swan Creek Field is $80,798,842 and, discounting the future net income by 10% results in a present value of $36,230,728. The Report reflects that the amount of proved natural gas reserves in the Swan Creek Field of 30,360MMcf remained essentially unchanged from reserves of 30,366 MMcf reported in the Ryder Scott report dated March 28,2002 reporting values as of December 31, 2001. The Report also reflects a decrease in the amount of proved oil reserves to 224,456 barrels in 2002 from 319,650 barrels reported in the earlier Ryder Scott report for values as of December 31, 2001. This decrease was primarily due to estimates for the Colson #1 well which was included in the earlier Ryder Scott report as of December 31, 2001, but was not included in the current Report as that well was subsequently taken off-line and reclassified as unproved. The Report reflects an increase from the Ryder Scott Report for the year ended December 31, 2001 in the value of the future gross revenues of the Company's interest in the Swan Creek Field from $57,832,005 to $103,667,886 before production taxes and $56,097,044 after production taxes to $100,557,852. The Report also indicates an increase in the discounted (at 10% per annum compounded monthly) present value of the reserves of the Swan Creek Field from $19,302,590 as of December 31, 2001 to $36,230,728 as of December 31, 2002. These increases in values reported by Ryder Scott in the Report are due to an increase in oil and gas prices for 2002 making a larger portion of the Field's undeveloped reserves more economical for future development. Gas prices for the year-end 2001 Ryder Scott report utilized gas prices of $2.35 per Mcf and oil prices of $16.25 per barrel as opposed to the $4.22 per Mcf price and $26.90 per barrel price utilized in the current Report for the year ended December 31, 2002. In addition, the Company drilled two wells in 2002, the Colson #2 and the Paul Reed #9, which added 936 MMcf to the Company's gas reserves in the Swan Creek Field. Ryder Scott also performed a reserve analysis of the Kansas Properties. The Report provides that as of December 31, 2002 the net proved reserves for the Kansas Properties are 4,005 MMcf of natural gas and 1,586,258 barrels of oil. According to the Report, the value of the future gross revenues of the Company's interest in the Kansas Properties as of December 31, 2002 is $48,511,771 before production taxes and $48,066,045 after production taxes. The Report further provides that as of December 31, 2002 the value of the future net income before income taxes of the Company's interest in the Kansas Properties is $18,163,162 and, discounting the future net income by 10% results in a present value of $10,417,292. The current Report reflects a substantial increase from the Ryder Scott Report 24 analyzing the reserves of the Kansas Properties as of December 31, 2001 in (i) the number of barrels of oil attributed to the Company's net interest in the Kansas Properties from 831,930 barrels to 1,308,467 and (ii) the value of the future gross revenues of the Company's interest in the Kansas Properties from $20,463,797 to $48,511,771 before production taxes and $19,586,607 after production taxes to $48,066,045. The current Report also indicates an increase in the discounted (at 10% per annum compounded monthly) net present value of the Company's oil and gas reserves in the Kansas Properties from $2,431,317 as of December 31, 2001 to $10,417,292 as of December 31, 2002. These increases are due primarily to two factors. First, the increased price and future speculative market for energy prices have driven both oil and gas prices higher. The 2001 Ryder Scott Report used a gas price of $2.13 per Mcf in determining the value of reserves in contrast to the $4.13 per Mcf price used in the current Report and an oil price of $17.24 per barrel in 2001 contrasted to the $27.29 per barrel price used in 2002. Second, an increase in the number of barrels occurred because the current Report for December 31, 2002 included the production and reserves from approximately thirty producing oil wells that had not been included in the prior Ryder Scott Report for December 31, 2001. At the time of the earlier Report, the calculated operating expenses for those producing wells matched or exceeded the oil price utilized in that Report and therefore, those wells were not considered commercially viable for purposes of that earlier Report. As a result of the increase in the price of oil, those wells and associated reserves are included in the current Report. The Company anticipates that future reports of the net present value of the Kansas Properties should remain stable, and may even increase and will continue to include the consideration of reserves attributable to all of the Company's wells in Kansas, which are still producing in accordance with their extended production history, provided that the market price of oil and gas remains constant or increases. The Company believes that the reserve analysis reports prepared by Ryder Scott for the Company for the Swan Creek Field and Kansas Properties provide an essential basis for review and consideration of the Company's producing properties by all potential industry partners and all financial institutions across the country. It is standard in the industry for reserve analyses such as these to be used as a basis for financing of drilling costs. Reserve analyses, however, are at best speculative, especially when based upon limited production; no assurance can be given that the reserves attributed to these leases exist or will be economically recoverable. The result of any reserve analysis is dependent upon the forecast of product prices utilized in the analysis which may be more or less than the actual price received during the period in which production occurs. The Company has not filed the reserve analysis reports prepared by Ryder Scott or any other reserve reports with any Federal authority or agency other than the Securities and Exchange Commission. The Company, however, has filed the information in the Report of the Company's reserves with the Energy Information Service of the Department of Energy in compliance with that agency's statutory function of surveying oil and gas reserves nationwide. 25 PRODUCTION The following tables summarize for the past three fiscal years the volumes of oil and gas produced to the Company's interests, the Company's operating costs and the Company's average sales prices for its oil and gas. The information does not include volumes produced to royalty interests or other working interests.
TENNESSEE - -------------------------------------------------------------------------------------------------------------- YEAR PRODUCTION COST OF AVERAGE SALES PRICE ENDED PRODUCTION DECEMBER (PER BOE)(2) 31 - -------------------------------------------------------------------------------------------------------------- OIL GAS OIL GAS (BBL) (MCF) (BBL) (PER MCF) - -------------------------------------------------------------------------------------------------------------- 2002 15,111.54 521,834.35 $4.10(3) $21.85 $3.22 - -------------------------------------------------------------------------------------------------------------- 2001 22,776.21 703,073.56 $0.31 $16.05 $2.55 - -------------------------------------------------------------------------------------------------------------- 2000 37,210.67 2,411.00 $0.69 $20.32 $2.86 - --------------------------------------------------------------------------------------------------------------
Gas volumes and prices for 2000 reflect only the nominal purchases made by Hawkins County Gas Utility District upon completion of Phase I of Tengasco Pipeline Company's pipeline system. - --------------------------- (2) A "BOE" is a barrel of oil equivalent. A barrel of oil contains approximately 6 Mcf of natural gas by heating content. The volumes of gas produced have been converted into "barrels of oil equivalent" for the purposes of calculating costs of production. (3) The increase in cost of production in 2002 was a result of this being the first full year of production in the Swan Creek Field. 26
KANSAS - -------------------------------------------------------------------------------------------------------------- YEAR PRODUCTION COST OF AVERAGE SALES PRICE ENDED PRODUCTION DECEMBER (PER BOE) 31 - -------------------------------------------------------------------------------------------------------------- OIL GAS OIL GAS (BBL) (MCF) (BBL) (PER MCF) - -------------------------------------------------------------------------------------------------------------- 2002 105,473.54 246,510.98 $ 8.71 $23.89 $2.96 - -------------------------------------------------------------------------------------------------------------- 2001 112,495.88 278,884.66 $10.72 $23.50 $4.12 - -------------------------------------------------------------------------------------------------------------- 2000 111,734.81 291,096.22 $ 9.68 $28.06 $3.75 - --------------------------------------------------------------------------------------------------------------
OIL AND GAS DRILLING ACTIVITIES The Company's oil and gas developmental drilling for the past three fiscal years are as set forth in the following tables. During the fiscal years ending December 31, 2000 and 2001 the Company did not drill any exploratory wells. In 2002, the Company drilled one exploratory well in Cocke County, Tennessee which did not result in finding commercial quantities of hydrocarbons. The information should not be considered indicative of future performance, nor should it be assumed that there is necessarily any correlation between the number of wells drilled, quantities of reserves found or economic value. GROSS AND NET WELLS The following tables set forth for the fiscal years ending December 31, 2000, 2001, and 2002 the number of gross and net development wells drilled by the Company. The dry hole set forth in the table below is the Cocke County well referred to above. The term gross wells means the total number of wells in which the Company owns an interest, while the term net wells means the sum of the fractional working interests the Company owns in gross wells. 27
- ------------------------------------------------------------------------------------------------------------------- YEAR ENDED DECEMBER 31 2002 2001 2000 - ------------------------------------------------------------------------------------------------------------------- GROSS NET GROSS NET GROSS NET - ------------------------------------------------------------------------------------------------------------------- TENNESSEE - ------------------------------------------------------------------------------------------------------------------- PRODUCTIVE WELLS 3 2.625 19 11.42 9 4.0515 - ------------------------------------------------------------------------------------------------------------------- DRY HOLES 1 .50 0 0 0 0 - ------------------------------------------------------------------------------------------------------------------- KANSAS - ------------------------------------------------------------------------------------------------------------------- PRODUCTIVE WELLS 0 0 3 2.594 0 0 - ------------------------------------------------------------------------------------------------------------------- DRY HOLES 0 0 0 0 0 0 - -------------------------------------------------------------------------------------------------------------------
PRODUCTIVE WELLS The following table sets information regarding the number of productive wells in which the Company held a working interest as of December 31, 2002. Productive wells are either producing wells or wells capable of commercial production although currently shut-in. One or more completions in the same bore hole are counted as one well.
- ------------------------------------------------------------------------------------------------------------------- GAS OIL - ------------------------------------------------------------------------------------------------------------------- GROSS NET GROSS NET - ------------------------------------------------------------------------------------------------------------------- TENNESSEE 31 18.9 12 6.18 - ------------------------------------------------------------------------------------------------------------------- KANSAS 52 43.45 128 110.5 - -------------------------------------------------------------------------------------------------------------------
DEVELOPED AND UNDEVELOPED OIL AND GAS ACREAGE As of December 31, 2002, the Company owned working interests in the following developed and undeveloped oil and gas acreage. Net acres refers to the Company's interest less the interest of royalty and other working interest owners. 28
- ------------------------------------------------------------------------------------------------------------------- DEVELOPED UNDEVELOPED - ------------------------------------------------------------------------------------------------------------------- GROSS ACRES NET ACRES GROSS ACRES NET ACRES - ------------------------------------------------------------------------------------------------------------------- TENNESSEE 1,840.00 1,065.38 41,088 35,952 - ------------------------------------------------------------------------------------------------------------------- KANSAS 9,666.00 8,080.44 22,711 18,995.48 - -------------------------------------------------------------------------------------------------------------------
ITEM 3. - LEGAL PROCEEDINGS Except as described hereafter, the Company is not a party to any pending material legal proceeding. To the knowledge of management, no federal, state or local governmental agency is presently contemplating any proceeding against the Company which would have a result materially adverse to the Company. To the knowledge of management, no director, executive officer or affiliate of the Company or owner of record or beneficially of more than 5% of the Company's common stock is a party adverse to the Company or has a material interest adverse to the Company in any proceeding. 1. On November 8, 2001, the Company signed a credit facility with Bank One, N.A. in Houston, Texas whereby Bank One extended to the Company a revolving line of credit of up to $35 million. The initial borrowing base under the facility was $10 million. On April 5, 2002, the Company received a notice from Bank One stating that it had redetermined and reduced the then-existing borrowing base under the Credit Agreement by $6,000,000 to $3,101,766. Bank One demanded that the Company pay the $6,000,000 within thirty days. On May 2, 2002, the Company filed suit in federal court in the Eastern District of Tennessee, Northeastern Division at Greeneville to restrain Bank One from taking any steps pursuant to its Credit Agreement to enforce its demand that the Company reduce its loan obligation or else be deemed in default and for damages resulting from the wrongful demand. TENGASCO, INC., TENGASCO LAND AND MINERAL CORPORATION AND TENGASCO PIPELINE CORPORATION V. BANK ONE, NA, DOCKET NO. 2:02-CV-118. It is the position of the Company that Bank One's demand that the Company reduce its loan from $9,101,776.66 to $3,101,776.66 within thirty days, coming only four months after the loan was made, in the absence of any change in the Company's production of oil and gas from the time the loan was closed or the condition of the Company's assets, without warning and prior to the receipt of a December 2002 reserve report, without any basis or explanation, is a violation of the Credit Agreement and an act of bad faith. The Company sought a jury trial and actual damages sustained by it as a result of the wrongful demand, in the amount of $51,000,000 plus punitive damages in the amount of $100 million. 29 On July 1, 2002, Bank One filed its answer and counterclaim, alleging that its actions were proper under the terms of the Credit Agreement, and in the counterclaim, seeking to recover all amounts it alleges to be owed under the Credit Agreement, including principal, accrued interest, expenses and attorney's fees in the approximate amount of $9 million. No hearings have occurred or been scheduled in the court proceeding. The Company has filed initial written discovery requests from Bank One. On November 5, 2002, the Company and the Bank reached preliminary agreement on terms of a potential settlement of the litigation, subject to execution of formal settlement documents. The Company has continued to pay the sum of $200,000 per month of principal due under the original terms of the Credit Agreement, plus interest, and has reduced the principal now outstanding to approximately $7.1 million. Although the parties continue to attempt to reach settlement of all outstanding issues under the preliminary agreement, the settlement has not been concluded. At a scheduling conference held by the Court on February 21, 2003, a procedural schedule has been set as requested by the Company leading toward a trial date of November 18, 2003 in the event settlement is not concluded. 2. On November 22, 2002, the Company and its then Chief Executive Officer, Malcolm E. Ratliff, were served with complaint filed in the United States District Court for the Eastern District of Tennessee, Knoxville, entitled PAUL MILLER V. M. E. RATLIFF AND TENGASCO, INC., DOCKET NUMBER 3:02-CV-644. The complaint seeks certification of a class action to recover on behalf of the class of all persons who purchased shares of the Company's common stock between August 1, 2001 and April 23, 2002, damages in an amount not specified which were allegedly caused by violations of the federal securities laws, specifically Rule 10b-5 issued under the Securities Exchange Act of 1934 as to the Company and Mr. Ratliff, and Section 20(a) the Securities Exchange Act of 1934 as to Mr. Ratliff. The complaint alleges that documents and statements made to the investing public by the Company and Mr. Ratliff misrepresented material facts regarding the business and finances of the Company. The Company's initial review of the allegations of the complaint against the Company discloses that the allegations do not appear to be well founded and are without merit. The Company intends to vigorously defend against all allegations of the complaint. The Company has filed a motion to dismiss the action based on the failure of the complaint to meet the requirements of the Securities Litigation Reform Act of 1995. If that motion is not granted, the Company will file its responsive pleading and will contest the class certification issues and the substantive allegations of the complaint. 3. The Company and its subsidiary, Tengasco Pipeline Corporation ("TPC"), were named as defendants in an action commenced on June 4, 2001 by C.H. Fenstermaker & Associates, Inc. ("Fenstermaker") in the United States District Court for the Eastern District of Tennessee entitled C.H. FENSTERMAKER & ASSOCIATES, INC. V. TENGASCO, INC., NO. 3:01-CV-283. The action seeks to recover approximately $365,000 in charges billed to TPC for engineering services in connection with the planning and construction of Phase II of the Company's pipeline, which runs from Rogersville to Kingsport, TN to serve Eastman Chemical Company and Holston Ordnance. On June 25, 2001, the Company and TPC filed an answer to the complaint denying liability for the billings claimed, and counterclaiming against Caddum, Inc. ("Caddum"), a division of Fenstermaker. The counterclaim seeks damages for breach of contract and breach of 30 professional engineering standards caused by Caddum, including unauthorized deviations from the pipeline route, which caused the Company to incur significant additional costs. These costs included fees for concrete capping of the pipeline as a result of the pipeline being placed to close to the adjoining highway right of way. The counterclaim further alleges that Caddum damaged the Company: by causing delays in completing the pipeline by failing to submit engineering drawings and failing to timely obtain certain x-rays of the pipeline welds; its unauthorized actions in ordering supplies and materials; and, overbilling from the agreed contract rate for engineering services. The District Court rescheduled the case for a non-jury trial on May 8, 2003. On February 27, 2003, the parties reached an agreement in principle for the settlement of this action, and settlement documents are being prepared for review by both parties. In general, the proposed settlement framework contemplates a reduction in the amount owed by the Company from that claimed in the complaint, and favorable extended payment terms. 4. TENGASCO PIPELINE CORPORATION V. JAMES E. LARKIN AND KATHLEEN A. O'CONNOR, No. 4929J in the Circuit Court for Hawkins County, Tennessee. This is a condemnation proceeding brought by Tengasco Pipeline Corporation to acquire a temporary construction easement and permanent right of way to maintain and operate a portion of Phase I of the Company's pipeline in Hawkins County, Tennessee. The court granted an order of possession to the Company in January, 1998 and the pipeline has been constructed across approximately 3,000 feet of the property concerned in a rural and very steep locale. The Company has had the right of way appraised at $4,000. The landowners, Mr. Larkin and Kathleen A. O Connor who both live on the property, contest the appraised value of the property and claim incidental damages to certain fish ponds located on their property. The landowners, despite a lack of evidence of any fish raising or aquaculture business actually being or having been operated on the premises or of any actual losses to such business, have counterclaimed for $867,585 in compensatory damages and $2.6 million in punitive damages arising from trespass and other legal theories. The Court required the parties to attempt to mediate this dispute and the mediation occurred in December, 2000. The parties were unable to reach a mediated settlement and the matter has most recently been scheduled for trial on January 29, 2003. The January 29, 2003 trial date has been continued by the Court to an unspecified future date. The Court has ordered the parties to a second mediation session which will occur in March or April, 2003. If settlement is not reached at mediation, the Company intends to vigorously defend the allegations of the counterclaim because trial preparations have not disclosed any fact that reasonably suggests a substantial adverse result in this matter and the allegations of the counterclaim appear to be without any credible basis. 5. The Company, its former Chief Executive Officer and former Director of the Company, Malcolm E. Ratliff, and one of the Company's attorneys, Morton S. Robson, were named as defendants in an action commenced in the Supreme Court of the State of New York, New York County entitled MAUREEN COLEMAN, JOHN O. KOHLER, CHARLES MASSOUD, JONATHAN SARLIN, VON GRAFFENRIED A.G. AND VPM VERWATUNGS A.G., PLAINTIFFS V. TENGASCO, INC., MORTON S. ROBSON AND MALCOLM E. RATLIFF, DEFENDANTS, INDEX NO. 603009/98. In that action, the plaintiffs, shareholders of the Company each of which purchased restricted shares of the Company's Common Stock, allege that although they were entitled to sell their shares pursuant to SEC Rule 31 144 in the open market, they were precluded from doing so by the defendants' purported wrongful refusal to remove the restrictive legend from their shares. The plaintiffs own in the aggregate 35,000 shares of the Company's common stock. The plaintiffs are seeking damages in an amount equal to the difference between the amount for which they would have been able to sell their shares if the defendants had acted to remove the restrictive legends when requested and the amount they will receive on the sale of their shares. The plaintiffs are also seeking punitive damages in an amount they claim to be in excess of $500,000 together with interest, costs and disbursements of bringing the action, including reasonable attorneys fees. This action has been partially settled by the Company agreeing to remove the restrictive legends on the plaintiffs' stock. As for the balance of the action, the Company believes that there are several substantial factual and legal issues as to the date on which the shareholders were entitled to sell their stock pursuant to Rule 144. Management further believes that the Company did not wrongfully withhold its approval of the removal of the restrictive legends at the times such removal was requested by the shareholders. However, in the event the Company is found to have improperly withheld its permission to remove the restrictive legends from the shares owned by the shareholders, the Company may be held liable for damages to the shareholders in an amount equal to the difference between the actual sale price of such shares and the sales price they would have realized on the date such restrictive legends should have been permitted to be removed. At this time it is not possible to ascertain with any certainty what such damages would be. The plaintiffs have not taken any action in this matter for several years. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None during the fourth quarter of 2002. 32 PART II ITEM 5 MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS MARKET INFORMATION The Company's common stock was listed on the OTC Bulletin Board of the NASD from March 31, 1994 through December 20, 1999 under the symbol TNGO. On December 10, 1999, the American Stock Exchange ("AMEX") approved the application of the Company to have its common stock listed on the AMEX. Trading of the Company's common stock on the AMEX commenced on December 21, 1999 under the symbol TGC. The range of high and low closing prices for shares of common stock of the Company during the fiscal years ended December 31, 2001 and December 31, 2002 are set forth below. The prices for the first three quarters of 2001 have been retroactively adjusted by a 5% reduction to take into account the 5% stock dividend declared by the Company payable on October 1, 2001 to all shareholders of record as of September 4, 2001. HIGH LOW For the Quarters Ending March 31, 2002 8.19 5.80 June 30, 2002 6.49 2.71 September 30, 2002 3.45 2.20 December 31, 2002 2.90 1.05 March 31, 2001 14.20 9.69 June 30, 2001 15.01 11.16 September 30, 2001 13.69 7.60 December 31, 2001 10.54 7.39 33 HOLDERS As of March 3, 2003 the number of shareholders of record of the Company's common stock was 205 and management believes that there are approximately 2,387 beneficial owners of the Company's common stock. DIVIDENDS The Company under its credit agreement with Bank One is presently restricted from paying dividends without Bank One's consent. The Company did not pay any dividends with respect to the Company's common stock in 2002 and has no present plans to declare any further dividends with respect to its common stock. RECENT SALES OF UNREGISTERED SECURITIES Except as previously reported in Quarterly Reports on Form 10-Q filed by the Company, no other equity securities that were not registered under the Securities Act of 1933, as amended, were sold or issued by the Company during 2002. Management believes that all of the persons who were sold or issued common stock or preferred stock during 2002 that was not registered under the Securities Act of 1933, as amended, were either "accredited investors" as that term is defined under applicable federal and state securities laws, rules and regulations, or were persons who by virtue of background, education and experience who could accurately evaluate the risks and merits attendant to an investment in the securities of the Company. Further, all such persons were provided with access to all material information regarding the Company, prior to the offer or sale of these securities, and each had an opportunity to ask of and receive answers from directors, executive officers, attorneys and accountants for the Company. The offers and sales of such securities during 2002 are believed to have been exempt from the registration requirements of Section 5 of the 1933 Act, as amended, pursuant to Section 4(2) thereof, and from similar state securities laws, rules and regulations covering the offer and sale of securities by available state exemptions from such registration. ITEM 6. SELECTED FINANCIAL DATA The following selected financial data have been derived from the Company's financial statements, and should be read in conjunction with those financial statements, including the related footnotes. Years Ended December 31(4), - -------------------------- (4) All references in this table to common stock and per share data have been retroactively adjusted to reflect the 5% stock dividend declared by the Company effective as of September 4, 2001. 34
2002 2001 2000 1999 1998 - --------------------------------------------------------------------------------------------------------------------- INCOME STATEMENT DATA: - --------------------------------------------------------------------------------------------------------------------- Oil and Gas Revenues $5,437,723 $6,656,758 $5,241,076 $3,017,252 $2,078,101 - --------------------------------------------------------------------------------------------------------------------- Production Costs and Taxes $3,094,731 $2,951,746 $2,614,414 $2,564,932 $1,943,944 - --------------------------------------------------------------------------------------------------------------------- General and Administrative $1,868,141 $2,957,871 $2,602,311 $1,961,348 $1,372,132 - --------------------------------------------------------------------------------------------------------------------- Interest Expense $578,039 $850,965 $415,376 $417,497 $574,906 - --------------------------------------------------------------------------------------------------------------------- Net Loss $(3,154,555) $(2,262,787) $(1,541,884) $(2,671,923) $(3,083,638) - --------------------------------------------------------------------------------------------------------------------- Net Loss Attributable to Common Stockholders $(3,661,334) $(2,653,970) $(1,799,441) $(2,791,270) $(3,083,638) - --------------------------------------------------------------------------------------------------------------------- Net Loss Attributable to $(0.33) $(0.26) $(0.19) $(0.33) $(0.42) Common Stockholders Per Share - ---------------------------------------------------------------------------------------------------------------------
As of December 31(5 6),
2002 2001 2000 1999 1998 - --------------------------------------------------------------------------------------------------------------------- BALANCE SHEET DATA: - --------------------------------------------------------------------------------------------------------------------- Working Capital Deficit $(7,998,835) $(6,326,204) $(708,317) $(1,406,263) $(1,929,215) - --------------------------------------------------------------------------------------------------------------------- Oil and Gas Properties, Net $13,864,321 $13,269,930 $9,790,047 $8,444,036 $7,747,655 - --------------------------------------------------------------------------------------------------------------------- Pipeline Facilities, Net $15,372,843 $15,039,762 $11,047,038 $4,212,842 $4,019,209 - --------------------------------------------------------------------------------------------------------------------- Total Assets $32,584,391 $32,128,245 $25,224,724 $15,182,712 $13,525,777 - --------------------------------------------------------------------------------------------------------------------- Long-Term Debt $2,006,209 $3,902,757 $7,108,599 $3,119,293 $3,190,930 - --------------------------------------------------------------------------------------------------------------------- Redeemable Preferred Stock $6,762,218 $5,459,050 $3,938,900 $1,988,900 $800,000 - --------------------------------------------------------------------------------------------------------------------- Stockholders Equity $14,210,623 $14,991,847 $10,864,202 $7,453,930 $7,245,090 - ---------------------------------------------------------------------------------------------------------------------
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION RESULTS OF OPERATIONS The Company incurred a net loss to holders of common stock of $3,661,344 ($0.33 per share) in 2002 compared to a net loss of $2,653,970 ($0.26 per share) in 2001 and $1,799,441 ($0.19 per share) of common stock in 2000. - -------------------------- (5) With respect to the pipeline facilities, during the years ended December 31, 2000, 1999, and 1998, this included portions which were under construction. (6) No cash dividends have been declared or paid by the Company for the periods presented. 35 The Company realized oil and gas revenues of $5,437,723 in 2002 as compared to $6,656,758 in 2001 and $5,241,076 in 2000. The decrease in revenues in 2002 from 2001 was due to a decrease in volumes produced in 2002 from the volumes produced in 2001. Gas produced from the Swan Creek Field was 717,701 MCF in 2002 as compared to 966,967 MCF in 2001, resulting in approximately $800,000 in reduced revenues. Oil production from the Swan Creek Field was 20,122 barrels in 2002, down from 30,323 barrels in 2001, resulting in approximately $200,000 in reduced revenues. Gas production from the Kansas Properties was 287,198 MCF in 2002 compared to 324,915 MCF in 2001, resulting in approximately $100,000 in reduced revenues. Oil production from the Kansas Properties was 137,851 barrels in 2002 compared to 147,029 barrels in 2001, resulting in approximately $200,000 in reduced revenues. The reason for the decrease in volumes produced in 2002 was the Company's dispute with Bank One which significantly limited the Company's ability to drill new wells and to work over under producing wells in Kansas. The increased revenues in 2001 of $6,656,758 compared to $5,241,076 in 2000 was primarily due to gas sales from the Swan Creek field of $2,563,935 being made for the first time during 2001. However, oil sales decreased by approximately $951,000 in 2001 from 2000 levels due to price decreases, as the number of barrels produced remained constant. The Company's subsidiary, TPC, had pipeline transportation revenues of $259,677 in 2002, a decrease compared to of $296,331 in 2001, the first year of transportation revenues. The Company's production costs and taxes have increased each year from 2000 to 2002 as additional costs have been incurred to maintain the Kansas Properties and to begin production from the Swan Creek Field in 2001 and to maintain it in 2002. The production costs and taxes increased from $2,951,746 in 2001 to $3,094,731 in 2002. An increase in 2001 of $337,332 in production costs and taxes as compared to 2000 was due primarily to the commencement of production from the Swan Creek Field. Depletion, depreciation, and amortization increased significantly in 2002 to $2,413,597 over 2001 and 2000 levels of $1,849,963 and $371,249, respectively. The primary reason for the increase from 2002 over 2001 was due to depreciation being taken for the first time for a full year on the Company's pipeline facilities in 2002, whereas only a half year of depreciation was taken in 2001 after the pipeline was placed in service in mid-year. Also, approximately $186,000 of loan fees were amortized in 2002. The primary increase in 2001 from 2000 was due to significant increases in depletion expense during 2001 ($1,142,000) as a result of the following: decreases in reserve estimates on oil and gas properties arising from declining commodity prices; certain of the Company's gas wells had decreased production levels at year-end due to problems encountered with liquids in the wells. This decreased production level at year-end was factored into the estimated future proved reserves calculation performed as of December 31, 2001, resulting in a lower future proved reserves estimate. Additionally, in 2001 the Company took depreciation on the pipeline for the first time ($220,371). The Company has significantly reduced its general administrative costs to $1,868,141 in 2002 from $2,957,871 in 2001. Management has made a significant 36 effort to control costs in every aspect of its operations. Some of these cost reductions include the closing of the New York office and a reduction in personnel from 2001 levels. General and administrative expenses had increased to $2,957,871 in 2001 from $2,602,311 in 2000. The increases in 2001 from 2000 were attributable to an increase in insurance of approximately $400,000 in 2001 to expand coverage including blowout insurance and the addition of Company provided medical insurance for employees. Interest expense for 2002 decreased significantly over 2001 levels due to the reduced interest rate on the Bank One loan over the rate applicable under previous financing arrangements. Interest expense in 2002 was $578,039 compared to $850,965 in 2001. Interest expense for 2001 had in turn increased significantly from $415,376 in 2000. This increase was due to additional interest cost associated with financing for the completion of Phase II of the Company's 65 mile pipeline. The increase in 2001 was reduced by interest cost of approximately $148,000 which was capitalized in the first 3 months of 2001 during construction of the pipeline. Interest of $128,000 was capitalized in 2000. Public relations costs were significantly reduced in 2002 to $193,229 from $293,448 in 2001 as the Company applied cost saving methods in the preparation of the Annual Report and in publishing of press releases. Public relations costs increased to $293,448 in 2001 as compared to 2000 costs of $106,195 due to costs associated with producing the annual report, the proxy statement, and press releases. Professional fees increased to $707,296 in 2002 from $355,480 in 2001 due to legal and accounting services primarily related to the Bank One litigation and new accounting regulations. Professional fees had decreased substantially in 2001 from 2000 fees of $719,320 which included a charge in 2000 of $242,000 for stock options issued in 2000 to non-employees. Dividends on preferred stock increased to $506,789 in 2002 from $391,183 in 2001 and from $257,557, in 2000 as a result in the increase in the amount of preferred stock outstanding. LIQUIDITY AND CAPITAL RESOURCES On November 8, 2001, the Company signed a credit facility agreement (the "Credit Agreement") with the Energy Finance Division of Bank One, N.A. in Houston Texas ("Bank One") whereby Bank One extended to the Company a revolving line of credit of up to $35 million. The initial borrowing base under the Credit Agreement was $10 million. On November 9, 2001, funds from the Bank One credit line were used to (1) satisfy existing indebtedness on the Company's Kansas Properties ($1,427,309); (2) payoff the internal financing provided by Directors and shareholders of the Company for the completion of the Company's 65 mile intrastate pipeline ($3,895,490); (3) payoff a 37 note due to Spoonbill, Inc. for funds borrowed by the Company for working capital ($1,080,833); (4) payoff a note due to Malcolm E. Ratliff, the Company's Chief Executive Officer, for purchase by the Company of a drilling rig and related equipment ($1,003,844); and, (5) payoff the remaining balance of a loan made to the Company for working capital by Edward W.T.Gray III, a former Director of the Company, due on December 31, 2001 ($304,444). All of these obligations incurred interest at a rate substantially greater than the rate being charged by Bank One under the Credit Agreement. Together with attorneys fees, mortgage taxes in Tennessee and Kansas and related fees the total drawn down on November 9, 2001 from the credit facility was $7,901,776. On or about April 5, 2002, the Company received a notice from Bank One stating that it had redetermined and reduced the borrowing base under the Credit Agreement to $3,101,776.66 and the Bank required a $6 million reduction of the outstanding loan. The schedule of reserve reports required by the Credit Agreement upon which such redeterminations were to be based specifically established a procedure involving an automatic monthly principal payment of $200,000 commencing February 1, 2002. The Company has remained current in payments of this monthly principal reduction through March 1, 2003. As of the date of this Report, the outstanding principal balance under the Credit Agreement was $6,901,776.66. As a result of Bank One's unexpected reduction of the borrowing base and the corresponding demand for payment of $6 million, combined with the fact that the Company is still in the early stages of its oil and gas operating history during which time it has had a history of losses from operations and has an accumulated deficit of $27,776,726 and a working capital deficit of $7,998,835 as of December 31, 2002, the Company's independent auditors indicated in their report on the audit of the Company's consolidated financial statements for the year ended December 31, 2002 that the Company's ability to continue as a going concern is uncertain. The Company's ability to continue as a going concern depends upon its ability to obtain long-term debt or raise capital and satisfy its cash flow requirements. On May 2, 2002, the Company filed suit against Bank One in Federal Court in the Eastern District of Tennessee, Northeastern Division at Greeneville, Tennessee to restrain Bank One from taking any steps pursuant to its Credit Agreement with the Company to enforce its demand that the Company reduce its loan obligation or else be deemed in default and for actual and punitive damages resulting from the wrongful demand in the amount of $150 million. On July 1, 2002, Bank One filed its answer and counterclaim, alleging that its actions were proper under the terms of the Credit Agreement, and in the counterclaim, seeking to recover all amounts it alleges to be owed under the Credit 38 Agreement, including principal, accrued interest, expenses and attorney's fees in the approximate amount of $9 million. On November 5, 2002, the Company and Bank One concluded a series of meetings and correspondence by reaching preliminary agreement upon the basic terms of a potential settlement. Any settlement is conditioned upon execution of final settlement documents, and the parties agreed to attempt to close the settlement by November 29, 2002. The principal element of the settlement proposal is for the Bank and the Company to enter into an amended and restated agreement for a new term loan to replace the prior revolving credit facility. The proposed settlement agreement would place specific limits and requirement upon any ability of Bank One to require a reduction of the loan balance. Such a reduction could only occur in the event the value of the oil and gas reserves of the Company falls below an agreed-upon figure in relation to the loan balance, pursuant to a formula which management is satisfied provides ample protection against any future reasonable likelihood of a similar problem arising in the manner causing initiation of the litigation between the Company and Bank One. As of the date of this report, the Company and Bank One continue to negotiate the terms of a mutually satisfactory settlement agreement. Even if the Company concludes a settlement with Bank One, the Company does not anticipate that it will be able to either increase its borrowing base under the Bank One Credit Agreement or to borrow any additional sums from Bank One. To fund additional drilling and to provide additional working capital, the Company would be required to pursue other options. Such options would include debt financing, sale of equity interests in the Company, a joint venture arrangement, the sale of oil and gas interests, etc. The inability of the Company to obtain the necessary cash funding on a timely basis would have an unfavorable effect on the Company's financial condition and would require the Company to materially reduce the scope of its operating activities. The harmful effects upon operations of the Company caused by the actions of Bank One and the ongoing litigation with Bank One in 2002 have been dramatic. First, the action of Bank One in April, 2002 (less than five months after it had entered into the credit facility agreement with the Company and received substantial fees for the providing the credit facility) of reducing the Company's credit line to a point $6 million below its then-existing indebtedness and then calling for payment of that $6 million within thirty days had the effect of totally cutting off any additional funds to the Company to support Company operations. Further, the funds loaned to the Company by Bank One had been used to refinance the Company's indebtedness and no funds were then available to pay this large repayment obligation to Bank One, even if such action by the Bank was proper, which the Company has vigorously and continually denied. The principal reason the Company had entered into the Bank One credit agreement was to provide for additional funds to promote the growth of the Company. Consequently, as a result of Bank One's unwarranted actions no additional funds under the credit facility agreement were available in 2002 for additional drilling that the Company had anticipated performing in the Swan Creek Field and which were critical to the 39 development of that Field. In order for overall field production to remain steady or grow in a field such as the Swan Creek Field, new wells must be brought online. Any of the new wells drilled by the Company would also experience a relatively steep initial decline curve followed by longer periods of relatively flat or stable production decline, as does every natural gas well in a formation similar to the Knox formation, so continuous drilling is vital to maintaining or increasing earlier levels of production. Only two gas wells were added by the Company in 2002 due to the destabilized lending arrangements caused by the actions of Bank One and ongoing litigation. Second, the existence of the dispute with Bank One, compounded by the fact that an effect of Bank One's action was to cause the Company's auditors to indicate that their was an uncertainty over the Company's ability to continue as a going concern, has significantly discouraged other institutional lenders from considering a variety of additional or replacement financing options for drilling and other purposes that may have ordinarily been available to the Company. Third, the dispute has caused Bank One to fail to grant permission under the existing loan agreements with the Company to permit the Company to formulate drilling programs involving potential third party investors that may have permitted additional drilling to occur. Finally, the dispute has caused the Company to incur significant legal fees to protect the Company's rights. The Company believes that the total volume of the Company's reserves in the Swan Creek Field remains largely intact, and that these reserves can be extracted through existing wells and by steady additional drilling brought on by reliable financial arrangements. The Company plans to drill as many as twenty additional wells in the heart of this Field and has obtained approval from the Tennessee regulatory authorities with jurisdiction over spacing of wells to drill on smaller spacing units in the Field, effectively allowing more wells to be drilled and the reservoir to produce more quickly but with no decrease in the long term efficiency of production of the maximum amount of reserves from the reservoir. The Company is hopeful that production from these new wells will be in line with the production from its more productive existing wells in the Swan Creek Field and will have a noticeable effect on increasing the total production from the Field. Although no assurances can be made, the Company believes that it will either be able to resolve the Bank One dispute or obtain additional or replacement financing to allow drilling to increase, and that once new wells are drilled, production from the Swan Creek Field will increase. However, no assurances can be made that such financing will be obtained or that overall produced volumes will increase. Similarly, when funding for additional drilling becomes available, the Company plans to drill wells in five new locations it has identified in Ellis and Rush Counties, Kansas on its existing leases in response to drilling activity in the area establishing new areas of oil production. Although the Company successfully drilled the Dick No. 7 well in Kansas in 2001 and completed the well as an oil well, it was not able to drill any new wells in Kansas in 2002 due to lack of funds available for such drilling caused by the Bank One situation. As with Tennessee, the Company is hopeful that 40 once the Bank One matter is resolved it will be able to resume drilling and well workovers in Kansas to maximize production from the Kansas Properties. As of December 31, 2002, the Company had total stockholders' equity of $14,210,623 on total assets of $32,584,391. The Company has a net working capital deficiency at December 31, 2002 of $7,998,835 as compared to a net deficiency of $6,326,204 at December 31, 2001. This working capital deficiency arises primarily from the acceleration of $6,000,000 of the Bank One credit facility debt discussed above. Net cash used in operating activities increased from $221,176 in 2001 to $566,017 in 2002. The Company's net loss in 2002 increased to $3,154,555 from $2,262,787 in 2001. The impact on cash used due to the net loss for 2001 was offset by non-cash depletion, depreciation and amortization of $2,413,597. Cash flow from working capital items in 2002 was $126,321 as compared to $232,338 in 2001. This resulted from increases in accounts payable of $188,597, and an increase in accrued liabilities of $31,805 and an increase in other current assets of $58,000, partially offset by an increase in accounts receivable of $69,192 and an increase in inventory of $103,384. Net cash used in operating activities decreased from $820,615 in 2000 to $221,176 in 2001. The Company's net loss in 2001 increased to $2,262,787 from $1,541,884 in 2000. The impact on cash used due to the net loss for 2001 was primarily offset by non-cash depletion, depreciation and amortization of $1,849,963 and non-cash compensation and services paid by issuance of equity instruments of $92,253. Cash flow from working capital items in 2001 was $232,338 as compared to $66,020 in 2000. This resulted from increases in accounts payable of $191,702, and decreases in inventory of $91,981 and accounts receivable of $3,814, partially offset by a decrease in accrued interest payable of $2,519 and a decrease in accrued liabilities of $52,640. Net cash used in investing activities amounted to $2,889,937 for 2002 compared to net cash used in the amount of $9,408,684 for 2001. The decrease in net cash used for investing activities during 2002 is primarily attributable to the construction of Phase II of the pipeline of $4,213,095 in 2001 as compared to $841,750 in 2002, additions to oil and gas properties of $4,821,883 in 2001 as compared to $1,982,529 in 2002. Net cash used in investing activities amounted to $9,408,684 for 2001 as compared to $8,936,863 for 2000. The increase in net cash used for investing activities during 2001 was primarily attributable to additions to oil and gas properties of $4,821,883 in 2001 as compared to $1,456,996 in 2000. This was offset by a reduction in expenditures used for the construction of Phase II of the pipeline of $4,213,095 due to its completion in 2001 compared to $6,834,196 in 2000 and a reduction of expenditures used for additions to other property and equipment of $285,722 in 2001 as compared to $1,276,783 in 2000. Net cash provided by financing activities decreased to $3,246,633 in 2002 from $8,419,336 in 2001. This was due to the Company's inability to enter into new financing 41 arrangements in 2002 as a result of its dispute with Bank One as discussed above. In 2001 the primary sources of financing includes proceeds from borrowings of $10,442,068 as compared to $2,063,139 in 2002, private placements of common stock of $3,900,000 in 2001 as compared to $2,677,000 in 2002 and convertible redeemable preferred stock of $l,591,150 in 2001 as compared to $1,303,168 in 2002 and proceeds from exercise of options of $2,341,000 in 2001 as compared to zero in 2002 as the market price of the Company's stock fell below the exercise price of the earlier granted options. The primary use of cash in financing activities in 2001 was the use of the funds received from Bank One to repay the Company's prior borrowings of $8,833,325 as compared to 2002 when cash from financing activities of $2,378,273 was used primarily to make payments to Bank One in 2002 and for working capital. Net cash provided by financing activities amounted to $8,419,336 in 2001 as compared to $10,940,863 in 2000. The primary sources of financing include proceeds from borrowings of $10,442,068 in 2001 as compared to $6,493,563 in 2000, private placements of common stock of $3,900,000 in 2001 as compared to $4,245,700 in 2000, convertible redeemable preferred stock of $1,591,150 in 2001 as compared to $2,000,000 in 2000 and proceeds from exercise of options of $2,341,000 in 2001 as compared to $180,013 in 2000. The primary use of cash in financing activities was the repayment of borrowings of $8,833,325 in 2001 as compared to $1,720,856 in 2000. CRITICAL ACCOUNTING POLICIES The Company's accounting policies are described in the Notes to Consolidated Financial Statements in Item 8 of this Report. The Company prepares its Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America, which requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. The Company considers the following policies to be the most critical in understanding the judgments that are involved in preparing the Company's financial statements and the uncertainties that could impact the Company's results of operations, financial condition and cash flows. FULL COST METHOD OF ACCOUNTING The Company follows the full cost method of accounting for oil and gas property acquisition, exploration and development activities. Under this method, all productive and non-productive costs incurred in connection with the acquisition of, exploration for and development of oil and gas reserves for each cost center are capitalized. Capitalized costs include lease acquisitions, geological and geophysical work, daily rentals and the costs of drilling, completing and equipping oil and gas wells. The Company capitalized $1,982,529, $4,821,883 and $1,456,996 of these costs in 2002, 2001 and 2000, respectively. Costs, however, associated with 42 production and general corporate activities are expensed in the period incurred. Interest costs related to unproved properties and properties under development are also capitalized to oil and gas properties. Gains or losses are recognized only upon sales or dispositions of significant amounts of oil and gas reserves representing an entire cost center. Proceeds from all other sales or dispositions are treated as reductions to capitalized costs. OIL AND GAS RESERVES/DEPLETION DEPRECIATION AND AMORTIZATION OF OIL AND GAS PROPERTIES The capitalized costs of oil and gas properties, plus estimated future development costs relating to proved reserves and estimated costs of plugging and abandonment, net of estimated salvage value, are amortized on the unit-of-production method based on total proved reserves. The costs of unproved properties are excluded from amortization until the properties are evaluated, subject to an annual assessment of whether impairment has occurred. The Company's proved oil and gas reserves as at December 31, 2002 were estimated by Ryder Scott, L.P., Petroleum Consultants. The Company's discounted present value of its proved oil and gas reserves requires subjective judgments. Estimates of the Company's reserves are in part forecasts based on engineering data, projected future rates of production and timing of future expenditures. The process of estimating oil and gas reserves requires substantial judgment, resulting in imprecise determinations, particularly for new discoveries. Different reserve engineers may make different estimates of reserve quantities based on the same data. The passage of time provides more qualitative information regarding estimates of reserves and revisions are made to prior estimates to reflect updated information. Given the volatility of oil and gas prices, it is also reasonably possible that the Company's estimate of discounted net cash flows from proved oil and gas reserves could change in the near term. If oil and gas prices decline significantly this will result in a reduction of the valuation of the Company's reserves. This past year, Ryder Scott based on production results and the increase of oil and gas prices, increased the Company's estimated value of reserves of gas in the Swan Creek Field from its reserve report for the year ended December 31, 2001. See, "Item 2 - Description of Property - Reserve Analysis". CONTINGENCIES The Company accounts for contingencies in accordance with Financial Accounting Standards Board Statement of Financial Accounting Standards ("SFAS") No. 5, "Accounting Contingencies." SFAS No. 5 requires that we record an estimated loss from a loss contingency when information available prior to the issuance of the Company's financial statements indicate that it is probable an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Accounting for contingencies such as environmental, legal and income tax matters requires management of the Company to use its judgment. While management of the Company believes that the Company's accrual for these matters are adequate, if the actual loss from a loss contingency is significantly 43 different from the estimated loss, the Company's results of operations may be over or understated. The primary area in which the Company has to estimate contingent liabilities is with respect to legal actions brought against the Company. See. Item 3 - Legal Proceedings." RECENT ACCOUNTING PRONOUNCEMENTS In July 2001, the Financial Accounting Standards Board ("FASB") issued SFAS No. 141, "Business Combinations" and SFAS No.142, "Goodwill and Other Intangible Assets". SFAS No. 141 addresses the initial recognition and measurement of goodwill and other intangible assets acquired in a business combination and SFAS No. 142 addresses the initial recognition and measurement of intangible assets acquired outside of a business combination whether acquired individually or with a group of other assets. These standards require all future business combinations to be accounted for using the purchase method of accounting. Goodwill will no longer be amortized but instead will be subject to impairment tests at least annually. The Company was required to adopt SFAS No. 141 on July 1, 2001, and to adopt SFAS 142 on a prospective basis as of January 1, 2002. The Company has not effected a business combination and carries no goodwill on its balance sheet; accordingly, the adoption of these standards did not have an effect on the Company's financial position or results of operations. In 2001, the FASB issued SFAS No.143, "Accounting for Asset Retirement Obligations." SFAS No. 143 addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. This statement requires companies to record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset's carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company's asset retirement obligations relate primarily to the plugging dismantlement, removal, site reclamation and similar activities of its oil and gas properties. Prior to adoption of this statement, such obligations were accrued ratably over the productive lives of the assets through its depreciation, depletion and amortization for oil and gas properties without recording a separate liability for such amounts. The Company has adopted SFAS 143 beginning on January 1, 2003; however, the effect of adoption of this statement on future results of operations or financial position has not yet been determined by management. SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, addresses accounting and reporting for the impairment or disposal of long-lived assets. SFAS No. 144 supersedes SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of. SFAS No. 144 establishes a single accounting model for long-lived assets to be disposed of by sale and expands on the guidance provided by SFAS No. 121 with respect to cash flow estimations. SFAS No. 144 became effective for the Company's fiscal year beginning January 1, 2003. Management does not expect that adoption of this standard will have a material impact on the Company's financial position or results of operations. 44 The FASB issued Statement No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections, on April 30, 2002. SFAS No.145 will be effective for fiscal years beginning after May 15, 2002. This statement rescinds SFAS No. 4, Reporting Gains and Losses From Extinguishment of Debt, and requires that all gains and losses from extinguishment of debt should be classified as extraordinary items only if they meet the criteria in APB No. 30. Applying APB No. 30 will distinguish transactions that are part of an entity's recurring operations from those that are unusual or infrequent or that meet the criteria for classification as an extraordinary item. Any gain or loss on extinguishment of debt that was classified as an extraordinary item in prior periods presented that does not meet the criteria in APB No. 30 for classification as an extraordinary item must be reclassified. There is no current impact of adoption on the Company's financial position or results of operation. The FASB issued Statement No. 146, Accounting for Costs Associated with Exit or Disposal Activities, in June 2002. SFAS No. 146 addresses financial accounting and reporting for costs associated with exit or disposal activities and nullifies Emerging Issues Task Force Issue No. 94-3, Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity (including Certain Costs incurred in a Restructuring). SFAS No. 146 applies to costs incurred in an "exit activity", which includes, but is not limited to, re-structuring, or a "disposal activity" covered by SFAS No. 144. SFAS No. 146 requires that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred. Previously, under Issue 94-3, a liability for an exit cost was recognized at the date of an entity's commitment to an exit plan. Statement No. 146 also establishes that fair value is the objective for initial measurement of the liability. The provisions of SFAS No. 146 are effective for exit or disposal activities that are initiated after December 31, 2002. Management does not expect that adoption of this standard will have a material effect on the Company's financial position or results of operation. In November 2002, the FASB issued Interpretation No. 45, Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, an interpretation of FASB Statements No.5, 57 and 107 and a rescission of FASB Interpretation No. 34. This Interpretation elaborates on the disclosures to be made by a guarantor in its interim and annual financial statements about its obligations under guarantees issued. The Interpretation also clarifies that a guarantor is required to recognize, at inception of a guarantee, a liability for the fair value of the obligation undertaken. The initial recognition and measurement provisions of the Interpretation are applicable to guarantees issued or modified after December 31, 2002. The Company has not guaranteed the debts of others, therefore, this interpretation is not expected to have a material effect on the Company's financial statements. In December 2002, the FASB issued SFAS No. 148, Accounting for Stock-Based Compensation -- Transition and Disclosure, an amendment of FASB Statement No.123. This Statement amends FASB Statement No. 123, Accounting for Stock-Based Compensation, to provide alternative methods of transition for a voluntary change to the fair value method 45 of accounting for stock-based employee compensation. In addition, this Statement amends the disclosure requirements of Statement No. 123 to require prominent disclosures in both annual and interim financial statements. Management has adopted certain of the disclosure modifications are required for fiscal years ending after December 15, 2002 and are included in the notes to the accompanying consolidated financial statements. In January 2003, the FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin No. 51. Interpretation No. 46 requires a company to consolidate a variable interest entity if the company has a variable interest (or combination of variable interests) that will absorb a majority of the entity's expected losses if they occur, receive a majority of the entity's expected residual returns if they occur, or both. A direct or indirect ability to make decisions that significantly affect the results of the activities of a variable interest entity is a strong indication that a company has one or both of the characteristics that would require consolidation of the variable interest entity. Interpretation No. 46 also requires additional disclosures regarding variable interest entities. The new interpretation is effective immediately for variable interest entities created after January 31, 2003, and is effective in the first interim or annual period beginning after June 15, 2003, for variable interest entities in which a company holds a variable interest that it acquired before February 1, 2003. Management does not expect that adoption of this interpretation will have a material effect on the Company's financial position or results of operation. ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS COMMODITY RISK The Company's major market risk exposure is in the pricing applicable to its oil and gas production. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot prices applicable to natural gas production. Historically, prices received for oil and gas production have been volatile and unpredictable and price volatility is expected to continue. Monthly oil price realizations ranged from a low of $18.56 per barrel to a high of $27.49 per barrel during 2002. Gas price realizations ranged from a monthly low of $1.91 per Mcf to a monthly high of $4.01 per Mcf during the same period. As required by its Credit Agreement with Bank One, the Company entered into hedge agreements on December 28, 2001 on notional volumes of oil and natural gas production for the first six months of 2002 in order to manage some exposure to oil and gas price fluctuations. Realized gains or losses from the Company's price risk management activities will be recognized in oil and gas production revenues when the associated production occurs. Notional volumes associated with the Company's derivative contracts are 27,000 barrels and 630,000 MMBTU's for oil and natural gas, respectively. The Company does not generally hold or issue derivative instruments for trading purposes. These hedge agreements expired in June 2002 46 and have not been renewed. Hedging activities resulted in a loss to the Company of approximately $118,000 for the year ended December 31, 2002. INTEREST RATE RISK At December 31, 2002, the Company had debt outstanding of approximately $9.9 million. The interest rate on the revolving credit facility of $7.5 million is variable based on the financial institution's prime rate plus 0.25%. The remaining debt of $2.4 million has fixed interest rates ranging from 6% to 11.95%. As a result, the Company's annual interest costs in 2002 fluctuated based on short-term interest rates on approximately 78% of its total debt outstanding at December 31, 2002. The impact on interest expense and the Company's cash flows of a 10 percent increase in the financial institution's prime rate (approximately 0.5 basis points) would be approximately $32,000, assuming borrowed amounts under the credit facility remain at $7.5 million. The Company did not have any open derivative contracts relating to interest rates at December 31, 2002. FORWARD-LOOKING STATEMENTS AND RISK Certain statements in this report, including statements of the future plans, objectives, and expected performance of the Company, are forward-looking statements that are dependent upon certain events, risks and uncertainties that may be outside the Company's control, and which could cause actual results to differ materially from those anticipated. Some of these include, but are not limited to, the market prices of oil and gas, economic and competitive conditions, inflation rates, legislative and regulatory changes, financial market conditions, political and economic uncertainties of foreign governments, future business decisions, and other uncertainties, all of which are difficult to predict. There are numerous uncertainties inherent in estimating quantities of proved oil and gas reserves and in projecting future rates of production and the timing of development expenditures. The total amount or timing of actual future production may vary significantly from reserves and production estimates. The drilling of exploratory wells can involve significant risks, including those related to timing, success rates and cost overruns. Lease and rig availability, complex geology and other factors can also affect these risks. Additionally, fluctuations in oil and gas prices, or a prolonged period of low prices, may substantially adversely affect the Company's financial position, results of operations and cash flows. 47 ITEM 8 FINANCIAL STATEMENTS The financial statements and supplementary data commence on page F-1. ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE Not Applicable 48 PART III ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT IDENTIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS The following table sets forth the names of all current directors and executive officers of the Company. These persons will serve until the next annual meeting of stockholders (to be held at such time as the Board of Directors shall determine) or until their successors are elected or appointed and qualified, or their prior resignations or terminations. Date of Initial Positions Election or Name Held Designation - ---- ---- ----------- Stephen W. Akos Director 2/28/03 8000 Maryland Avenue St. Louis, MO 63105 Joseph E. Armstrong Director 3/13/97 4708 Hilldale Drive Knoxville, TN 37914 Jeffrey R. Bailey Director; 2/28/03 2306 West Gallaher Ferry President 6/17/02 Knoxville, TN 37932 John A. Clendening Director 2/28/03 1031 Saint Johns Drive Maryville, TN 37801 Robert L. Devereux Director 2/28/03 10 South Brentwood Blvd. St. Louis, MO 63105 Bill L. Harbert . Director 4/2/02 820 Shaders Creek Pkway Birmingham, AL 35209 Peter E. Salas Director 10/8/02 129 East 17th Street New York, NY 10003 49 Charles M. Stivers Director 9/28/01 420 Richmond Road Manchester, KY 40962 Richard T. Williams Director; 6/28/02 4472 Deer Run Drive Chief Executive 2/3/03 Louisville, TN 37777 Officer Mark A. Ruth Chief Financial 12/14/98 9400 Hickory Knoll Lane Officer Knoxville, TN 37922 Robert M. Carter President Tengasco 6/1/98 760 Prince George Parish Drive Pipeline Corporation Knoxville, TN 37931 Cary V. Sorensen General Counsel; 07/9/99 509 Bretton Woods Dr. Secretary Knoxville, TN 37919 Sheila F. Sloan Treasurer 12/4/96 121 Oostanali Way Loudon, TN 37774 SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE In fiscal 2002, Malcolm E. Ratliff, formerly a Director of the Company and its Chief Executive Officer in 2002, failed to timely file one Form 4 Report involving two transactions. Mr. Ratliff also recently filed an untimely Form 5 Report which indicated he failed to file Form 4 Reports for two transactions, one in October 2002 and the other in December 2002. Benton L. Becker, who was a Director of the Company in 2002, also failed to timely file one Form 4 Report involving three transactions. BUSINESS EXPERIENCE DIRECTORS Stephen W. Akos is 49 years old. He has over twenty years experience in the financial services industry with an expertise in fixed income securities. Since August of 2000, he has been First Vice President, Institutional Fixed Income Sales, Robert W. Baird & Co., St. Louis, Missouri. Prior to 2000, he held executive positions with Mercantile Bank and Mark Twain Bank since 1993. Before 1993 he was a broker and 50 held a series of executive positions at brokerage firms Dean Witter, Shearson Lehman Hutton, Drexel Burnham Lambert, and Kidder Peabody in St. Louis. He received an MBA in Finance from Washington University in 1979, and a B.S. in Business Administration, Accounting, from Washington University in 1976. He has been a shareholder of the Company for approximately six years. He was elected as a Director of the Company on February 28, 2003. Joseph Earl Armstrong is 46 years old and a resident of Knoxville, Tennessee. He is a graduate of the University of Tennessee and Morristown College where he received a Bachelor of Science Degree in Business Administration. From 1988 to the present, he has been an elected State Representative for Legislative District 15 in Tennessee. From 1994 to the present he has been in charge of government relations for the Atlanta Life Insurance Co. From 1981 to 1994 he was a District Manager for the Atlanta Life Insurance Co. He has served as Director of the Company since 1997. Jeffrey R. Bailey is 45 years old. He graduated in 1980 from New Mexico Institute of Mining and Technology with a B.S. degree in Geological Engineering. Upon graduation he joined Gearhart Industries as a field engineer working in Texas, New Mexico, Kansas, Oklahoma and Arkansas. Gearhart Industries later merged with Halliburton Company. In 1993 after 13 years working in various field operations and management roles primarily focused on reservoir evaluation, log analysis and log data acquisition he assumed a global role with Halliburton as a Petrophysics instructor in Fort Worth, Texas. His duties were to teach Halliburton personnel and customers around the world log analysis and competition technology and to review analytical reservoir problems. In this role Mr. Bailey had the opportunity to review reservoirs in Europe, Latin America, Asia Pacific and the Middle East developing a special expertise in carbonate reservoirs. In 1997 he became technical manager for Halliburton in Mexico focusing on finding engineering solutions to the production challenges of large carbonate reservoirs in Mexico. He joined the Company as its Chief Geological Engineer on March 1, 2002. He was elected as President of the Company on July 17, 2002 and as a Director on February 28, 2003. Dr. John A. Clendening is 70 years old. He received B.S. (1958), M.S. (1960) and Ph. D. (1970) degrees in geology from West Virginia University. He was employed as a Palynologist-Coal Geologist at the West Virginia Geological Survey from 1960 until 1968. He joined Amoco in 1968 and remained with Amoco as a senior geological associate until 1972. Dr. Clendening has served as President and other offices of the American Association of Stratigraphic Palynologists and the Society of Organic Petrologists. From 1992 - 1998 he was engaged in association with Laird Exploration Co., Inc. of Houston, Texas, directing exploration and production in south central Kentucky. In 1999 he purchased all the assets of Laird Exploration in south central Kentucky and operates independently. While with Amoco Dr. Clendening was instrumental in Amoco's acquisition in the early 1970's of large land acreage holdings in Northeast Tennessee, based upon his geological studies and recommendations. His work led directly to the discovery of what is now the Company's Paul Reed # 1 well. He further recognized the area to have significant oil and gas potential and is credited with discovery of the field which is now known as the Company's Swan Creek Field. Dr. Clendening previously served as a Director of the 51 Company from September 1998 to August 2000. He was again elected as a Director of the Company on February 28, 2003. Robert L. Devereux is 42 years old. He graduated in 1982 from St. Louis University with a Bachelor's Degree in Business Administration with a major in finance. He received his law degree from St. Louis University in 1985. For the past eighteen years, Mr. Devereux has been actively engaged in the practice of law, specializing in commercial litigation. Since 1994, he has been a principal in the law firm of Devereux Murphy LLC located in St. Louis, Missouri. For the past eight years Mr. Devereux has also been a principal of and has served as the Chief Executive Officer of Gateway Title Company, Inc. He was elected as a Director of the Company on February 28, 2003. Bill L. Harbert is 79 years old. He earned a B.S. degree in civil engineering from Auburn University in 1948. In 1949 he was one of the founders of Harbert Construction Company. He managed that company's construction operations, both domestic and foreign, and served as its Executive Vice-President until 1979. From 1979 until July, 1990 he served as President and Chief Operating Officer and from July 1990 through December 1991 he served as Vice Chairman of the Board of Harbert International, Inc. He then purchased a majority of the international operations of Harbert International, Inc. and formed Bill Harbert International Construction, Inc. He served as Chairman and Chief Executive Officer of that corporation until retiring from the company in 2000. Mr. Harbert's companies built pipeline projects in the United States and throughout the world. They also built many other projects including bridges, commercial buildings, waste water treatment plants, airports, including an air base in Negev, Israel and embassies for the United States government in, among other places, Tel Aviv, Hong Kong, and Baku. Mr. Harbert has also served as president (1979) and Director (1980) of the Pipe Line Contractors Association, USA and for seven years as Director, Second Vice-President and First Vice-President (2001-2002) of the International Pipe Line Contractors Association. Mr. Harbert has been active in service to a variety of business associations, charities and the arts in the Birmingham area for many years. He was elected as a Director of the Company on April 2, 2002. Peter E. Salas is 48 years old. He has been President of Dolphin Asset Management Corp. and its related companies since he founded it in 1988. Prior to establishing Dolphin, he was with J.P. Morgan Investment Management, Inc. for ten years, becoming Co-manager, Small Company Fund and Director-Small Cap Research. He received an A.B. degree in Economics from Harvard in 1976. Mr. Salas was elected to the Board of Directors on October 8, 2002. Charles M. Stivers is 40 years old. He is a Certified Public Accountant with 18 years accounting experience. In 1984 he received a B.S. degree in accounting from Eastern Kentucky University. From 1983 through July 1986 he served as Treasurer and CEO for Clay Resource Company. From August 1986 through August 1989 he served as a senior tax and audit specialist for Gallaher and Company. From September 1989 to date he has owned and operated Charles M. Stivers, C.P.A., a regional accounting firm. Mr. Stiver's firm specializes in the oil and gas industry and has clients in eight states. The oil and gas work performed by his firm includes 52 all forms of SEC audit work, SEC quarterly financial statement filings, oil and gas consulting work and income tax services. Mr. Stiver's firm has also represented oil and gas companies with respect to Federal and State income tax disputes in 15 states over the past 12 years. In September 2001, he was elected as a director of the Company and is the chairman of the Company's audit committee. Dr. Richard T. Williams is 52 years old. He has been a member of the faculty of the Department of Geological Sciences at The University of Tennessee in Knoxville, Tennessee, since 1987, after holding faculty positions at West Virginia University and the University of South Carolina since 1979. He has been engaged in reflection seismology and geophysical studies in the Appalachian Overthrust since 1980. He earned his Ph.D. in Geophysics from Virginia Tech in 1979. Dr. Williams was elected to the Board of Directors of the Company effective June 28, 2002. He was appointed Chief Operating Officer of the Company on January 10, 2003, and on February 3, 2003, he was elected Chief Executive Officer of the Company. OFFICERS Mark A. Ruth is 44 years old. He is a certified public accountant with 21 years accounting experience. He received a B.S. degree in accounting with honors from the University of Tennessee at Knoxville. He has served as a project controls engineer for Bechtel Jacobs Company, LLC; business manager and finance officer for Lockheed Martin Energy Systems; settlement department head and senior accountant for the Federal Deposit Insurance Corporation; senior financial analyst/internal auditor for Phillips Consumer Electronics Corporation; and, as an auditor for Arthur Andersen and Company. From December 14, 1998 to August 31, 1999 he served as the Company's Chief Financial Officer. On August 31, 1999 he was elected as a Vice-President of the Company and on November 8, 1999 he was again appointed as the Company's Chief Financial Officer. Robert M. Carter is 66 years old. He attended Tennessee Wesleyan College and Middle Tennessee State College between 1954 and 1957. For 35 years he was an owner of Carter Lumber & Building Supply Company and Carter Warehouse in Loudon County, Tennessee. He has been with the Company since 1995 and during that time has been involved in all phases of the Company's business including pipeline construction, leasing, financing, and the negotiation of acquisitions. Mr. Carter was elected Vice-President of the Company in March, 1996, as Executive Vice-President in April 1997 and on March 13, 1998 he was elected as President of the Company. He served as President of the Company until he resigned from that position on October 19,1999. On August 8, 2000 he again was elected as President of the Company and served in that capacity until July 31, 2001. He has served as President of Tengasco Pipeline Corporation, a wholly owned subsidiary of the Company, from June 1, 1998 to the present. Cary V. Sorensen is 54 years old. He is a 1976 graduate of the University of Texas School of Law and has undergraduate and graduate degrees form North Texas State University and Catholic University in Washington, D.C. Prior to joining the Company in July, 1999, he had 53 been continuously engaged in the practice of law in Houston, Texas relating to the energy industry since 1977, both in private law firms and a corporate law department, most recently serving for seven years as senior counsel with the litigation department of Enron Corp. before entering private practice in June, 1996. He has represented virtually all of the major oil companies headquartered in Houston and all of the operating subsidiaries of Enron Corp., as well as local distribution companies and electric utilities in a variety of litigated and administrative cases before state and federal courts and agencies in five states. These matters involved gas contracts, gas marketing, exploration and production disputes involving royalties or operating interests, land titles, oil pipelines and gas pipeline tariff matters at the state and federal levels, and general operation and regulation of interstate and intrastate gas pipelines. He has served as General Counsel of the Company since July 9, 1999. Sheila F. Sloan is 47 years old. She graduated from South Lake High School located in St. Clair Shores, Michigan in 1972. From 1981 to 1985 she worked as a purchasing agent for Sequoyah Land Company located in Madisonville, Tennessee. From 1990 to 1995 she managed the Form U-3 Weight Loss Centers in Knoxville, Tennessee. She has been with the Company since January 1996. On December 4, 1996 she was elected as the Company's Treasurer. COMMITTEES The Company's Board has operating audit, stock option, compensation, field safety and frontier exploration committees. Charles M. Stivers, Stephen W. Akos and John A. Clendening are the members of the Company's Audit Committee. Mr. Stivers is the Chairman of this Committee and has also been designated by the Company as the financial expert of the Audit Committee. Robert L. Devereux, John A. Clendening and Mr. Akos comprise the stock option committee with Mr. Devereux acting as Chairman; Messrs. Akos, Stivers and Clendening comprise the compensation committee with Mr. Clendening acting as Chairman; Richard T. Williams, Jeffrey R. Bailey and Joseph Earl Armstrong comprise the field safety committee; and Messrs. Williams, Bailey and Clendening comprise the frontier exploration committee. FAMILY RELATIONSHIPS There are no family relationships between any of the present directors or executive officers of the Company. INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS To the knowledge of management, during the past five years, no present or former director, executive officer, affiliate or person nominated to become a director or an executive officer of the Company: 54 (1) Filed a petition under the federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer appointed by a court for the business or property of such person, or any partnership in which he or she was a general partner at or within two years before the time of such filing, or any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing; (2) Was convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him or her from or otherwise limiting his or her involvement in any type of business, securities or banking activities; (4) Was found by a court of competent jurisdiction in a civil action, by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated any federal or state securities law, and the judgment in such civil action or finding by the Securities and Exchange Commission has not been subsequently reversed, suspended, or vacated. ITEM 11 EXECUTIVE COMPENSATION The following table sets forth a summary of all compensation awarded to, earned or paid to, the Company's Chief Executive Officer during fiscal years ended December 31, 2002, December 31, 2001 and December 31, 2000. None of the Company's other executive officers earned compensation in excess of $100,000 per annum for services rendered to the Company in any capacity during those periods. 55 SUMMARY COMPENSATION TABLE
-----------LONG TERM AWARDS----- ANNUAL COMPENSATION -----------AWARDS----PAYOUTS - ------------------------------------------------------------------------------------------------------------------------------------ Name and YEAR SALARY ($) BONUS ($) OTHER ANNUAL RESTRICTED SECURITIES PAYOUTS ALL OTHER Principal Position COMPENSATION STOCK UNDERLYING COMPEN- ($) AWARDS($) OPTIONS SATION /SARS(#) - ------------------------------------------------------------------------------------------------------------------------------------ Malcolm E. Ratliff, 2002 $80,000 $-0- $ -0- -0- 59,0628 -0- -0- Chief Executive Officer(7) 2001 $80,000 $-0- $1,000 -0- 52,500 -0- -0- 2000 $70,000 $-0- $ 500 -0- 52,500 -0- -0- - ------------------------------------------------------------------------------------------------------------------------------------
- -------------------------- (7) Malcolm E. Ratliff served as the Company's Chief Executive Officer throughout 2002. Richard T. Williams, the Company's current Chief Executive Officer replaced Mr. Ratliff on February 3, 2003. (8) Number of shares underlying options has been retroactively adjusted for a 5% stock dividend declared by the Company as of September 4, 2001. 56 OPTION GRANTS FOR FISCAL 2002 During fiscal year ended December 31, 2002 the Company granted an option to the Chief Executive Officer to purchase 6,562 shares of the Company's common stock at a price of $2.86 per share. The option was for a period of three years commencing on August 5, 2002. None of the Company's other executive officers earned compensation in excess of $100,000 per annum for services rendered to the Company in any capacity during the fiscal year ended December 31, 2002. AGGREGATE OPTION EXERCISES FOR FISCAL 2002 AND YEAR END OPTION VALUES
-------------------------------------------------------- NUMBER OF SECURITIES(9) VALUE(10) of Unexercised Underlying Unexercised In-the-Money Options/SARs at Options/SARs at December 31, 2002 December 31, 2002 - -------------------------------------------------------------------------------------------------------------------- NAME SHARES ACQUIRED VALUE ($) EXERCISABLE/ EXERCISABLE/ ON EXERCISE REALIZED(11) UNEXERCISABLE UNEXERCISABLE - -------------------------------------------------------------------------------------------------------------------- MALCOLM E. RATLIFF -0- -0- 59,062/-0- $-0-/-0- - --------------------------------------------------------------------------------------------------------------------
No options were exercised during fiscal year ended December 31, 2002 by the Chief Executive Officer. None of the Company's other executive officers earned compensation in excess of $100,000 per annum for services rendered to the Company in any capacity. The Company adopted an employee health insurance plan in August 2001. The Company does not presently have a pension or similar plan for its directors, executive officers or employees. Management is considering adopting a 401(k) plan and full liability insurance for directors and executive officers. However, there are no immediate plans to do so at this time. COMPENSATION OF DIRECTORS The Board of Directors has resolved to compensate members of the Board of Directors for attendance at meetings at the rate of $250 per day, together with direct out-of-pocket expenses incurred in attendance at the meetings, including travel. The Directors, however, have waived such fees due to them as of this date for prior meetings. - -------------------------- (9) Number of shares underlying the unexercised options has been retroactively adjusted for a 5% stock dividend declared by the Company as of September 4, 2001. (10) Unexercised options are in-the-money if the fair market value of the underlying securities exceeds the exercise price of the option. The fair market value of the Common Stock was $1.10 per share on December 31, 2002, as reported by The American Stock Exchange. The exercise price of the unexercised options granted to Malcolm E. Ratliff, the Chief Executive Officer of the Company, were $8.69 and $2.86 per share. As a result, the unexercised options have a negative value. (11) Value realized in dollars is based upon the difference between the fair market value of the underlying securities on the date of exercise, and the exercise price of the option. 57 Members of the Board of Directors may also be requested to perform consulting or other professional services for the Company from time to time. The Board of Directors has reserved to itself the right to review all directors' claims for compensation on an ad hoc basis. Directors who are on the Company's Audit, Compensation and Stock Option Committees are independent and therefore, do not receive any consulting, advisory or compensatory fees from the Company. However, such Board members may receive fees from the Company for their services on those committees. The Company intends to implement a plan for the payment of those committee members for their services on an annual basis. EMPLOYMENT CONTRACTS The Company has entered into an employment contract with its Chief Executive Officer, Richard T. Williams for a period of two years through December 31, 2004 at an annual salary of $80,000. There are presently no other employment contracts relating to any member of management. However, depending upon the Company's operations and requirements, the Company may offer long term contracts to directors, executive officers or key employees in the future. COMPENSATION COMMITTEE INTERLOCKING AND INSIDER PARTICIPATION There are no interlocking relationship between any member of the Company's Compensation Committee and any member of the compensation committee of any other company, nor has any such interlocking relationship existed in the past. No member of the Compensation Committee is or was formerly an officer or an employee of the Company. ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS The following tables set forth the share holdings of the Company's directors and executive officers and those persons who own more than 5% of the Company's common stock as 58 of March 3, 2003 with these computations being based upon 11,927,004 shares of common stock being outstanding as of that date and as to each shareholder, as it may pertain, assumes the exercise of options or warrants or the conversion of convertible debt or preferred stock granted or held by such shareholder as of March 3, 2003. FIVE PERCENT STOCKHOLDERS(12)
NUMBER OF SHARES PERCENT OF NAME AND ADDRESS TITLE BENEFICIALLY OWNED CLASS - ---------------- ----- ------------------ ----- Malcolm E. Ratliff Stockholder 2,736,549(13) 22.8% 1200 Scott Lane Knoxville, TN 37922 Dolphin Offshore Stockholder 2,036,613(14) 16.7% Partners, L.P. 129 East 17th Street New York, NY 10003 Bill L. Harbert Stockholder/ 1,489,496(15) 12.4% 820 Shaders Creek Pkwy. Director Birmingham, AL 35209
DIRECTORS AND OFFICERS(16)
NUMBER OF SHARES PERCENT OF NAME AND ADDRESS TITLE BENEFICIALLY OWNED CLASS - ---------------- ----- ------------------ ----- Stephen W. Akos Director 23,439(17) Less than 1% 8000 Maryland Avenue St. Louis, MO 63105 Joseph Earl Armstrong Director 57,450(18) Less than 1% 4708 Hilldale Drive Knoxville, TN 37914
- -------------------------- (12) Unless otherwise stated, all shares of Common Stock are directly held with sole voting and dispositive power. The shares set forth in the table reflect the 5% stock dividend declared by the Company for shareholders of record as of September 4, 2001. (13) Malcolm E. Ratliff, formerly the Company's Chief Executive Officer and Chairman of the Board of Directors and a former Director of the Company, is the sole shareholder and President of Industrial Resources Corporation (" IRC"). Malcolm E. Ratliff's wife, Linda Ratliff, is the Secretary of IRC. Accordingly, IRC may be deemed to be an affiliate of the Company. James Ratliff, who is the father of Malcolm E. Ratliff, is the sole shareholder and President of Ratliff Farms, Inc. Malcolm E. Ratliff is the Vice-President/Secretary of Ratliff Farms. Malcolm E. Ratliff has voting control of the shares of the Company owned by Ratliff Farms, Inc. Accordingly, Ratliff Farms, Inc. may also be deemed to be an affiliate of the Company. The shares listed here include 80,171 shares owned directly and an option to purchase 59,062 shares held by Malcolm E. Ratliff, 1,849,744 shares owned by IRC, 716,072 shares owned directly by Ratliff Farms, Inc. and 31,500 shares owned directly by a trust of which Linda Ratliff is trustee and the children of Malcolm E. Ratliff are the beneficiaries. The shares listed here do not include shares of the Company owned directly by James Ratliff or any entity of which he is the controlling person. The shares listed also do not include 373,900 shares directly owned by Dolphin Offshore Partners, L.P. ("Dolphin") which Dolphin granted IRC an option to purchase commencing April 11, 2003 and expiring on May 21, 2003 at a price of $2.386 per share. The general partner and controlling person of Dolphin is Peter Salas, a Director of the Company. In the event IRC does not exercise the option, Dolphin has the right to require IRC to purchase from it the same number of shares that are the subject of the option (373,900) at a price of $2.495 per share. (14) Consists of 1,739,720 shares held by Dolphin Offshore Partners, L.P. ("Dolphin") of which Peter E. Salas, a Director of the Company, is the general partner and controlling person; a warrant held by Dolphin to purchase 10,500 shares at $7.98 per share; 173,611 shares underlying a promissory convertible note held by Dolphin; and, 112,782 shares underlying 9,000 shares of the Company's Series B 8% Cumulative Convertible Preferred Stock held directly which is convertible into the Company's Common Stock at the rate of $7.98 per share.The shares listed include 373,900 shares held directly by Dolphin as to which Dolphin granted an option to Industrial Resources Corporation ("IRC") to purchase commencing on April 11, 2003 and expiring on May 21, 2003 at a price of $2.386 per share. Malcolm E. Ratliff, a Director of the Company and formerly the Company's Chief Executive Officer and Chairman of the Board, is the sole shareholder and President of IRC. If the option is not exercised, Dolphin has the right to require IRC to purchase from it the same number of shares that are the subject of the option (373,900) at a price of $2.495 per share. (15) Consists of 1,404,942 shares held directly, 71,429 shares underlying 5,000 shares of the Company's Series A 8% Cumulative Convertible Preferred Stock held directly which is convertible into the Company's Common Stock and an option to purchase 13,125 shares. (16) Unless otherwise stated, all shares of Common Stock are directly held with sole voting and dispositive power. The shares set forth in the table reflect the 5% stock dividend declared by the Company for shareholders of record as of September 4, 2001. (17) Consists of 14,081 shares held directly (certain of which are jointly owned with spouse) and 9,358 shares underlying convertible promissory notes owned with his spouse and by a limited partnership. Shares underlying note held by limited partnership has been adjusted to reflect his ownership interest in the limited partnership. (18) Consists of 4,950 shares held directly and options to purchase 52,500 shares. 59 Jeffrey R. Bailey Director; 18,125(19) Less than 1% 2306 West Gallaher Ferry President Knoxville, TN 37932 John A. Clendening Director -0- -0- 1031 Saint Johns Drive Maryville, TN 37801 Robert L. Devereux Director 56,882(20) Less than 1% 10 South Brentwood Blvd. St. Louis, MO 63105 Bill L. Harbert Director 1,489,496(21) 12.4% 820 Shaders Creek Pkwy. Birmingham, AL 35209 Peter E. Salas Director 2,036,613(22) 16.7% 129 East 17th Street New York, NY 10003 Charles M. Stivers Director 13,125(23) Less than 1% 420 Richmond Road Manchester, KY 40962 Richard T. Williams Director; 13,125(24) Less than 1% 4477 Deer Run Drive Chief Executive Louisville, TN Officer Robert M. Carter President 68,071(25) Less than 1% 760 Prince Georges Parish Tengasco Pipeline Knoxville, TN 37922 Corporation
- -------------------------- (19) Consists of 5,000 shares held directly and an option to purchase 13,125 shares. (20) Consists of 34,562 shares held directly with his spouse; 12,448 shares underlying a convertible note held with his spouse; 6,753 shares owned by a limited liability company; and, 3119 shares underlying a convertible promissory note held by a limited liability company. Shares owned by the limited liability company and underlying note held by the limited liability company have been adjusted to reflect his ownership interest in the limited liability company. (21) Consists of 1,404,942 shares held directly, 71,429 shares underlying 5,000 shares of the Company's Series A 8% Cumulative Convertible Preferred Stock held directly which is convertible into the Company's Common Stock at the rate of $7.00 per share and an option to purchase 13,125 shares. (22) Consists of 1,739,720 shares held by Dolphin Offshore Partners, L.P. ("Dolphin") of which Peter E. Salas is the general partner and controlling person; a warrant held by Dolphin to purchase 10, 500 shares at $7.98 per share; 173,611 shares underlying a promissory convertible note held by Dolphin; and, 112,782 shares underlying 9,000 shares of the Company's Series B 8% Cumulative Convertible Preferred Stock held directly which is convertible into the Company's Common Stock at the rate of $7.98 per share. The shares listed include 373,900 shares held directly by Dolphin as to which Dolphin granted an option to Industrial Resources Corporation ("IRC") to purchase commencing on April 11, 2003 and expiring on May 21, 2003 at a price of $2.386 per share. Malcolm E. Ratliff, a Director of the Company and formerly the Company's Chief Executive Officer and Chairman of the Board, is the sole shareholder and President of IRC. If the option is not exercised, Dolphin has the right to require IRC to purchase from it the same number of shares that are the subject of the option (373,900) at a price of $2.495 per share. (23) Consists of shares underlying an option. (24) Consists of shares underlying an option. (25) Consists of 7,696 shares held directly and options to purchase 60,375 shares. 60 Mark A. Ruth Chief Financial 45,937(26) Less than 1% 9400 Hickory Knoll Lane Officer Knoxville, TN 37931 Cary V. Sorensen General Counsel; 39,375(27) Less than 1% 509 Bretton Woods Dr. Secretary Knoxville, TN 37919 Sheila F. Sloan Treasurer 21,787(28) Less than 1% 121 Oostanali Way Loudon, TN 37774 All Officers and 3,883,425(29) 30.8% Directors as a group
CHANGES IN CONTROL Except as indicated below, to the knowledge of the Company's management, there are no present arrangements or pledges of the Company's securities which may result in a change in control of the Company. ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS TRANSACTIONS WITH MANAGEMENT AND OTHERS Except as set forth hereafter, there have been no material transactions, series of similar transactions or currently proposed transactions during 2002, to which the Company or any of its subsidiaries was or is to be a party, in which the amount involved exceeds $60,000 and in which any director or executive officer or any security holder who is known to the Company to own of record or beneficially more than 5% of the Company's common stock, or any member of the immediate family of any of the foregoing persons, had a material interest. - -------------------------- (26) Consists of shares underlying options. (27) Consists of shares underlying options. (28) Consists of 2,100 shares held directly and options to purchase 19,687 shares. (29) Consists of shares held directly and indirectly by management, shares held by Dolphin, 270,374, shares underlying options, 10,500 shares underlying warrants, 198,536 shares underlying convertible promissory notes and 182,411 shares underlying convertible preferred stock. 61 On January 21, 2002 and April 9, 2002, Bill Harbert, who owns more than ten percent of the Company's outstanding Common Stock and is now a Director of the Company, but was not at that time, in two private placements purchased 100,000 shares of the Company's common stock on each of those dates, at prices of $6.32 and $4.80 per share, respectively. The proceeds from these private placements were used as working capital to fund the Company's day to day operations. On October 7, 2002, Dolphin Offshore Partners, L.P. ("Dolphin) which owns more than ten percent of the Company's outstanding Common Stock and whose general partner, Peter E. Salas, is a Director of the Company, in consideration of a loan to the Company was issued an unsecured convertible promissory note by the Company in the principal amount of $500,000 bearing 8% interest, with payments of interest only payable quarterly and the principal payable January 4, 2004. The principal amount of the note is convertible into Common Stock of the Company at the rate of $2.88 per share. The proceeds from this note were used to provide working capital for the Company's operations. In August 2002, Dolphin purchased 650,000 shares of the Company's Common Stock in an open market transaction. In connection with that purchase, Dolphin entered into an agreement on which was later amended on October 11, 2002 with Industrial Resources Corporation ("IRC"), which owns more than ten percent of the Company's outstanding Common Stock and whose sole shareholder and President, Malcolm E. Ratliff, was at the time of this transaction the Company's Chief Executive Officer and a Director of the Company. Pursuant to that agreement, Dolphin granted IRC an option commencing on April 11, 2003 and expiring on May 12, 2003 to purchase up to 373,900 shares of the Company's Common Stock that had been purchased by Dolphin at a price of $2.386 per share, and if the option is not exercised during the option period IRC is then required to purchase from Dolphin the same number shares that had been the subject of the option at price of $2.495 per share. The Company is not a party to the agreement between IRC and Dolphin concerning shares of the Company owned by Dolphin, and there is no effect upon the Company based in any way upon the performance or nonperformance of that agreement. On December 4, 2002 , Dolphin loaned the Company the sum of $250,000 which funds were used to pay the principal and interest due that month from the Company to Bank One and to provide working capital for the Company. The Company issued a promissory note to Dolphin bearing interest at the rate of 12% per annum, with payments of interest only payable quarterly and the principal balance payable on January 4, 2004. On January 8, 2003, Bill Harbert purchased 227,275 shares of the Company's Common Stock from the Company in a private placement at a price of $1.10 per share. The proceeds from this sale were used by the Company to pay the principal and interest due to Bank One for January, 2003 and to provide working capital for the Company's operations. 62 On February 3, 2003 and February 28, 2003, Dolphin loaned the Company the sum of $250,000 on each such date which the Company used to pay the principal and interest due to Bank One for February and March 2003 and for working capital. Each of these loans is evidenced by a separate promissory note each bearing interest at the rate of 12% per annum, with payments of interest only payable quarterly and the principal balance payable on January 4, 2004. Each of the three loans made by Dolphin set forth above are secured by an undivided 10% interest in the Company's Tennessee and Kansas pipelines. INDEBTEDNESS OF MANAGEMENT No officer, director or security holder known to the Company to own of record or beneficially more than 5% of the Company's common stock or any member of the immediate family of any of the foregoing persons is indebted to the Company. PARENT OF THE ISSUER Unless IRC may be deemed to be a parent of the Company, the Company has no parent. ITEM 14 CONTROLS AND PROCEDURES EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES Within the past 90 days, the Company's management, including its Chief Executive Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended. Based on that evaluation, the Company's Chief Executive Officer and Chief Financial Officer believe: The Company's disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Securities Exchange Act of 1934, as amended, including this Report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms; and The Company's disclosure controls and procedures were effective to ensure that material information was accumulated and communicated to management, including the 63 Company's Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. CHANGES IN INTERNAL CONTROLS There have been no significant changes in internal controls, or in factors that could significantly affect internal controls, subsequent to the date the Company's Chief executive Officer and Chief Financial Officer completed their evaluation, nor were there any significant deficiencies or material weaknesses in the Company's internal controls. As a result, no corrective actions were required or taken. PART IV ITEM 15 EXHIBITS AND REPORTS 1. Financial Statements: Consolidated Balance Sheets Consolidated Statements of Loss Consolidated Statements of Stockholders' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements 2. Exhibits. (a) - The following documents heretofore filed by the Company with the commission are hereby incorporated by reference herein from: (i) Registration Statement on Form 10-SB filed with the Commission August 7, 1997 (Registration No. 0-29386) Exhibit Number and Description 3.1 Initial Articles of Incorporation 3.2 Bylaws 3.3 Articles of Amendment dated April 12, 1966 3.4 Articles of Amendment dated July 12, 1984 3.5 Articles of Amendment dated December 18, 1991 3.6 Articles of Amendment dated September 11, 1992 3.7 Articles of Incorporation of the Tennessee of wholly-owned subsidiary 64 3.8 Articles of Merger and Plan of Merger (taking into account the formation of the Tennessee wholly-owned subsidiary for the purpose of changing the Company's domicile and effecting reverse split) 5.1 Opinion of Robson & Miller, LLP 10.1(a) Purchase Agreement with IRC 10.1(b) Amendment to Purchase Agreement with IRC 10.1(c) General Bill of Sale and Promissory Note 10.2(a) Compensation Agreement - M. E. Ratliff 10.2(b) Compensation Agreement - Jeffrey D. Jenson 10.2(c) Compensation Agreement - Leonard W. Burningham 10.3 Agreement with The Natural Gas Utility District of Hawkins County, Tennessee 10.4 Agreement with Powell Valley Electric Cooperative, Inc. 10.5 Agreement with Enserch Energy Services, Inc. 16.1 Letter of David T. Thomson, CPA, Regarding Change in Certifying Accountant 16.2 Letter of Charles M. Stivers, CPA, Regarding Change in Certifying Accountant 16.3 Letter of Price-Bednar, LLP, CPA, Regarding Change in Certifying Accountant 23.1 Consent of Charles M. Stivers, CPA 23.2 Consent of David T. Thomson, CPA 23.3 Consent of BDO Seidman, LLP 23.4 Consent of Robson & Miller, LLP 99.1 Beech Creek Lease Schedule 99.2 Wildcat Lease Schedule 99.3 Burning Springs Lease Schedule 99.4 Fentress County Lease Schedule 99.5 Swan Creek Lease Schedule 99.6 Alabama Lease Schedule 99.7 Coburn Engineering Report dated June 18, 1997. (ii) Amendment No. 1 to the Registration Statement on Form 10-SB filed with the Commission December 11, 1997 (Registration No. 0-29386) Exhibit Number and Description 5.1 Opinion of Robson & Miller, LLP 23.1 Consent of Charles M. Stivers, CPA 23.3 Consent of BDO Seidman, LLP 23.4 Consent of Robson & Miller, LLP 23.5 Consent of Coburn Petroleum Engineering Co. 65 (iii) Current Report on Form 8-K, Date of Report, February 27, 1998: Exhibit Number and Description 2.1 Plan of Acquisition. Agreement dated December 18, 1997 between AFG Energy, Inc. and Tengasco, Inc. regarding sale of assets of AFG Energy, Inc. (iii) Current Report on Form 8-KA, Date of Report, February 27, 1998: Exhibit Number and Description Financial Statements of Business Acquired (AFG Energy, Inc.) Independent auditor's report, statement of revenues and direct operating expenses and notes to financial statements of the properties acquired by Tengasco, Inc. from AFG Energy, Inc. Pro Forma Financial Information Pro forma combined statements of loss for year ended December 31, 1997 for Tengasco, Inc. from AFG Energy, Inc. 2.1(a) Exhibit A to Agreement dated December 18, 1997 between AFG Energy, Inc. and Tengasco, Inc. regarding sale of assets of AFG Energy, Inc. 2.1(a) Exhibit A to Agreement dated December 18, 1997 between AFG Energy, Inc. and Tengasco, Inc. regarding sale of assets of AFG Energy, Inc. (iv) Annual Report on Form 10-KSB, Date of Report, April 10, 1998 Exhibit Number and Description 10.6 Teaming Agreement between Operations Management International, Inc. and Tengasco, Inc. dated March 12, 1997 10.7 Agreement for Transition Services between Operations Management International, Inc. and Tengasco, Inc. regarding thEast Tennessee Technology Park 99.8 Coburn Engineering Report dated February 18, 1997 (Paper copy filed on Form SE pursuant to continuing hardship granted by Office of EDGAR Policy) 99.9 Columbia Engineering Report dated March 2, 1997 (Paper copy filed on Form SE pursuant to continuing hardship granted by Office of EDGAR Policy) 66 (v) Annual Report on Form 10-KSB, Date of Report, April 14, 1999 Exhibit Number and Description 3.9 Amendment to the Corporate Charter dated June 24, 1998 3.10 Amendment to the Corporate Charter dated October 30, 1998 99.10 Coburn Engineering Report dated February 9, 1999 (Paper copy filed on Form SE pursuant to continuing hardship granted by Office of EDGAR Policy) 99.11 Columbia Engineering Report dated February 20, 1999 (Paper copy filed on Form SE pursuant to continuing hardship granted by Office of EDGAR Policy) (vi) Current Report on Form 8-K, Date of Report, October 18, 1999: Exhibit Number and Description 10.9 Amendment Agreement dated October 19, 1999 between Tengasco, Inc. and The Natural Gas Utility District of Hawkins County, Tennessee (vii) Current Report on Form 8-KA, Date of Report, November 18, 1999: Exhibit Number and Description 10.10 Natural Gas Sales Agreement dated November 18, 1999 between Tengasco, Inc. and Eastman Chemical Company (viii) Annual Report on Form 10-KSB, Date of Report, April 12, 2000 Exhibit Number and Description 3.11 Amendment to the Corporate Charter filed March 17 , 2000 10.11 Agreement between A.M. Partners L.L.C. and Tengasco, Inc. dated October 6, 1999 10.12 Agreement between Southcoast Capital L.L.C. and Tengasco, Inc. dated February 25, 2000 10.13 Franchise Agreement between Powell Valley Utility District and Tengasco, Inc. dated January 25, 2000 10.14 Amendment Agreement between Eastman Chemical Company and Tengasco, Inc. dated March 27, 2000 99.12 Coburn Engineering Report dated March 30, 2000 (Paper copy filed on Form SE pursuant to continuing hardship granted by Office of EDGAR Policy) 67 99.13 Columbia Engineering Report dated January 31, 2000 (Paper copy filed on Form SE pursuant to continuing hardship granted by Office of EDGAR Policy) (ix) Current Report on Form 8-K, Date of Report, August 16, 2000: Exhibit Number and Description 10.15 Loan Agreement between Tengasco Pipeline Corporation and Morita Properties, Inc. dated August 16, 2000. 10.15(a) Promissory note made by Tengasco Pipeline Corporation to Morita Properties, Inc. dated August 16, 2000. 10.15(b) Throughput Agreement between Tengasco Pipeline Corporation and Morita Properties, Inc. dated August 16, 2000. 10.16 Loan Agreement between Tengasco Pipeline Corporation and Edward W.T. Gray III dated August 16, 2000. 10.16(a) Promissory note made by Tengasco Pipeline Corporation to Edward W.T. Gray III dated August 16, 2000. 10.16(b) Throughput Agreement between Tengasco Pipeline Corporation and Edward W.T. Gray III dated August 16, 2000. 10.17 Loan Agreement between Tengasco Pipeline Corporation and Malcolm E. Ratliff dated August 16, 2000. 10.17(a) Promissory note made by Tengasco Pipeline Corporation to Malcolm E. Ratliff dated August 16, 2000. 10.17(b) Throughput Agreement between Tengasco Pipeline Corporation and Malcolm E. Ratliff dated August 16, 2000. 10.18 Loan Agreement between Tengasco Pipeline Corporation and Charles F. Smithers, Jr. dated August 16, 2000. 10.18(a) Promissory note made by Tengasco Pipeline Corporation to Charles F. Smithers, Jr. 10.18(b) Throughput Agreement between Tengasco Pipeline Corporation and Charles F. Smithers dated August 16, 2000. 68 10.19 Loan Agreement between Tengasco Pipeline Corporation and Nick Nishiwaki dated August 16, 2000. 10.19(a) Promissory note made by Tengasco Pipeline Corporation to Nick Nishiwaki dated August 16, 2000. 10.19(b) Throughput Agreement between Tengasco Pipeline Corporation and Nick Nishiwaki dated August 16, 2000. (x) S-8 Registration Statement for shares to be purchased pursuant to options granted pursuant to the Tengasco, Inc. Stock Incentive Plan dated October 25, 2000: Exhibit Number and Description 4.1 Tengasco, Inc. Incentive Stock Plan 5.1 Opinion of Robson Ferber Frost Chan & Essner, LLP 23.1 Consent of BDO Seidman, LLP 23.2 Consent of Robson Ferber Frost Chan & Essner, LLP contained in Exhibit No. 5.1 (xi) Annual Report on Form 10-KSB, Date of Report, April 10, 2001 Exhibit Number and Description 10.19 Memorandum Agreement between Tengasco, Inc. and The University of Tennessee dated February 13, 2001 10.20 Natural Gas Sales Agreement between Tengasco, Inc. and BAE SYSTEMS Ordnance Systems Inc. dated March 30, 2001 99.14 Ryder Scott Report 99.14(a) Consent of Ryder Scott Company (xii) Quarterly Report on Form 10-Q, Date of Report, April 10, 2001 69 Exhibit Number and Description 10.21 Reducing Revolving Line of Credit Up to $35,000,000 from Bank One, N.A. to Tengasco, Inc., Tennessee Land & Mineral Corporation and Tengasco Pipeline Corporation dated November 8, 2001 (xiii) Annual Report on Form 10-K, Date of Report, April 10, 2002 Exhibit Number and Description 99.15 Ryder Scott Report dated March 28, 2002 99.15(a) Consent of Ryder Scott Company The following exhibits are filed herewith: 21 List of Subsidiaries 99.16 Certifications of Annual Report on Form 10-K for year ended December 31, 2002 by Richard T. Williams Chief Executive Officer and Mark A. Ruth Chief Financial Officer 99.17 Ryder Scott Report dated February 10, 2003 99.17(a) Consent of Ryder Scott Company 99.18 Consent of BDO Seidman, LLP 70 SIGNATURES Pursuant to the requirements of Section 13 or 15 (d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: March 31, 2003 TENGASCO, INC. (Registrant) By: /s/ RICHARD T. WILLIAMS ------------------------ Richard T. Williams, Chief Executive Officer By: /s/ MARK A. RUTH --------------- Mark A. Ruth, Principal Financial and Accounting Officer Pursuant to the requirements of the Securities and Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in their capacities and on the dates indicated. SIGNATURE TITLE DATE /s/ STEPHEN W. AKOS Director March 31, 2003 - ------------------- Stephen W. Akos /s/ JOSEPH EARL ARMSTRONG Director; Chairman of March 31, 2003 - ------------------------- Joseph Earl Armstrong the Board of Directors /s/ /JEFFREY R. BAILEY Director; March 31, 2003 - ---------------------- Jeffrey R. Bailey President /s/ JOHN A. CLENDENING Director March 31, 2003 - ---------------------- John A. Clendening /s/ ROBERT L. DEVEREUX Director March 28, 2003 - ---------------------- Robert L. Devereux 71 /s/ BILL L. HARBERT Director March 28, 2003 - ------------------- Bill L. Harbert /s/ PETER E. SALAS Director March 28, 2003 - ------------------- Peter E. Salas /s/ CHARLES M. STIVERS Director March 31, 2003 - ---------------------- Charles M. Stivers /s/ RICHARD T. WILLIAMS Director; March 31, 2003 - ----------------------- Chief Executive Officer Richard T. Williams /s/ MARK A. RUTH Principal Financial March 31, 2003 - ---------------------- and Accounting Officer Mark A. Ruth 72 I, Richard T. Williams, certify that: 1. I have reviewed this annual report on Form 10-K of Tengasco, Inc. 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this annual report; 4. The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have: (a) designed such disclosure controls and procedures to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; (b) evaluated the effectiveness of the Registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date'); and (c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent function); (a) all significant deficiencies in the design or operation of internal controls which could adversely affect the Registrant's ability to record, process, summarize and report financial data and have identified for the Registrant's auditors any material weakness in internal controls; and (b) any fraud, whether or not material that involves the management or other employees who have a significant role in the Registrant's internal controls; and 6. The Registrant's other certifying officers and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Dated: March 31, 2003 /s/ RICHARD T. WILLIAMS -------------------------- Richard T. Williams, Chief Executive Officer 73 I, Mark A. Ruth, certify that: 1. I have reviewed this annual report on Form 10-K of Tengasco, Inc. 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this annual report; 4. The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have: (a) designed such disclosure controls and procedures to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; (b) evaluated the effectiveness of the Registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date'); and (c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent function); (a) all significant deficiencies in the design or operation of internal controls which could adversely affect the Registrant's ability to record, process, summarize and report financial data and have identified for the Registrant's auditors any material weakness in internal controls; and (b) any fraud, whether or not material that involves the management or other employees who have a significant role in the Registrant's internal controls; and 6. The Registrant's other certifying officers and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Dated: March 31, 2003 /s/ MARK A. RUTH --------------------------------------------- Mark A. Ruth, Principal Financial and Accounting Officer 74 TENGASCO, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 TENGASCO, INC. AND SUBSIDIARIES ============================================================ CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 F-1 TENGASCO, INC. AND SUBSIDIARIES CONTENTS ================================================================================ INDEPENDENT AUDITORS' REPORT F-3 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Balance sheets F-4-5 Consolidated Statements of loss F-6 Consolidated Statements of stockholders' equity F-7 Consolidated Statements of cash flows F-8-9 Notes to consolidated financial statements F-10-37 F-2 INDEPENDENT AUDITORS' REPORT Board of Directors Tengasco, Inc. and Subsidiaries Knoxville, Tennessee We have audited the accompanying consolidated balance sheets of Tengasco, Inc. and Subsidiaries as of December 31, 2002 and 2001, and the related consolidated statements of loss, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2002. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Tengasco, Inc. and Subsidiaries as of December 31, 2002 and 2001, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2002 in conformity with accounting principles generally accepted in the United States of America. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and has an accumulated deficit of $27,776,726. Additionally, during 2002, the Company's primary lender has classified the remaining amount of $7,501,777 as immediately due and payable, resulting in a significant working capital deficiency. Such matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. /s/ BDO Seidman LLP Atlanta, Georgia February 27, 2003 F-3 TENGASCO, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ================================================================================
DECEMBER 31, 2002 2001 - ------------------------------------------------------------------------------------------------------- ASSETS (Note 1) CURRENT Cash and cash equivalents $ 184,130 $ 393,451 Investments 34,500 150,000 Accounts receivable 730,667 661,475 Participant receivables 70,605 84,097 Inventory 262,748 159,364 Current portion of loan fees, net of accumulated amortization of $194,312 (Note 7) 323,856 - - ------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 1,606,506 1,448,387 OIL AND GAS PROPERTIES, net (on the basis of full cost accounting) (Notes 4, 7 and 15) 13,864,321 13,269,930 COMPLETED PIPELINE FACILITIES, net of accumulated depreciation of $729,043 and $220,374, respectively (Notes 5 and 7) 15,372,843 15,039,762 OTHER PROPERTY AND EQUIPMENT, net (Notes 6 and 7) 1,685,950 1,680,104 RESTRICTED CASH - 120,872 LOAN FEES, net of accumulated amortization of $13,384 and $21,590, respectively 40,158 496,577 OTHER ASSETS 14,613 72,613 - ------------------------------------------------------------------------------------------------------- $32,584,391 $32,128,245 ====================================================================================================== SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
F-4 TENGASCO, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ================================================================================
DECEMBER 31, 2002 2001 - ---------------------------------------------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current maturities of long-term debt (Notes 1 and 7) $ 7,861,245 $ 6,399,831 Accounts payable - trade 1,396,761 1,208,164 Accrued interest payable 61,141 54,138 Accrued dividends payable (Note 9) 254,389 112,458 Other accrued liabilities 31,805 - - ----------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES 9,605,341 7,774,591 LONG TERM DEBT TO RELATED PARTIES (Note 7) 750,000 - LONG TERM DEBT, less current maturities (Note 7) 1,256,209 3,902,757 - ----------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 11,611,550 11,677,348 - ----------------------------------------------------------------------------------------------------------------------- COMMITMENTS AND CONTINGENCIES (Notes 1 and 8) PREFERRED STOCK, $.0001 par value; authorized 25,000,000 shares (Note 9): Series A 8% cumulative, convertible, mandatorily redeemable; 28,679 and shares outstanding; redemption value $2,867,900 2,867,900 2,867,900 Series B 8% cumulative, convertible, mandatorily redeemable; 27,550 shares outstanding; redemption value $2,755,000, net of related commissions 2,591,150 2,591,150 Series C 6% cumulative, convertible, mandatorily redeemable; 14,491 shares outstanding, redemption value $1,449,100 net of related commissions 1,303,168 - - ----------------------------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCK 6,762,218 5,459,050 - ----------------------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY (Notes 10 and 11) Common stock, $.001 par value; authorized 50,000,000 shares; 11,459,279 and 10,560,605 shares issued, respectively 11,460 10,561 Additional paid-in capital 42,237,276 39,242,555 Accumulated deficit (27,776,726) (24,115,382) Accumulated other comprehensive loss (115,500) - Treasury Stock, at cost, 14,500 shares (145,887) (145,887) - ----------------------------------------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 14,210,623 14,991,847 - ----------------------------------------------------------------------------------------------------------------------- $ 32,584,391 $ 32,128,245 ======================================================================================================================= SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
F-5 TENGASCO, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF LOSS ================================================================================
YEARS ENDED DECEMBER 31, 2002 2001 2000 - ------------------------------------------------------------------------------------------------------------------------- REVENUES AND OTHER INCOME Oil and gas revenues $ 5,437,723 $ 6,656,758 $ 5,241,076 Pipeline transportation revenues 259,677 296,331 - Interest Income 3,078 43,597 45,905 - ------------------------------------------------------------------------------------------------------------------------- Total revenues and other income 5,700,478 6,996,686 5,286,981 - ------------------------------------------------------------------------------------------------------------------------- COSTS AND EXPENSES Production costs and taxes 3,094,731 2,951,746 2,614,414 Depreciation, depletion and amortization (Notes 4, 5 and 6) 2,413,597 1,849,963 371,249 General and administrative 1,868,141 2,957,871 2,602,311 Interest expense 578,039 850,965 415,376 Public relations 193,229 293,448 106,195 Professional fees 707,296 355,480 719,320 - ------------------------------------------------------------------------------------------------------------------------- Total costs and expenses 8,855,033 9,259,473 6,828,865 - ------------------------------------------------------------------------------------------------------------------------- NET LOSS (3,154,555) (2,262,787) (1,541,884) Dividends on preferred stock (506,789) (391,183) (257,557) - ------------------------------------------------------------------------------------------------------------------------- NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $(3,661,344) $(2,653,970) $(1,799,441) - ------------------------------------------------------------------------------------------------------------------------- NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE Basic and diluted $ (0.33) $ (0.26) $ (0.19) - ------------------------------------------------------------------------------------------------------------------------- Weighted average shares outstanding 11,062,436 10,235,253 9,253,622 ======================================================================================================================== SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
F-6 ================================================================================
COMMON STOCK ADDITIONAL ------------------------------- PAID-IN SHARE AMOUNT CAPITAL - -------------------------------------------------------------------------------------------------------------------------- BALANCE, January 1, 2000 8,532,882 $ 8,533 $20,732,759 Net loss - - - Common stock issued on conversion of debt 73,669 74 449,920 Common stock issued for exercised options 20,715 21 179,992 Common stock issued on conversion of preferred stock 8,818 9 49,991 Stock option awards for professional services - - 242,000 Common stock issued in private placements, net of related expense 654,098 654 4,245,054 Stock issued for services 5,376 5 41,993 Dividends on convertible redeemable preferred stock - - - - -------------------------------------------------------------------------------------------------------------------------- BALANCE, December 31, 2000 9,295,558 9,296 25,941,709 Net loss - - - Common stock issued with 5% stock dividend (Note 10) 498,016 498 6,374,111 Common stock issued on conversion of debt 93,069 93 523,157 Common stock issued for exercised options 274,932 275 2,340,725 Common stock issued on conversion of preferred stock 12,347 13 70,988 Common stock issued for services 10,000 10 69,990 Common stock issued in private placements, net of related expense 374,733 374 3,899,624 Common stock issued as a charitable donation 1,950 2 22,251 Treasury stock purchased - - - Dividends on convertible redeemable preferred stock - - - - -------------------------------------------------------------------------------------------------------------------------- BALANCE, December 31, 2001 10,560,605 10,561 39,242,555 Net loss - - - Comprehensive loss Net loss - - - Other comprehensive loss - - - Comprehensive loss - - - Common stock issued in private placements, net of 2,676,150 related expenses 850,000 850 Common stock issued on conversion of debt 20,592 20 119,980 Common stock issued in purchase of equipment 19,582 20 149,980 Common stock issued for services 8,500 9 48,611 Dividends on convertible redeemable preferred stock - - - - -------------------------------------------------------------------------------------------------------------------------- BALANCE, December 31, 2002 11,459,279 $11,460 $42,237,276 ==========================================================================================================================
TENGASCO, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 ================================================================================
ACCUMULATED OTHER TREASURY STOCK COMPREHENSIVE ACCUMULATED COMPREHENSIVE ------------------------------- INCOME (LOSS) DEFICIT LOSS SHARES AMOUNT TOTAL - ------------------------------------------------------------------------------------------------------------------- $ - $(13,287,362) - $ - $ 7,453,930 - (1,541,884) - - (1,541,884) - - - - 449,994 - - - - 180,013 - - - - 50,000 - - - - 242,000 - - - - 4,245,708 - - - - 41,998 - (257,557) - - (257,557) - ------------------------------------------------------------------------------------------------------------------- - (15,086,803) - - 10,864,202 (2,262,787) - - (2,262,787) - (6,374,609) - - - - - - - 523,250 - - - - 2,341,000 - - - - 71,001 - - - 70,000 - - - - 3,899,998 - - - - 22,253 - - 14,500 (145,887) (145,887) - (391,183) - - (391,183) - ------------------------------------------------------------------------------------------------------------------- (24,115,382) 14,500 (145,887) 14,991,847 (3,154,555) - - (3,154,555) - - (3,154,555) - - - (115,500) - (115,500) - - (115,500) ---------------- - - (3,270,055) - - - - - - 2,677,000 - - - 120,000 - - - 150,000 - - - 48,620 - - - - - - (506,789) - - (506,789) - ------------------------------------------------------------------------------------------------------------------- $(115,500) $(27,776,726) 14,500 $(145,887) $14,210,623 =================================================================================================================== SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
F-7 TENGASCO, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS ================================================================================
YEARS ENDED DECEMBER 31, 2002 2001 2000 - --------------------------------------------------------------------------------------------------------------------------- OPERATING ACTIVITIES Net loss $(3,154,555) $(2,262,787) $(1,541,884) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 2,413,597 1,849,963 371,249 Compensation and services paid in stock options, stock warrants, and common stock 48,620 92,253 284,000 Gain on sale of equipment - (132,943) - Changes in assets and liabilities: Accounts receivable (69,192) 3,814 (301,421) Participant receivables 13,492 - - Inventory (103,384) 91,981 8,408 Other assets 58,000 - - Accounts payable - trade 188,597 191,702 364,553 Accrued interest payable 7,003 (2,519) 135,435 Other accrued liabilities 31,805 (52,640) (140,955) - --------------------------------------------------------------------------------------------------------------------------- Net cash used in operating activities (566,017) (221,176) (820,615) - --------------------------------------------------------------------------------------------------------------------------- INVESTING ACTIVITIES Additions to other property and equipment (214,897) (285,722) (1,276,783) Net additions to oil and gas properties (1,982,529) (4,821,883) (1,456,996) Additions to pipeline facilities (841,750) (4,213,095) (6,834,196) Decrease (increase) in restricted cash 120,872 (120,872) 625,000 Other 28,367 32,888 6,112 - --------------------------------------------------------------------------------------------------------------------------- Net cash used in investing activities (2,889,937) (9,408,684) (8,936,863) - ---------------------------------------------------------------------------------------------------------------------------
F-8 TENGASCO, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS ================================================================================
YEARS ENDED DECEMBER 31, 2002 2001 2000 - -------------------------------------------------------------------------------------------------------------------------- FINANCING ACTIVITIES Proceeds from exercise of options $ - $ 2,341,000 $ 180,013 Proceeds from borrowings 2,063,139 10,442,068 6,493,563 Repayments of borrowings (2,378,273) (8,833,325) (1,720,856) Net proceeds from issuance of common stock 2,677,000 3,900,000 4,245,700 Proceeds from private placements of convertible redeemable preferred stock, net 1,303,168 1,591,150 2,000,000 Dividends on convertible redeemable preferred stock (364,858) (357,503) (257,557) Purchase of treasury stock - (145,887) - Payment of loan fees (53,543) (518,167) - - -------------------------------------------------------------------------------------------------------------------------- Net cash provided by financing activities 3,246,633 8,419,336 10,940,863 - -------------------------------------------------------------------------------------------------------------------------- NET CHANGE IN CASH AND CASH EQUIVALENTS (209,321) (1,210,524) 1,183,385 CASH AND CASH EQUIVALENTS, beginning of year 393,451 1,603,975 420,590 - -------------------------------------------------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, end of year $ 184,130 $ 393,451 $ 1,603,975 ========================================================================================================================== SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: During 2001, the Company issued a 5% stock dividend of 498,016 shares $ - $ 6,374,609 $ - During 2001 and 2000, the Company converted preferred stock to common stock. $ - $ 71,000 $ 50,000 During 2002, 2001 and 2000, respectively, the Company issued common stock on conversion of debt. $ 120,000 $ 523,250 $ 450,000 During 2002, 2001 and 2000, respectively, the Company issued common stock and stock options for services received and charitable contributions made. $ 48,620 $ 92,253 $ 284,000 During 2001, the Company sold equipment for equity investments. $ - $ 150,000 $ - During 2002, the Company purchased equipment by issuing common stock $ 150,000 $ - $ - ========================================================================================================================== SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
F-9 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ 1. GOING CONCERN The accompanying consolidated financial UNCERTAINTY statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern and assume realization of assets and the satisfaction of liabilities in the normal course of business. The Company continues to be in the early stages of its oil and gas related operating history as it endeavors to expand its operations through the continuation of its drilling program in the Tennessee Swan Creek Field. Accordingly, the Company has incurred continuous losses through these operating stages and has an accumulated deficit of $27,776,726 and a working capital deficit of $7,998,835 as of December 31, 2002. During 2002, the Company was informed by its primary lender that the entire amount of its outstanding credit facility was immediately due and payable, as provided for in the Credit Agreement (see Note 7). These circumstances raise substantial doubt about the Company's ability to continue as a going concern. The Company has disputed its obligation to make this payment and is attempting to resolve the dispute or to obtain alternative refinancing arrangements to repay this current obligation. There can be no assurance that the Company will be successful in its plans to obtain the financing necessary to satisfy their current obligations. 2. SUMMARY OF ORGANIZATION SIGNIFICANT ACCOUNTING POLICIES Tengasco, Inc. (the "Company"), a publicly held corporation, was organized under the laws of the State of Utah on April 18, 1916, as Gold Deposit Mining and Milling Company. The Company subsequently changed its name to Onasco Companies, Inc. Effective May 2, 1995, Industrial Resources Corporation, a Kentucky corporation ("IRC"), acquired voting control of the Company in exchange for approximately 60% of the assets of IRC. Accordingly, the assets acquired, which included certain oil and gas leases, equipment, marketable securities and vehicles, were recorded at IRC's historical cost. The transaction was accomplished through the Company's issuance of 4,000,000 shares of its common stock and a $450,000, 8% promissory note payable to IRC. The promissory note was converted into 83,799 shares of Tengasco, Inc. common stock in December 1995. F-10 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ The Company changed its domicile from the State of Utah to the State of Tennessee on May 5, 1995 and its name was changed from "Onasco Companies, Inc." to "Tengasco, Inc." The Company's principal business consists of oil and gas exploration, production and related property management in the Appalachian region of eastern Tennessee and in the state of Kansas. The Company's corporate offices are in Knoxville, Tennessee. The Company operates as one reportable business segment, based on the similarity of activities. During 1996, the Company formed Tengasco Pipeline Corporation ("TPC"), a wholly-owned subsidiary, to manage the construction and operation of a 65-mile gas pipeline as well as other pipelines planned for the future. During 2001, TPC began transmission of natural gas through its pipeline to customers of Tengasco. BASIS OF PRESENTATION The consolidated financial statements include the accounts of the Company, Tengasco Pipeline Corporation and Tennessee Land and Mineral, Inc. All significant intercompany balances and transactions have been eliminated. USE OF ESTIMATES The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from those estimates. REVENUE RECOGNITION The Company recognizes revenues at the time of exchange of goods and services. CASH AND CASH EQUIVALENTS The Company considers all investments with a maturity of three months or less when purchased to be cash equivalents. F-11 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ INVESTMENT SECURITIES Investment securities available for sale are reported at fair value, with unrealized gains and losses, when material, reported as a separate component of stockholders' equity, net of the related tax effect. Other comprehensive losses of $115,500 were recorded during the year ended December 31, 2002 resulting from a decrease in the fair value of the securities. INVENTORY Inventory consists primarily of crude oil in tanks and is carried at market value. OIL AND GAS PROPERTIES The Company follows the full cost method of accounting for oil and gas property acquisition, exploration and development activities. Under this method, all productive and nonproductive costs incurred in connection with the acquisition of, exploration for and development of oil and gas reserves for each cost center are capitalized. Capitalized costs include lease acquisitions, geological and geophysical work, delay rentals and the costs of drilling, completing and equipping oil and gas wells. Gains or losses are recognized only upon sales or dispositions of significant amounts of oil and gas reserves representing an entire cost center. Proceeds from all other sales or dispositions are treated as reductions to capitalized costs. The capitalized costs of oil and gas properties, plus estimated future development costs relating to proved reserves and estimated costs of plugging and abandonment, net of estimated salvage value, are amortized on the unit-of-production method based on total proved reserves. The costs of unproved properties are excluded from amortization until the properties are evaluated, subject to an annual assessment of whether impairment has occurred. These reserves were estimated by Ryder Scott Company, Petroleum Consultants in 2000, 2001 and 2002. The capitalized oil and gas property, less accumulated depreciation, depletion and amortization and related deferred income taxes, if any, are generally limited to an amount (the ceiling limitation) equal to the sum of: (a) the present value of estimated future net revenues computed by applying current prices in effect as of the balance sheet date (with consideration of price changes only to the extent provided F-12 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ by contractual arrangements) to estimated future production of proved oil and gas reserves, less estimated future expenditures (based on current costs) to be incurred in developing and producing the reserves using a discount factor of 10% and assuming continuation of existing economic conditions; and (b) the cost of investments in unevaluated properties excluded from the costs being amortized. No ceiling writedown was recorded in 2002, 2001 or 2000. PIPELINE FACILITIES Phase I of the pipeline was completed during 1999. Phase II of the pipeline was completed on March 8, 2001. Both phases of the pipeline were placed into service upon completion of Phase II. The pipeline is being depreciated over its estimated useful life of 30 years, beginning at the time it was placed in service. OTHER PROPERTY AND EQUIPMENT Other property and equipment are carried at cost. The Company provides for depreciation of other property and equipment using the straight-line method over the estimated useful lives of the assets which range from five to ten years. IMPAIRMENT OF LONG-LIVED ASSETS AND LONG-LIVED ASSETS TO BE DISPOSED OF Management believes that carrying amounts of all of the Company's long-lived assets will be fully recovered over the course of the Company's normal future operations. Accordingly, the accompanying financial statements reflect no charges or allowances for impairment. F-13 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ STOCK-BASED COMPENSATION Statement of Financial Accounting Standards No. 123, ("SFAS 123"), "Accounting for Stock-Based Compensation" was implemented in January 1996. As permitted by SFAS 123, the Company has continued to account for stock compensation to employees by applying the provisions of Accounting Principles Board Opinion No. 25. If the accounting provisions of SFAS 123 had been adopted, net loss and loss per share would have been as follows:
2002 2001 2000 ----------------------------------------------------------------------------------------------- Net loss attributable to common shareholders As reported $(3,661,344) $(2,653,970) $(1,799,441) Stock based compensation (77,821) (257,328) 2,253,011 ----------- ----------- ----------- Pro forma $(3,739,165) (2,911,298) (4,052,452) ----------------------------------------------------------------------------------------------- Basic and diluted loss per share As reported $ (0.33) $ (0.26) $ (0.19) Pro forma (0.34) (0.28) (0.44) -----------------------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE Senior management reviews accounts receivable on a monthly basis to determine if any receivables will potentially be uncollectible. We include any accounts receivable balances that are determined to be uncollectible, along with a general reserve, in our overall allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Based on the information available to us, we believe no allowance for doubtful accounts as of December 31, 2002 is necessary. However, actual write-offs may occur. INCOME TAXES The Company accounts for income taxes using the "asset and liability method." Accordingly, deferred tax liabilities and assets are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets arise primarily from net operating loss carryforwards. Management evaluates the likelihood of realization of such assets at year end reserving any such amounts not likely to be F-14 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ recovered in future periods. CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. At times, such cash in banks is in excess of the FDIC insurance limit. The Company's primary business activities include oil and gas sales to several customers in the states of Tennessee and Kansas. The related trade receivables subject the Company to a concentration of credit risk within the oil and gas industry. The Company has entered into contracts to supply two manufacturers with natural gas from the Swan Creek field through the Company's pipeline. These customers are the Company's primary customers of natural gas sales. Additionally, the Company sells a majority of its crude oil primarily to two customers, one each in Tennessee and Kansas. Although management believes that customers could be replaced in the ordinary course of business, if the present customers were to discontinue business with the Company, it could have a significant adverse effect on the Company's projected results of operations. LOSS PER COMMON SHARE Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of shares outstanding during each year. Shares issued during the year are weighted for the portion of the year that they were outstanding. Diluted loss per share does not differ from basic loss per share since the effect of all common stock equivalents is anti-dilutive. Basic and diluted loss per share are based upon 11,062,436 shares for the year ended December 31, 2002, 10,235,253 shares for the year ended December 31, 2001, and 9,253,622 shares for the year ended December 31, 2000. Dilated loss per share does not consider approximately 1,473,000, 943,000 and 1,001,000 potential weighted average common shares for 2002, 2001 and 2000 related primarily to common stock options and convertible preferred stock and debt. These shares were not included in the computation of the diluted loss per share amount because the Company was in a net loss position and, thus, any potential common shares were anti-dilutive. All share and per share amounts have been adjusted to reflect the 5% stock dividend. F-15 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ FAIR VALUES OF FINANCIAL INSTRUMENTS Fair values of cash and cash equivalents, investments and short-term debt approximate their carrying values due to the short period of time to maturity. Fair values of long-term debt are based on quoted market prices or pricing models using current market rates, which approximate carrying values. RECENT ACCOUNTING PRONOUNCEMENTS In July 2001, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard (SFAS) No. 141, "Business Combinations" and SFAS No.142, "Goodwill and Other Intangible Assets". SFAS No. 141 addresses the initial recognition and measurement of goodwill and other intangible assets acquired in a business combination and SFAS No. 142 addresses the initial recognition and measurement of intangible assets acquired outside of a business combination whether acquired individually or with a group of other assets. These standards require all future business combinations to be accounted for using the purchase method of accounting. Goodwill will no longer be amortized but instead will be subject to impairment tests at least annually. The Company was required to adopt SFAS No. 141 on July 1, 2001, and to adopt SFAS 142 on a prospective basis as of January 1, 2002. The Company has not effected a business combination and carries no goodwill on its balance sheet; accordingly, the adoption of these standards did not have an effect on the Company's financial position or results of operations. In 2001, the Financial Accounting Standards Board (FASB) issued SFAS No. 143, "Accounting for Asset Retirement Obligations." SFAS No. 143 addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. This statement requires companies to record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset's carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company's asset retirement obligations relate primarily to the plugging dismantlement, removal, site reclamation and similar activities of its oil and gas properties. Prior to adoption of this statement, such obligations were accrued ratably over the productive F-16 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ lives of the assets through its depreciation, depletion and amortization for oil and gas properties without recording a separate liability for such amounts. The Company plans to adopt SFAS 143 beginning on January 1, 2003; however, the effect of adoption of this statement on future results of operations or financial position has not yet been determined by management. SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, addresses accounting and reporting for the impairment or disposal of long-lived assets. SFAS No. 144 supersedes SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of. SFAS No. 144 establishes a single accounting model for long-lived assets to be disposed of by sale and expands on the guidance provided by SFAS No. 121 with respect to cash flow estimations. SFAS No. 144 becomes effective for the Company's fiscal year beginning January 1, 2003. Management does not expect that adoption of this standard will have a material impact on the Company's financial position or results of operations. The FASB issued Statement No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections, on April 30, 2002. SFAS No. 145 will be effective for fiscal years beginning after May 15, 2002. This statement rescinds SFAS No. 4, Reporting Gains and Losses From Extinguishment of Debt, and requires that all gains and losses from extinguishment of debt should be classified as extraordinary items only if they meet the criteria in APB No. 30. Applying APB No. 30 will distinguish transactions that are part of an entity's recurring operations from those that are unusual or infrequent or that meet the criteria for classification as an extraordinary item. Any gain or loss on extinguishment of debt that was classified, as an extraordinary item in prior periods presented that does not meet the criteria in APB No. 30 for classification as an extraordinary item must be reclassified. There is no current impact of adoption on the Company's financial position or results of operations. The FASB issued Statement No. 146, Accounting for Costs Associated with Exit or Disposal Activities, in June 2002. SFAS No. 146 addresses financial accounting and reporting for costs associated with exit or disposal activities and nullifies Emerging Issues Task Force Issue No. 94-3, Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity (including Certain Costs incurred in a Restructuring). SFAS No. 146 applies to costs incurred in an "exit activity", which includes, but is not limited to, a restructuring, or a "disposal activity" covered by SFAS No. 144. F-17 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ SFAS No. 146 requires that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred. Previously, under Issue 94-3, a liability for an exit cost was recognized at the date of an entity's commitment to an exit plan. Statement No. 146 also establishes that fair value is the objective for initial measurement of the liability. The provisions of SFAS No. 146 are effective for exit or disposal activities that are initiated after December 31, 2002. Management does not expect that adoption of this standard will have a material effect on the Company's financial position or results of operations. In November 2002, the FASB issued Interpretation No. 45, Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, an interpretation of FASB Statements No. 5, 57 and 107 and a rescission of FASB Interpretation No. 34. This Interpretation elaborates on the disclosures to be made by a guarantor in its interim and annual financial statements about its obligations under guarantees issued. The Interpretation also clarifies that a guarantor is required to recognize, at inception of a guarantee, a liability for the fair value of the obligation undertaken. The initial recognition and measurement provisions of the Interpretation are applicable to guarantees issued or modified after December 31, 2002. The Company has not guaranteed the debts of others, therefore, this interpretation is not expected to have a material effect on Tengasco's financial statements. In December 2002, the FASB issued SFAS No. 148, Accounting for Stock-Based Compensation - Transition and Disclosure, an amendment of FASB Statement No. 123. This Statement amends FASB Statement No. 123, Accounting for Stock-Based Compensation, to provide alternative methods of transition for a voluntary change to the fair value method of accounting for stock-based employee compensation. In addition, this Statement amends the disclosure requirements of Statement No. 123 to require prominent disclosures in both annual and interim financial statements. Management has adopted certain of the disclosure modifications are required for fiscal years ending after December 15, 2002 and are included in the notes to the accompanying consolidated financial statements. F-18 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ In January 2003, the FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin No. 51. Interpretation No. 46 requires a company to consolidate a variable interest entity if the company has a variable interest (or combination of variable interests) that will absorb a majority of the entity's expected losses if they occur, receive a majority of the entity's expected residual returns if they occur, or both. A direct or indirect ability to make decisions that significantly affect the results of the activities of a variable interest entity is a strong indication that a company has one or both of the characteristics that would require consolidation of the variable interest entity. Interpretation No. 46 also requires additional disclosures regarding variable interest entities. The new interpretation is effective immediately for variable interest entities created after January 31, 2003, and is effective in the first interim or annual period beginning after June 15, 2003, for variable interest entities in which a company holds a variable interest that it acquired before February 1, 2003. Management does not expect that adoption of this interpretation will have a material effect on the Company's financial position or results of operations. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform with current year presentation. 3. RELATED PARTY During 2002 the Company received debt financing TRANSACTIONS from a director totaling $750,000 to fund operating cash flow needs and to finance continued development of the Swan Creek field. Interest incurred on this debt was approximately $15,000 for the year ended December 31, 2002. See Note 7. During 2002, the Company borrowed $110,000 from a former director. The advance was non-interest bearing and was repaid in July 2002. During 2001, the Company repaid all principal and interest due to related parties, using the proceeds from the line of credit with Bank One. Interest incurred to related parties was approximately $15,000, $546,000 and $135,000 for the years ended December 31, 2002, 2001 and 2000, respectively. F-19 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ During 2001, the Company converted debt of $200,000 payable to a director into 42,017 shares of common stock. During 2000, the Company paid approximately $270,000 in consulting fees and commissions on equity transactions to a member of the Board of Directors. 4. OIL AND GAS The following table sets forth information PROPERTIES concerning the Company's oil and gas properties:
DECEMBER 31, 2002 2001 -------------------------------------------------------------------------- Oil and gas properties, at cost $17,099,753 $15,117,224 Accumulation depreciation, depletion and amortization (3,235,432) (1,847,294) -------------------------------------------------------------------------- Oil and gas properties, net $13,864,321 $13,269,930 ==========================================================================
During the years ended December 31, 2002, 2001 and 2000, the Company recorded depletion expense of approximately $1,388,000, $1,342,000 and $197,000, respectively. 5. PIPELINE FACILITIES In 1996, the Company began construction of a 65-mile gas pipeline (1) connecting the Swan Creek development project to a gas purchaser and (2) enabling the Company to develop gas distribution business opportunities in the future. Phase I, a 30-mile portion of the pipeline, was completed in 1998. Phase II of the pipeline, the remaining 35 miles, was completed in March 2001. The estimated useful life of the pipeline for depreciation purposes is 30 years. The Company recorded approximately $220,000 and $509,000, respectively in depreciation expense related to the pipeline for the years ended December 31, 2002 and 2001. No depreciation expense was recorded in 2000 as the pipeline was not yet complete. F-20 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ In January 1997, the Company entered into an agreement with the Tennessee Valley Authority ("TVA") whereby the TVA allows the Company to bury the pipeline within the TVA's transmission line rights-of-way. In return for this right, the Company paid $35,000 and agreed to annual payments of approximately $6,200 for 20 years. This agreement expires in 2017 at which time the parties may renew the agreement for another 20 year term in consideration of similar inflation-adjusted payment terms. 6. OTHER PROPERTY Other property and equipment consisted of the AND EQUIPMENT following:
DECEMBER 31, 2002 2001 ----------------------------------------------------------------------------- Machinery and equipment $1,887,190 $1,737,189 Vehicles 675,411 610,510 Other 63,734 63,739 ----------------------------------------------------------------------------- 2,626,335 2,411,438 Less accumulated depreciation (940,385) (731,334) ----------------------------------------------------------------------------- Other property and equipment - net $1,685,950 $1,680,104 -----------------------------------------------------------------------------
F-21 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ 7. LONG TERM DEBT Long-term debt to unrelated entities consisted of the following:
DECEMBER 31, 2002 2001 ----------------------------------------------------------------------------------- Revolving line of credit with a bank, due November 2004. The loan agreement provides for increases or decreases to the borrowing base as changes in proved oil and gas reserves or other production levels arise. Borrowings bear interest at the bank's prime rate plus 0.25% (4.5% at December 31, 2002). Collateralized by the oil and gas properties and the related operations and revenues. 7,501,777 $9,101,777 Unsecured note payable to an institution, with $65,000 principal payments due quarterly beginning January 1, 2000; remaining balance due October 2004; with interest payable monthly at 8% per annum. Note is convertible into common stock of the Company at a rate of $6.25 per share of common stock. 480,000 720,000 Convertible notes payable to five individuals; due January 2004, with interest payable quarterly at 8% per annum. Notes are convertible into common stock of the Company at a rate of $3.00 per share of common stock. 650,000 - Note payable to a financial institution, with $1,773 principal payments due monthly beginning January 7, 2002 through December 7, 2006. Interest is payable monthly commencing on January 7, 2002 at 7.5% per annum. Note is guaranteed by a major shareholder and is collateralized by certain assets of the Company. 73,335 87,500 ----------------------------------------------------------------------------------- Balance carried forward 8,705,112 9,909,277 -----------------------------------------------------------------------------------
F-22 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================
DECEMBER 31, 2002 2001 ----------------------------------------------------------------------------------- Balance brought forward 8,705,112 9,909,277 ----------------------------------------------------------------------------------- Installment notes bearing interest at the rate of 3.9% to 11.95% per annum collateralized by vehicles and equipment with monthly payments including interest of approximately $10,000 due various periods through 2006. 412,342 393,311 ----------------------------------------------------------------------------------- Total long term debt 9,117,454 10,302,588 Less current maturities (7,861,245) (6,399,831) ----------------------------------------------------------------------------------- Long term debt less current maturities $ 1,256,209 $ 3,902,757 -----------------------------------------------------------------------------------
The Company is subject to certain financial (ratio) covenants and restrictions on indebtedness, dividend payments, financial guarantees, business combinations, reporting requirements and other related items on the revolving line of credit with a bank. As of December 31, 2002, the Company is not in compliance with all covenants. During 2002, as a result of ongoing negotiations to refinance or repay the debt, the bank declared all amounts immediately due and payable. The Company is presently paying $200,000 per month. As a result of ongoing negotiations with Book One, management has reclassified the loan fees associated with this note to a current asset as it is likely that these fees will be fully amortized in 2003. F-23 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ Long-term debt to related parties consisted of the following:
DECEMBER 31, 2002 2001 ----------------------------------------------------------------------------------- Unsecured note payable to a director due January 2004, with interest payable quarterly at 8% per annum. Note is convertible into common stock of the Company at a rate of $2.88 per share of common stock. $500,000 $ - Note payable to a director due January 2004,with interest payable quarterly at 12% per annum. Note is secured by 10% of the pipeline. 250,000 - ----------------------------------------------------------------------------------- Total long term debt to related parties 750,000 - Less current maturities - - ----------------------------------------------------------------------------------- Long term debt to related parties, less current maturities $750,000 $ - ===================================================================================
The aggregate maturities of long term debt due to related parties and others as of December 31, 2002, are as follows: Year Amount ----------------------------------------------- 2003 $7,861,245 2004 1,720,468 2005 101,468 2006 101,803 Thereafter 82,470 ----------------------------------------------- $9,867,454 =============================================== 8. COMMITMENTS The Company is a party to lawsuits in the AND CONTINGENCIES ordinary course of its business. While the damages sought in some of these actions are material, the Company does not believe that it is probable that the outcome of any individual action will have a material adverse effect, or that it is likely that adverse outcomes of individually insignificant actions will be significant enough, in number or magnitude, to have a material adverse effect in the aggregate on its financial statements. F-24 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ In the ordinary course of business the Company has entered into various equipment and office leases which have remaining terms ranging from one to four years. Approximate future minimum lease payments to be made under noncancellable operating leases are as follows: Year Amount ----------------------------------------------- 2003 $ 60,158 2004 59,210 2005 56,970 2006 500 ----------------------------------------------- $176,838 =============================================== Office rent expense was approximately $84,000, $91,000 and $86,000 for each of the three years ended December 31, 2002, respectively. 9. CUMULATIVE CONVERTIBLE Shares of both Series A and B of Preferred REDEEMABLE Stock are or will be immediately convertible PREFERRED STOCK into shares of Common Stock. Each $100 liquidation preference share of preferred stock is convertible at a rate of $7.00 for the Series A per share of common stock. For the Series B, the conversion rate is the average market price of the Company's common stock for 30 days before the sale of the Series B preferred stock with a minimum conversion price of $9.00 per share. The conversion rate is subject to downward adjustment if the Company subsequently issues shares of common stock for consideration less than $7.00 and $9.00 for the Series A and B, respectively, per share. The conversion prices will be adjusted prospectively for stock dividends and splits. The holders of both the Series A and Series B Preferred Stock are entitled to a cumulative dividend of 8% per quarter. However, the payment of the dividends on the Series B Preferred Stock is subordinate to that of the Series A Preferred Stock. In the event that the Company does not make any two of six consecutive quarterly dividend payments, the holders of the Series A Preferred Stock may appoint those directors which would constitute of majority of the Board of Directors. In such a scenario, the holders of the Preferred Shares would be entitled to elect a majority of the Board of Directors until all accrued and unpaid dividends have been paid. F-25 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ The Company failed to pay the 3rd and 4th quarterly dividend payments of the Series A preferred stock during 2002. As a result, in February 2003, the Series A shareholders exercised their rights to place four new members on the Board of Directors. The Company may redeem both of the Series A and B Preferred Shares upon payment of $100 per share plus any accrued and unpaid dividends. Further, with respect to the Series A Preferred Stock, commencing on October 1, 2003 and at each quarterly date thereafter while the Series A Preferred Stock is outstanding, the Company is required to redeem one-twentieth of the maximum number of Series A Preferred Stock outstanding. With respect to the Series B Preferred Stock, on the fifth anniversary after issuance (March 2005), the Company is required to redeem all outstanding Series B Preferred Stock. During 2002, the Board of Directors authorized the sale of up to 50,000 shares of Series C Preferred Stock at $100 per share. The Company issued 14,491 shares, resulting in net proceeds after commissions of $1,303,168. The Series C Preferred Stock accrues a 6% cumulative dividend on the outstanding balance, payable quarterly. These dividends are subordinate to the dividends payable to the Series A and Series B Preferred Stock holders. This stock is convertible into the Company's common stock at the average stock trading price 30 days prior to the closing of the sales of all the Series C Preferred Stock being offered or $5.00 per share, whichever is greater. The Company is required to redeem any remaining Series C Preferred Stock and any accrued and unpaid dividends in July 2006. 10. STOCK DIVIDEND On August 1, 2001, the Company paid a 5% stock dividend distributable on October 1, 2001 to shareholders of record of the Company's common stock on September 4, 2001. Based on the number of common shares outstanding on the record date, the Company issued 498,016 new shares. All references in the accompanying financial statements to the number of common shares and per share amounts are based on the increased number of shares giving retroactive effect to the stock dividend. F-26 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ 11. STOCK OPTIONS In October 2000, the Company approved a Stock Incentive Plan. The Plan is effective for a ten-year period commencing on October 25, 2000 and ending on October 24, 2010. The aggregate number of shares of Common Stock as to which options and Stock Appreciation Rights may be granted to Employees under the plan shall not exceed 1,000,000. Options are not transferable, fully vest after two years of employment with the Company, are exercisable for 3 months after voluntary resignation from the Company, and terminate immediately upon involuntary termination from the Company. The purchase price of shares subject to this Nonqualified Stock Option Plan shall be determined at the time the options are granted, but are not permitted to be less than 85% of the Fair Market Value of such shares on the date of grant. Furthermore, an employee in the plan may not, immediately prior to the grant of an Incentive Stock Option hereunder, own stock in the Company representing more than ten percent of the total voting power of all classes of stock of the Company unless the per share option price specified by the Board for the Incentive Stock Options granted such and Employee is at least 110% of the Fair Market Value of the Company's stock on the date of grant and such option, by its terms, is not exercisable after the expiration of 5 years from the date such stock option is granted. Stock option activity in 2002, 2001 and 2000 is summarized below:
2002 2001 2000 ------------------------- ------------------------ ------------------------ WEIGHTED WEIGHTED WEIGHTED AVERAGE AVERAGE AVERAGE EXERCISE EXERCISE EXERCISE SHARES PRICE SHARES PRICE SHARES PRICE - ---------------------------------------------------------------------------------------------------------------------- OUTSTANDING, beginning of year 516,028 $9.23 1,017,450 $ 8.54 530,250 $6.91 Granted 160,742 2.86 78,750 12.39 855,451 8.69 Exercised - - (256,772) 8.69 (21,751) 8.69 Expired/canceled - - (323,400) 7.85 (346,500) 6.91 --------- ---------- ---------- OUTSTANDING, end of year 676,770 7.71 516,028 9.23 1,017,450 8.54 - ---------------------------------------------------------------------------------------------------------------------- EXERCISABLE, end of year 676,770 $7.71 474,889 $ 9.21 930,258 $8.49 ======================================================================================================================
F-27 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ The share information disclosed above has been adjusted to reflect the 5% stock dividend declared during 2001. See Note 10. The following table summarizes information about stock options outstanding at December 31, 2002:
OPTIONS OPTIONS OUTSTANDING EXERCISABLE ------------------------------------------ --------------- WEIGHTED WEIGHTED AVERAGE AVERAGE REMAINING EXERCISE CONTRACTUAL PRICE SHARES LIFE (YEARS) SHARES ========================================================== --------------- $ 2.86 160,742 2.67 160,742 $ 8.69 437,278 0.85 437,278 $ 14.44 21,000 1.13 21,000 $ 11.05 47,250 1.30 47,250 $ 12.70 10,500 1.71 10,500 ------------ --------------- Total $ 7.71 676,770 676,770 ============================================================================
The weighted average fair value per share of options granted during 2002, 2001 and 2000 is $1.45, $3.62, and $3.41 respectively, calculated using the Black-Scholes Option-Pricing model. No compensation expense related to stock options was incurred in 2002, 2001 or 2000. The Company issued 70,715 options to non-employees and non-directors in 2000. The expense of $242,000 for these options has been included in professional fees expense because the options were issued to providers of such services. The expense was calculated using a fair market value of the options based on the Black-Scholes option-pricing model assumptions discussed below. For employees, the fair value of stock options used to compute pro forma net loss and loss per share disclosures is the estimated present value at grant date using the Black-Scholes option-pricing model with the following weighted average assumptions for 2002, 2001 and 2000: Expected volatility of 74.2% for 2002, 50% for 2001 and 50% for 2000; a risk free interest rate of 3.67% in 2002, 3.67% in 2001 and 5.86% in 2000; and an expected option life of 3 years for 2002, 2001 and 2000. F-28 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ 12. INCOME TAXES The Company has no taxable income during the three year period ended December 31, 2002. A reconciliation of the statutory U.S. Federal income tax and the income tax provision included in the accompanying consolidated statements of loss is as follows:
DECEMBER 31, 2002 2001 2000 ------------------------------------------------------------------------------------------------ Statutory rate 34% 34% 34% Tax benefit at statutory rate $(1,073,000) $ (769,000) $(452,500) State income tax benefit (189,000) (136,000) (75,500) Other - - 24,000 Increase in deferred tax asset valuation allowance 1,262,000 905,000 504,000 ------------------------------------------------------------------------------------------------ Total income tax provision $ - $ - $ - ================================================================================================
DECEMBER 31, 2002 2001 2000 ------------------------------------------------------------------------------------------------- Net operating loss carryforward $ 7,139,000 $ 5,877,000 $ 4,972,000 Capital loss carryforward 263,000 263,000 263,000 ------------------------------------------------------------------------------------------------- 7,402,000 6,140,000 5,235,000 Valuation allowance (7,402,000) (6,140,000) (5,235,000) ------------------------------------------------------------------------------------------------- Net deferred taxes $ - $ - $ - ================================================================================================
The Company recorded a valuation allowance at December 31, 2002, 2001 and 2000 equal to the excess of deferred tax assets over deferred tax liabilities as management is unable to determine that these tax benefits are more likely than not to be realized. Potential future reversal of the portion of the valuation allowance relative to deferred tax asset resulting from the exercise of stock options will be recorded as additional paid in capital realized As of December 31, 2002, the Company had net operating loss carryforwards of approximately $18,217,000, which will expire between 2010 and 2022, if not utilized. F-29 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ 13. SUPPLEMENTAL CASH The Company paid approximately $571,000, FLOW INFORMATION $853,500 and $544,000 for interest in 2002, 2001 and 2000, respectively. The Company capitalized approximately $148,000 and $128,000 of this amount in 2001 and 2000, respectively. No interest was capitalized during 2002. The Company paid no income taxes in 2002, 2001 and 2000. F-30 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ 14. QUARTERLY DATA AND The following table sets forth, for the fiscal SHARE INFORMATION periods indicated, selected consolidated (UNAUDITED) financial data.
FISCAL YEAR ENDED 2002 - ------------------------------------------------------------------------------------------------------------------ First Second Third Fourth Quarter Quarter Quarter Quarter - ------------------------------------------------------------------------------------------------------------------ Revenues $1,176,482 $1,297,668 $1,507,308 $1,719,020 Net loss (818,341) (858,197) (721,879) (756,138) Net loss attributable to common stockholders (930,799) (984,139) (856,074) (890,332) - ------------------------------------------------------------------------------------------------------------------ Loss per common share Basic and diluted $ (0.09) $ (0.09) $ (0.08) $ (0.07) - ------------------------------------------------------------------------------------------------------------------
FISCAL YEAR ENDED 2001 - ------------------------------------------------------------------------------------------------------------------ First Second Third Fourth Quarter Quarter Quarter Quarter - ------------------------------------------------------------------------------------------------------------------ Revenues $1,448,318 $1,863,068 $2,583,758 $ 1,101,542 Net loss (368,768) (336,034) (378,597) (1,179,388) Net loss attributable to common stockholders (447,546) (423,523) (491,055) (1,291,846) - ------------------------------------------------------------------------------------------------------------------ Loss per common share Basic and diluted $ (0.05) $ (0.04) $ (0.05) $ (0.12) - ------------------------------------------------------------------------------------------------------------------
FISCAL YEAR ENDED 2000 - ------------------------------------------------------------------------------------------------------------------ First Second Third Fourth Quarter Quarter Quarter Quarter - ------------------------------------------------------------------------------------------------------------------ Revenues $1,179,912 $1,270,283 $1,666,583 $ 1,124,298 Net Income (loss) (70,453) (379,234) 84,909 (1,177,106) Net Income (loss) attributable to common stockholders (110,231) (451,394) 18,064 (1,255,880) - ------------------------------------------------------------------------------------------------------------------ Earnings (loss) per common share Basic and diluted $ (0.01) $ (0.05) $ - $ (0.13) - ------------------------------------------------------------------------------------------------------------------
F-31 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ Third quarter 2001 results reflect the effect on depletion expense that resulted from a decrease in reserve estimates provided in a study performed by Ryder Scott and issued August 10, 2001. The amount recorded during this quarter was $562,000 higher than the quarterly estimates made by management during the first three quarters as a result of a change in estimate arising from new information provided in the Ryder Scott Report. Amounts disclosed above differ from those filed with the SEC during the third quarter of 2001 as a result of an error in recording this change in estimate to depletion at the time of the filing. Management has amended the September 30, 2001 SEC Form 10-Q filing during 2002. 15. SUPPLEMENTAL OIL AND Information with respect to the Company's oil GAS INFORMATION and gas producing activities is presented in the following tables. Estimates of reserve quantities, as well as future production and discounted cash flows before income taxes, were determined by Ryder Scott Company, L.P. as of December 31, 2002, 2001 and 2000. OIL AND GAS RELATED COSTS The following table sets forth information concerning costs related to the Company's oil and gas property acquisition, exploration and development activities in the United States during the years ended December 31, 2002, 2001 and 2000:
2002 2001 2000 ------------------------------------------------------------------------------ Property acquisition Proved $ - $ - $ - Unproved - - 5,702 Less - proceeds from sales of properties (100,000) (750,000) (1,176,411) Development costs 2,082,529 5,571,883 2,627,705 ------------------------------------------------------------------------------ $ 1,982,529 $ 4,821,883 $ 1,456,996 ==============================================================================
F-32 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES The following table sets forth the Company's results of operations from oil and gas producing activities for the years ended:
December 31, 2002 2001 2000 ------------------------------------------------------------------------------ Revenues $ 5,437,723 $ 6,656,758 $ 5,241,076 Production costs and taxes (3,094,731) (2,951,746) (2,614,414) Depreciation, depletion and amortization (1,388,138) (1,342,000) (197,000) ------------------------------------------------------------------------------ Income from oil and gas producing activities $ 954,854 $ 2,363,012 $ 2,429,662 ------------------------------------------------------------------------------
In the presentation above, no deduction has been made for indirect costs such as corporate overhead or interest expense. No income taxes are reflected above due to the Company's tax loss carryforwards. OIL AND GAS RESERVES (UNAUDITED) The following table sets forth the Company's net proved oil and gas reserves at December 31, 2002, 2001 and 2000 and the changes in net proved oil and gas reserves for the years then ended. Proved reserves represent the estimated quantities of crude oil and natural gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in the future years from known reservoirs under existing economic and operating conditions. The reserve information indicated below requires substantial judgment on the part of the reserve engineers, resulting in estimates which are not subject to precise determination. Accordingly, it is expected that the estimates of reserves will change as future production and development information becomes available and that revisions in these estimates could be significant. Reserves are measured in barrels (bbls) in the case of oil, and units of one thousand cubic feet (MCF) in the case of gas. F-33 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================
OIL (BBLS) GAS (MCF) ----------------------------------------------------------------------------- Proved reserves: Balance, January 1, 2000 3,227,203 74,795,287 Discoveries and extensions 56,103 1,059,147 Revisions of previous estimates (1,309,366) (27,998,986) Production (159,035) (315,577) ----------------------------------------------------------------------------- Balance, December 31, 2000 1,814,905 47,539,871 Discoveries and extensions 62,254 4,915,431 Revisions of previous estimates (672,443) (25,263,634) Production (148,041) (1,311,466) ----------------------------------------------------------------------------- Balance, December 31, 2001 1,056,675 25,880,202 Discoveries and extensions 34,968 937,000 Revisions of previous estimates 542,229 786,430 Production (157,973) (1,004,899) ----------------------------------------------------------------------------- Proved reserves at, December 31, 2002 1,475,899 26,598,733 ============================================================================= Proved developed producing reserves at, December 31, 2002 1,108,293 6,592,711 ============================================================================= Proved developed producing reserves at, December 31, 2001 767,126 7,157,183 ============================================================================= Proved developed producing reserves at, December 31, 2000 1,553,759 2,888,769 =============================================================================
Of the Company's total proved reserves as of December 31, 2002 and 2001 and 2000, approximately 37%, 36% and 21%, respectively, were classified as proved developed producing, 19%, 26% and 34%, respectively, were classified as proved developed non-producing and 44%, 37% and 45%, respectively, were classified as proved undeveloped. All of the Company's reserves are located in the continental United States. F-34 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS (UNAUDITED) The standardized measure of discounted future net cash flows from the Company's proved oil and gas reserves is presented in the following table:
AMOUNTS IN THOUSANDS ------------------------------------------------ December 31, 2002 2001 2000 ----------------------------------------------------------------------------- Future cash inflows $152,180 $ 78,296 $ 505,733 Future production costs and taxes (41,870) (26,083) (41,689) Future development costs (11,348) (6,384) (8,225) Future income tax expenses - - (122,881) ----------------------------------------------------------------------------- Net future cash flows 98,962 45,829 332,938 Discount at 10% for timing of cash flows (52,314) (24,095) (97,195) ----------------------------------------------------------------------------- Discounted future net cash flows from proved reserves $ 46,648 $ 21,734 $ 235,743 -----------------------------------------------------------------------------
F-35 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ The following unaudited table sets forth the changes in the standardized measure of discounted future net cash flows from proved reserves during 2002, 2001 and 2000:
AMOUNTS IN THOUSANDS -------------------------------------------- 2002 2001 2000 ----------------------------------------------------------------------------- BALANCE, beginning of year $ 21,734 $ 235,743 $ 100,882 Sales, net of production costs and taxes (2,343) (3,705) (2,627) Discoveries and extensions 1,686 4,167 1,778 Changes in prices and production costs 20,586 (299,527) 360,082 Revisions of quantity estimates 6,120 (33,449) (186,289) Development costs incurred - 1,236 Interest factor - accretion of discount 2,173 32,198 13,355 Net change in income taxes - 86,237 (53,572) Changes in future development costs (4,860) 2,666 (3,237) Changes in production rates and other 1,552 (2,596) 4,135 ----------------------------------------------------------------------------- BALANCE, end of year $ 46,648 $ 21,734 $ 235,743 -----------------------------------------------------------------------------
Estimated future net cash flows represent an estimate of future net revenues from the production of proved reserves using current sales prices, along with estimates of the operating costs, production taxes and future development and abandonment costs (less salvage value) necessary to produce such reserves. The average prices used at December 31, 2002, 2001 and 2000 were $27.25, $17.03 and $25.62 per barrel of oil and $4.01, $2.33 and $9.66 per MCF of gas, respectively. No deduction has been made for depreciation, depletion or any indirect costs such as general corporate overhead or interest expense. Operating costs and production taxes are estimated based on current costs with respect to producing gas properties. Future development costs are based on the best estimate of such costs assuming current economic and operating conditions. The estimates of reserve values include estimated future development costs that the company does not currently have the ability to fund. If the company is unable to obtain additional funds, it may not be able to develop its oil and natural gas properties as estimated in its December 31, 2002 reserve report. F-36 TENGASCO, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ================================================================================ Income tax expense is computed based on applying the appropriate statutory tax rate to the excess of future cash inflows less future production and development costs over the current tax basis of the properties involved, less applicable carryforwards, for both regular and alternative minimum tax. The future net revenue information assumes no escalation of costs or prices, except for gas sales made under terms of contracts which include fixed and determinable escalation. Future costs and prices could significantly vary from current amounts and, accordingly, revisions in the future could be significant. F-37 EX-21 3 c27529_ex21.txt Exhibit 21 List of Subsidiaries Name State Of Incorporation Tengasco Pipeline Corporation Tennessee Tennessee Land and Mineral Corporation Tennessee EX-99.16 4 c27529_ex99-16.txt Exhibit 99.16 CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 I hereby certify that: I have reviewed the Annual Report on Form 10-K; to the best of my knowledge, this Annual Report on Form 10-K (i) fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d); and (ii) the information contained in this Report fairly presents, in all material respects, the financial condition and results of operation of Tengasco, Inc. and its subsidiaries during the period covered by this Report. Dated: March 31, 2003 /s/ RICHARD T. WILLIAMS --------------------- Richard T. Williams, Chief Executive Officer CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 I hereby certify that: I have reviewed the Annual Report on Form 10-K; to the best of my knowledge, this Annual Report on Form 10-K (i) fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d); and (ii) the information contained in this Report fairly presents, in all material respects, the financial condition and results of operation of Tengasco, Inc. and its subsidiaries during the period covered by this Report. Dated: March 31, 2003 /s/MARK A. RUTH ------------------- Mark A. Ruth, Principal Financial and Accounting Officer EX-99.17 5 c27529_ex99-17.txt TENGASCO, INC. ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 RIDER SCOTT COMPANY PETROLEUM CONSULTANTS [LOGO] RYDER SCOTT COMPANY --------------------- PETROLEUM CONSULTANTS FAX (713) 651-0849 1100 LOUISIANA SUITE 3800 HOUSTON, TEXAS 77002-5218 TELEPHONE (713) 651-9191 February 10, 2003 Tengasco, Inc. 603 Main Avenue, Suite 500 Knoxville, Tennessee 37902 Gentlemen: At your request, we have prepared an estimate of the reserves, future production, and income attributable to certain leasehold and royalty interests of Tengasco, Inc. (Tengasco) as of December 31, 2002. The subject properties are located in the states of Kansas and Tennessee. The income data were estimated using the Securities and Exchange Commission (SEC) requirements for future price and cost parameters. The estimated reserves and future income amounts presented in this report are related to hydrocarbon prices. Hydrocarbon prices in effect at December 31, 2002 were used in the preparation of this report as required by SEC rules; however, actual future prices may vary significantly from December 31, 2002 prices. Therefore, volumes of reserves actually recovered and amounts of income actually received may differ significantly from the estimated quantities presented in this report. The results of this study are summarized below. SEC PARAMETERS Estimated Net Reserves and Income Data Certain Leasehold and Royalty Interests of TENGASCO, INC. As of December 31, 2002 ------------------------------------------------------------
Proved ------------------------------------------------------------------- Developed ----------------------------- Total Producing Non-Producing Undeveloped Proved ----------- ------------- ----------- ------------ NET REMAINING RESERVES Oil/Condensate - Barrels 1,108,293 154,814 212,792 1,475,899 Gas - MMCF 6,593 5,849 14,157 26,599 INCOME DATA Future Gross Revenue $56,904,962 $27,996,664 $63,722,271 $148,623,897 Deductions 30,088,742 3,193,124 16,380,027 49,661,893 ----------- ----------- ----------- ------------ Future Net Income (FNI) $26,816,220 $24,803,540 $47,342,244 $ 98,962,004 Discounted FNI @ 10% $14,795,442 $ 7,423,227 $24,429,351 $ 46,648,020
1100, 530 8TH AVENUE, S.W. CALGARY, ALBERTA T2P 3S8 TEL (403) 262-2799 FAX (403) 262-2790 600 17TH STREET, SUITE 1610N DENVER, COLORADO 80202-5416 TEL (303) 623-9147 FAX (303) 623-4258 Tengasco, Inc. February 10, 2003 Page 2
Probable ----------------------------------------- Total Developed Total Possible Behind Pipe Undeveloped Probable Undeveloped ----------- ----------- ---------- ----------- NET REMAINING RESERVES Oil/Condensate - Barrels 0 52,167 52,167 0 Gas - MMCF 16 0 16 2,228 INCOME DATA Future Gross Revenue $66,185 $1,414,952 $1,481,137 $9,119,069 Deductions 0 780,565 780,565 3,324,582 ------- ---------- ---------- ---------- Future Net Income (FNI) $66,185 $ 634,387 $ 700,572 $5,794,487 Discounted FNI @ 10% $32,968 $ 259,925 $ 292,893 $3,185,002
Liquid hydrocarbons are expressed in standard 42 gallon barrels. All gas volumes are sales gas expressed in millions of cubic feet (MMCF) at the official temperature and pressure bases of the areas in which the gas reserves are located. The future gross revenue is after the deduction of production taxes. The deductions comprise the normal direct costs of operating the wells, recompletion costs and development costs. The future net income is before the deduction of state and federal income taxes and general administrative overhead, and has not been adjusted for outstanding loans that may exist nor does it include any adjustment for cash on hand or undistributed income. No attempt was made to quantify or otherwise account for any accumulated gas production imbalances that may exist. Gas reserves account for approximately 73.6 percent and liquid hydrocarbon reserves account for the remaining 26.4 percent of total future gross revenue from proved reserves. The discounted future net income shown above was calculated using a discount rate of 10 percent per annum compounded monthly. Future net income was discounted at four other discount rates which were also compounded monthly. These results are shown on each estimated projection of future production and income presented in a later section of this report and in summary form below. Discounted Future Net Income As of December 31, 2002 ------------------------------------------------- Discount Rate Total Total Total Percent Proved Probable Possible ------------- ----------- -------- ---------- 5 $63,186,507 $441,915 $4,284,225 15 $36,681,296 $200,900 $2,378,901 20 $29,900,086 $140,905 $1,783,727 25 $24,979,299 $100,066 $1,341,618 The results shown above are presented for your information and should not be construed as our estimate of fair market value. RESERVES INCLUDED IN THIS REPORT The PROVED RESERVES included herein conform to the definition as set forth in the Securities and Exchange Commission's Regulation S-X Part 210.4-10 (a) as clarified by subsequent Commission Staff Accounting Bulletins. The PROBABLE RESERVES and POSSIBLE RESERVES included herein conform to definitions of probable and possible reserves approved by the SPE/WPC using the deterministic RIDER SCOTT COMPANY PETROLEUM CONSULTANTS Tengasco, Inc. February 10, 2003 Page 3 methodology. The definitions of proved, probable, and possible reserves are included under the tab "Petroleum Reserves Definitions" in this report. We have included probable and possible reserves and income in this report at the request of Tengasco. These data are for Tengasco's information only, and should not be included in reports to the SEC according to the SEC disclosure specifications. The probable reserves are less certain to be recovered than the proved reserves and reserves classified as possible are less certain to be recovered than those in the probable category. The reserves and income quantities attributable to the different reserve classifications that are included herein have not been adjusted to reflect the varying degrees of risk associated with them and thus are not comparable. Because of the direct relationship between volumes of proved undeveloped reserves and development plans, we include in the proved undeveloped category only reserves assigned to undeveloped locations that we have been assured will definitely be drilled. The various reserve status categories are defined under the tab "Petroleum Reserves Definitions" in this report. The developed non-producing reserves included herein are comprised of the shut-in and behind pipe categories. ESTIMATES OF RESERVES The reserves included herein were estimated using the performance, volumetric and analogy methods. The reserves estimated by the performance method utilized extrapolations of various historical data in those cases where such data were definitive in our opinion. Performance estimates accounted for 37.4 percent of the proved reserves on a net oil equivalent basis. Reserves were estimated by the volumetric and analogy methods in those cases where there were inadequate historical performance data to establish a definitive trend or where the use of performance data as a basis for the reserve estimates was considered to be inappropriate. Reserves by analogy accounted for 46.0 percent of reserves and volumetric estimates accounted for the remaining 16.6 percent. The reserves included in this report are estimates only and should not be construed as being exact quantities. They may or may not be actually recovered, and if recovered, the revenues therefrom and the actual costs related thereto could be more or less than the estimated amounts. Moreover, estimates of reserves may increase or decrease as a result of future operations. FUTURE PRODUCTION RATES Initial production rates are based on the current producing rates for those wells now on production. Test data and other related information were used to estimate the anticipated initial production rates for those wells or locations that are not currently producing. If no production decline trend had been established, future production rates were held constant, or adjusted for the effects of curtailment where appropriate, until a decline in ability to produce was anticipated. An estimated rate of decline was then applied to depletion of the reserves. If a decline trend has been established, this trend was used as the basis for estimating future production rates. For reserves not yet on production, sales were estimated to commence at an anticipated date furnished by Tengasco. The future production rates from wells now on production may be more or less than estimated because of changes in market demand or allowables set by regulatory bodies. Wells or locations that are not currently producing may start producing earlier or later than anticipated in our estimates of their future production rates. RIDER SCOTT COMPANY PETROLEUM CONSULTANTS Tengasco, Inc. February 10, 2003 Page 4 HYDROCARBON PRICES Tengasco furnished us with hydrocarbon prices in effect at December 31, 2002 and with its forecasts of future prices which take into account SEC and Financial Accounting Standards Board (FASB) rules, current market prices, contract prices, and fixed and determinable price escalations where applicable. The hydrocarbon prices utilized in this study were $27.29 per barrel and $4.13 per Mcf for the properties located in the state of Kansas and $26.90 per barrel and $4.22 per Mcf for the properties located in the state of Tennessee. In accordance with FASB Statement No. 69, December 31, 2002 market prices were determined using the daily oil price or daily gas sales price ("spot price") adjusted for oilfield or gas gathering hub and wellhead price differences (e.g. grade, transportation, gravity, sulfur and BS&W) as appropriate. Also in accordance with SEC and FASB specifications, changes in market prices subsequent to December 31, 2002 were not considered in this report. COSTS Operating costs for the leases and wells in this report are based on the operating expense reports of Tengasco and include only those costs directly applicable to the leases or wells. When applicable, the operating costs include a portion of general and administrative costs allocated directly to the leases and wells under terms of operating agreements. No deduction was made for indirect costs such as general administration and overhead expenses, loan repayments, interest expenses, and exploration and development prepayments that were not charged directly to the leases or wells. Development costs were furnished to us by Tengasco and are based on authorizations for expenditure for the proposed work or actual costs for similar projects. At the request of Tengasco, their estimate of zero abandonment costs after salvage value was used in this report. Ryder Scott has not performed a detailed study of the abandonment costs or the salvage value and makes no warranty for Tengasco's estimate. Current costs were held constant throughout the life of the properties. GENERAL Table A presents a one line summary of proved reserve and income data for each of the subject properties which are ranked according to their future net income discounted at 10 percent per year. Table B presents a one line summary of gross and net reserves and income data for each of the subject properties. Table C presents a one line summary of initial basic data for each of the subject properties. Tables 1 through 331 present our estimated projection of production and income by years beginning December 31, 2002, by state, field, and lease or well. While it may reasonably be anticipated that the future prices received for the sale of production and the operating costs and other costs relating to such production may also increase or decrease from existing levels, such changes were, in accordance with rules adopted by the SEC, omitted from consideration in making this evaluation. The estimates of reserves presented herein were based upon a detailed study of the properties in which Tengasco owns an interest; however, we have not made any field examination of the properties. No consideration was given in this report to potential environmental liabilities that may exist RIDER SCOTT COMPANY PETROLEUM CONSULTANTS Tengasco, Inc. February 10, 2003 Page 5 nor were any costs included for potential liability to restore and clean up damages, if any, caused by past operating practices. Tengasco has informed us that they have furnished us all of the accounts, records, geological and engineering data, and reports and other data required for this investigation. The ownership interests, prices, and other factual data furnished by Tengasco were accepted without independent verification. The estimates presented in this report are based on data available through December 2002. Tengasco has assured us of their intent and ability to proceed with the development activities included in this report, and that they are not aware of any legal, regulatory or political obstacles that would significantly alter their plans. Neither we nor any of our employees have any interest in the subject properties and neither the employment to make this study nor the compensation is contingent on our estimates of reserves and future income for the subject properties. This report was prepared for the exclusive use and sole benefit of Tengasco, Inc. The data, work papers, and maps used in this report are available for examination by authorized parties in our offices. Please contact us if we can be of further service. Very truly yours, RYDER SCOTT COMPANY, L.P. /s/ C. Patrick McInturff C. Patrick McInturff, P.E. Vice President CPM/sw RIDER SCOTT COMPANY PETROLEUM CONSULTANTS PETROLEUM RESERVES DEFINITIONS SECURITIES AND EXCHANGE COMMISSION INTRODUCTION Reserves are those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward. All reserve estimates involve some degree of uncertainty. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. It should be noted that Securities and Exchange Commission Regulation S-K prohibits the disclosure of estimated quantities of probable or possible reserves of oil and gas and any estimated value thereof in any documents publicly filed with the Commission. Reserves estimates will generally be revised as additional geologic or engineering data become available or as economic conditions change. Reserves do not include quantities of petroleum being held in inventory, and may be reduced for usage or processing losses if required for financial reporting. Reserves may be attributed to either natural energy or improved recovery methods. Improved recovery methods include all methods for supplementing natural energy or altering natural forces in the reservoir to increase ultimate recovery. Examples of such methods are pressure maintenance, cycling, waterflooding, thermal methods, chemical flooding, and the use of miscible and immiscible displacement fluids. Other improved recovery methods may be developed in the future as petroleum technology continues to evolve. PROVED RESERVES (SEC DEFINITIONS) Securities and Exchange Commission Regulation S-X Rule 4-10 paragraph (a) defines proved reserves as follows: PROVED OIL AND GAS RESERVES. PROVED OIL AND GAS RESERVES ARE THE ESTIMATED QUANTITIES OF CRUDE OIL, NATURAL GAS, AND NATURAL GAS LIQUIDS WHICH GEOLOGICAL AND ENGINEERING DATA DEMONSTRATE WITH REASONABLE CERTAINTY TO BE RECOVERABLE IN FUTURE YEARS FROM KNOWN RESERVOIRS UNDER EXISTING ECONOMIC AND OPERATING CONDITIONS, I.E., PRICES AND COSTS AS OF THE DATE THE ESTIMATE IS MADE. PRICES INCLUDE CONSIDERATION OF CHANGES IN EXISTING PRICES PROVIDED ONLY BY CONTRACTUAL ARRANGEMENTS, BUT NOT ON ESCALATIONS BASED UPON FUTURE CONDITIONS. (I) RESERVOIRS ARE CONSIDERED PROVED IF ECONOMIC PRODUCIBILITY IS SUPPORTED BY EITHER ACTUAL PRODUCTION OR CONCLUSIVE FORMATION TEST. THE AREA OF A RESERVOIR CONSIDERED PROVED INCLUDES: (A) THAT PORTION DELINEATED BY DRILLING AND DEFINED BY GAS-OIL AND/OR OIL-WATER CONTACTS, IF ANY; AND (B) THE IMMEDIATELY ADJOINING PORTIONS NOT YET DRILLED, BUT WHICH CAN BE REASONABLY JUDGED AS ECONOMICALLY PRODUCTIVE ON THE BASIS OF AVAILABLE GEOLOGICAL AND ENGINEERING DATA. IN THE ABSENCE OF INFORMATION ON FLUID CONTACTS, THE LOWEST KNOWN STRUCTURAL OCCURRENCE OF HYDROCARBONS CONTROLS THE LOWER PROVED LIMIT OF THE RESERVOIR. RIDER SCOTT COMPANY PETROLEUM CONSULTANTS PETROLEUM RESERVES DEFINITIONS Page 2 (II) RESERVES WHICH CAN BE PRODUCED ECONOMICALLY THROUGH APPLICATION OF IMPROVED RECOVERY TECHNIQUES (SUCH AS FLUID INJECTION) ARE INCLUDED IN THE "PROVED" CLASSIFICATION WHEN SUCCESSFUL TESTING BY A PILOT PROJECT, OR THE OPERATION OF AN INSTALLED PROGRAM IN THE RESERVOIR, PROVIDES SUPPORT FOR THE ENGINEERING ANALYSIS ON WHICH THE PROJECT OR PROGRAM WAS BASED. (III) ESTIMATES OF PROVED RESERVES DO NOT INCLUDE THE FOLLOWING: (A) OIL THAT MAY BECOME AVAILABLE FROM KNOWN RESERVOIRS BUT IS CLASSIFIED SEPARATELY AS "INDICATED ADDITIONAL RESERVES"; (B) CRUDE OIL, NATURAL GAS, AND NATURAL GAS LIQUIDS, THE RECOVERY OF WHICH IS SUBJECT TO REASONABLE DOUBT BECAUSE OF UNCERTAINTY AS TO GEOLOGY, RESERVOIR CHARACTERISTICS, OR ECONOMIC FACTORS; (C) CRUDE OIL, NATURAL GAS, AND NATURAL GAS LIQUIDS, THAT MAY OCCUR IN UNDRILLED PROSPECTS; AND (D) CRUDE OIL, NATURAL GAS, AND NATURAL GAS LIQUIDS, THAT MAY BE RECOVERED FROM OIL SHALES, COAL, GILSONITE AND OTHER SUCH SOURCES. PROVED DEVELOPED OIL AND GAS RESERVES. PROVED DEVELOPED OIL AND GAS RESERVES ARE RESERVES THAT CAN BE EXPECTED TO BE RECOVERED THROUGH EXISTING WELLS WITH EXISTING EQUIPMENT AND OPERATING METHODS. ADDITIONAL OIL AND GAS EXPECTED TO BE OBTAINED THROUGH THE APPLICATION OF FLUID INJECTION OR OTHER IMPROVED RECOVERY TECHNIQUES FOR SUPPLEMENTING THE NATURAL FORCES AND MECHANISMS OF PRIMARY RECOVERY SHOULD BE INCLUDED AS "PROVED DEVELOPED RESERVES" ONLY AFTER TESTING BY A PILOT PROJECT OR AFTER THE OPERATION OF AN INSTALLED PROGRAM HAS CONFIRMED THROUGH PRODUCTION RESPONSE THAT INCREASED RECOVERY WILL BE ACHIEVED. PROVED UNDEVELOPED RESERVES. PROVED UNDEVELOPED OIL AND GAS RESERVES ARE RESERVES THAT ARE EXPECTED TO BE RECOVERED FROM NEW WELLS ON UNDRILLED ACREAGE, OR FROM EXISTING WELLS WHERE A RELATIVELY MAJOR EXPENDITURE IS REQUIRED FOR RECOMPLETION. RESERVES ON UNDRILLED ACREAGE SHALL BE LIMITED TO THOSE DRILLING UNITS OFFSETTING PRODUCTIVE UNITS THAT ARE REASONABLY CERTAIN OF PRODUCTION WHEN DRILLED. PROVED RESERVES FOR OTHER UNDRILLED UNITS CAN BE CLAIMED ONLY WHERE IT CAN BE DEMONSTRATED WITH CERTAINTY THAT THERE IS CONTINUITY OF PRODUCTION FROM THE EXISTING PRODUCTIVE FORMATION. UNDER NO CIRCUMSTANCES SHOULD ESTIMATES FOR PROVED UNDEVELOPED RESERVES BE ATTRIBUTABLE TO ANY ACREAGE FOR WHICH AN APPLICATION OF FLUID INJECTION OR OTHER IMPROVED RECOVERY TECHNIQUE IS CONTEMPLATED, UNLESS SUCH TECHNIQUES HAVE BEEN PROVED EFFECTIVE BY ACTUAL TESTS IN THE AREA AND IN THE SAME RESERVOIR. Certain Staff Accounting Bulletins published subsequent to the promulgation of Regulation S-X have dealt with matters relating to the application of financial accounting and disclosure rules for oil and gas producing activities. In particular, the following interpretations extracted from Staff Accounting Bulletins set forth the Commission staff's view on specific questions pertaining to proved oil and gas reserves. ECONOMIC PRODUCIBILITY OF ESTIMATED PROVED RESERVES CAN BE SUPPORTED TO THE SATISFACTION OF THE OFFICE OF ENGINEERING IF GEOLOGICAL AND ENGINEERING DATA DEMONSTRATE WITH REASONABLE CERTAINTY THAT THOSE RESERVES CAN BE RECOVERED IN FUTURE YEARS UNDER EXISTING ECONOMIC AND OPERATING CONDITIONS. THE RELATIVE IMPORTANCE OF THE MANY PIECES OF GEOLOGICAL AND ENGINEERING DATA WHICH SHOULD BE EVALUATED WHEN CLASSIFYING RESERVES CANNOT BE IDENTIFIED IN ADVANCE. IN CERTAIN INSTANCES, PROVED RESERVES MAY BE ASSIGNED TO RESERVOIRS ON THE BASIS OF A COMBINATION OF ELECTRICAL AND OTHER TYPE LOGS AND CORE ANALYSES WHICH INDICATE THE RESERVOIRS ARE ANALOGOUS TO SIMILAR RESERVOIRS IN THE SAME FIELD RIDER SCOTT COMPANY PETROLEUM CONSULTANTS PETROLEUM RESERVES DEFINITIONS Page 3 WHICH ARE PRODUCING OR HAVE DEMONSTRATED THE ABILITY TO PRODUCE ON A FORMATION TEST. (EXTRACTED FROM SAB-35) IN DETERMINING WHETHER "PROVED UNDEVELOPED RESERVES" ENCOMPASS ACREAGE ON WHICH FLUID INJECTION (OR OTHER IMPROVED RECOVERY TECHNIQUE) IS CONTEMPLATED, IS IT APPROPRIATE TO DISTINGUISH BETWEEN (I) FLUID INJECTION USED FOR PRESSURE MAINTENANCE DURING THE EARLY LIFE OF A FIELD AND (II) FLUID INJECTION USED TO EFFECT SECONDARY RECOVERY WHEN A FIELD IS IN THE LATE STAGES OF DEPLETION? ... THE OFFICE OF ENGINEERING BELIEVES THAT THE DISTINCTION IDENTIFIED IN THE ABOVE QUESTION MAY BE APPROPRIATE IN A FEW LIMITED CIRCUMSTANCES, SUCH AS IN THE CASE OF CERTAIN FIELDS IN THE NORTH SEA. THE STAFF WILL REVIEW ESTIMATES OF PROVED RESERVES ATTRIBUTABLE TO FLUID INJECTION IN THE LIGHT OF THE STRENGTH OF THE EVIDENCE PRESENTED BY THE REGISTRANT IN SUPPORT OF A CONTENTION THAT ENHANCED RECOVERY WILL BE ACHIEVED. (EXTRACTED FROM SAB-35) COMPANIES SHOULD REPORT RESERVES OF NATURAL GAS LIQUIDS WHICH ARE NET TO THEIR LEASEHOLD INTEREST, I.E., THAT PORTION RECOVERED IN A PROCESSING PLANT AND ALLOCATED TO THE LEASEHOLD INTEREST. IT MAY BE APPROPRIATE IN THE CASE OF NATURAL GAS LIQUIDS NOT CLEARLY ATTRIBUTABLE TO LEASEHOLD INTERESTS OWNERSHIP TO FOLLOW INSTRUCTION (B) OF ITEM 2(B)(3) OF REGULATION S-K AND REPORT SUCH RESERVES SEPARATELY AND DESCRIBE THE NATURE OF THE OWNERSHIP. (EXTRACTED FROM SAB-35) THE STAFF BELIEVES THAT SINCE COALBED METHANE GAS CAN BE RECOVERED FROM COAL IN ITS NATURAL AND ORIGINAL LOCATION, IT SHOULD BE INCLUDED IN PROVED RESERVES, PROVIDED THAT IT COMPLIES IN ALL OTHER RESPECTS WITH THE DEFINITION OF PROVED OIL AND GAS RESERVES AS SPECIFIED IN RULE 4-10(A)(2) INCLUDING THE REQUIREMENT THAT METHANE PRODUCTION BE ECONOMICAL AT CURRENT PRICES, COSTS, (NET OF THE TAX CREDIT) AND EXISTING OPERATING CONDITIONS. (EXTRACTED FROM SAB-85) Statements in Staff Accounting Bulletins are not rules or interpretations of the Commission nor are they published as bearing the Commission's official approval; they represent interpretations and practices followed by the Division of Corporation Finance and the Office of the Chief Accountant in administering the disclosure requirements of the Federal securities laws. SUB-CATEGORIZATION OF DEVELOPED RESERVES (SPE/WPC DEFINITIONS) In accordance with guidelines adopted by the Society of Petroleum Engineers (SPE) and the World Petroleum Congress (WPC), developed reserves may be sub-categorized as producing or non-producing. PRODUCING. Reserves sub-categorized as producing are expected to be recovered from completion intervals which are open and producing at the time of the estimate. Improved recovery reserves are considered producing only after the improved recovery project is in operation. NON-PRODUCING. Reserves sub-categorized as non-producing include shut-in and behind pipe reserves. Shut-in reserves are expected to be recovered from (1) completion intervals which are open at the time of the estimate but which have not started producing, (2) wells which were shut-in awaiting pipeline connections or as a result of a market interruption, or (3) wells not capable of production for mechanical reasons. Behind pipe reserves are expected to be recovered from zones in existing wells, which will require additional completion work or future recompletion prior to the start of production. RIDER SCOTT COMPANY PETROLEUM CONSULTANTS PETROLEUM RESERVES DEFINITIONS Page 4 UNPROVED RESERVES (SPE/WPC DEFINITIONS) Unproved reserves are based on geologic and/or engineering data similar to that used in estimates of proved reserves; but technical, contractual, economic, or regulatory uncertainties preclude such reserves being classified as proved. Unproved reserves may be further classified as probable reserves and possible reserves. Unproved reserves may be estimated assuming future economic conditions different from those prevailing at the time of the estimate. The effect of possible future improvements in economic conditions and technological developments can be expressed by allocating appropriate quantities of reserves to the probable and possible classifications. PROBABLE RESERVES. Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves. In general, probable reserves may include (1) reserves anticipated to be proved by normal step-out drilling where sub-surface control is inadequate to classify these reserves as proved, (2) reserves in formations that appear to be productive based on well log characteristics but lack core data or definitive tests and which are not analogous to producing or proved reserves in the area, (3) incremental reserves attributable to infill drilling that could have been classified as proved if closer statutory spacing had been approved at the time of the estimate, (4) reserves attributable to improved recovery methods that have been established by repeated commercially successful applications when (a) a project or pilot is planned but not in operation and (b) rock, fluid, and reservoir characteristics appear favorable for commercial application, (5) reserves in an area of the formation that appears to be separated from the proved area by faulting and the geologic interpretation indicates the subject area is structurally higher than the proved area, (6) reserves attributable to a future workover, treatment, re-treatment, change of equipment, or other mechanical procedures, where such procedure has not been proved successful in wells which exhibit similar behavior in analogous reservoirs, and (7) incremental reserves in proved reservoirs where an alternative interpretation of performance or volumetric data indicates more reserves than can be classified as proved. POSSIBLE RESERVES. Possible reserves are those unproved reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a 10 percent probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible reserves. In general, possible reserves may include (1) reserves which, based on geological interpretations, could possibly exist beyond areas classified as probable, (2) reserves in formations that appear to be petroleum bearing based on log and core analysis but may not be productive at commercial rates, (3) incremental reserves attributed to infill drilling that are subject to technical uncertainty, (4) reserves attributed to improved recovery methods when (a) a project or pilot is planned but not in operation and (b) rock, fluid, and reservoir characteristics are such that a reasonable doubt exists that the project will be commercial, and (5) reserves in an area of the formation that appears to be separated from the proved area by faulting and geological interpretation indicates the subject area is structurally lower than the proved area. RIDER SCOTT COMPANY PETROLEUM CONSULTANTS TENGASCO, INC. TABLE OF CONTENTS DISCUSSION PETROLEUM RESERVES DEFINITIONS TABLE NO. --------- PROPERTY RANKING -------------------------------------------------- A SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA ------------------ B SUMMARY OF INITIAL BASIC DATA ------------------------------------- C GRAND SUMMARIES TOTAL PROVED ALL CATEGORIES ------------------------------------ 1 PROVED PRODUCING ----------------------------------------------- 2 PROVED SHUT-IN ------------------------------------------------- 3 PROVED BEHIND PIPE --------------------------------------------- 4 PROVED UNDEVELOPED --------------------------------------------- 5 TOTAL PROBABLE ALL CATEGORIES ---------------------------------- 6 PROBABLE BEHIND PIPE ------------------------------------------- 7 PROBABLE UNDEVELOPED ------------------------------------------- 8 TOTAL POSSIBLE UNDEVELOPED ------------------------------------- 9 STATE SUMMARIES - STATE OF KANSAS TOTAL PROVED ALL CATEGORIES ------------------------------------ 10 PROVED PRODUCING ----------------------------------------------- 11 PROVED BEHIND PIPE --------------------------------------------- 12 PROVED UNDEVELOPED --------------------------------------------- 13 TOTAL PROBABLE UNDEVELOPED ------------------------------------- 14 ARPIN SOUTH FIELD, ROOKS CO., KANSAS THYFAULT #1 - PROVED PRODUCING --------------------------------- 15 ASH CREEK FIELD, BARTON CO., KANSAS UNRUH #2 - PROVED PRODUCING ------------------------------------ 16 AXELSON FIELD, ROOKS CO., KANSAS AXELSON LEASE - PROVED PRODUCING ------------------------------- 17 BEISEL FIELD, RUSSELL CO., KANSAS BEISEL LEASE - PROVED PRODUCING -------------------------------- 18 BEISEL #9 PUD - PROVED UNDEVELOPED ----------------------------- 19 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- BIELMAN FIELD, ELLIS CO., KANSAS GRASS #5 - PROVED PRODUCING ------------------------------------ 20 CARPENTER FIELD, EDWARDS CO., KANSAS HENNING #1 - PROVED PRODUCING ---------------------------------- 21 CARROLL FIELD, BARTON CO., KANSAS KEENAN -B- LEASE - PROVED PRODUCING ---------------------------- 22 CENTERVIEW FIELD, STAFFORD CO., KANSAS BECKERDITE #1 - PROVED PRODUCING ------------------------------- 23 CHASE-SILICA FIELD, BARTON CO., KANSAS LANDER #1 - PROVED PRODUCING ------------------------------------ 24 LANDER #3 PBUD - PROBABLE UNDEVELOPED ---------------------------- 25 ROSE LEASE - PROVED PRODUCING ------------------------------------ 26 CHEYENNE FIELD, BARTON CO., KANSAS HAMMEKE #1 - PROVED PRODUCING ---------------------------------- 27 CONVERSE FIELD, BARTON CO., KANSAS IANNITTI LEASE - PROVED PRODUCING ------------------------------ 28 IANNITTI #9 PUD - PROVED UNDEVELOPED --------------------------- 29 COOPER FIELD, GRAHAM CO., KANSAS DEYOUNG LEASE - PROVED PRODUCING ------------------------------- 30 LEWIS LEASE - PROVED PRODUCING --------------------------------- 31 DAVIDSON FIELD, RUSSELL CO., KANSAS FOSTER LEASE - PROVED PRODUCING -------------------------------- 32 DISTRICT 57 FIELD, ELLIS CO., KANSAS FLAX #1 - PROVED PRODUCING ------------------------------------- 33 DUNES NORTH FIELD, PAWNEE CO., KANSAS BARSTOW #1 - PROVED PRODUCING ---------------------------------- 34 LOVETT #1 - PROVED PRODUCING ----------------------------------- 35 ELLIS NW FIELD, TREGO CO., KANSAS BAUGHER #1 - PROVED PRODUCING ---------------------------------- 36 FICKEN FIELD, RUSH CO., KANSAS SCHWINDT FARMS #1 - PROVED PRODUCING --------------------------- 37 GATES NORTH FIELD, STAFFORD CO., KANSAS HOFFMAN #1 - PROVED PRODUCING ---------------------------------- 38 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- GATES NORTH FIELD, STAFFORD CO., KANSAS (CONT'D) SCHULZ LEASE - PROVED PRODUCING -------------------------------- 39 GIESICK FIELD, RUSH CO., KANSAS GIESICK #2 - PROVED PRODUCING ---------------------------------- 40 GOTTSCHALK FIELD, ELLIS CO., KANSAS WERTH #1 - PROVED PRODUCING ------------------------------------ 41 HERMAN FIELD, BARTON CO., KANSAS H. KARST LEASE - PROVED PRODUCING ------------------------------ 42 HOBROCK FIELD, OSBORNE CO., KANSAS HOBROCK #4 - PROVED PRODUCING ---------------------------------- 43 HOGAN LEASE - PROVED PRODUCING --------------------------------- 44 IRVIN FIELD, ELLIS CO., KANSAS KINDERKNECHT -B- LEASE - PROVED PRODUCING ---------------------- 45 KRAUS FIELD, ELLIS CO., KANSAS KRAUS -A- LEASE - PROVED PRODUCING ----------------------------- 46 KRAUS -B- LEASE - PROVED PRODUCING ----------------------------- 47 KRAUS -I- LEASE - PROVED PRODUCING ----------------------------- 48 LEIKER EAST FIELD, ELLIS CO., KANSAS LEIKER #1 - PROVED PRODUCING ----------------------------------- 49 LEONHARDT SOUTHEAST FIELD, ELLIS CO., KANSAS KRAUS LEASE - PROVED PRODUCING --------------------------------- 50 LIEBENTHAL FIELD, RUSH CO., KANSAS DECHANT -B- #2 - PROVED PRODUCING ------------------------------- 51 GRAHAM #1 - PROVED PRODUCING ------------------------------------- 52 LEGLEITER -B- #1 - PROVED PRODUCING ------------------------------ 53 LEGLEITER -C- #1 - PROVED PRODUCING ------------------------------ 54 LEGLEITER -C- #2 - PROVED PRODUCING ------------------------------ 55 LITTLE RIO FIELD, RICE CO., KANSAS WHITEMAN-HOLLAND LEASE - PROVED PRODUCING ---------------------- 56 MARCOTTE FIELD, ROOKS CO., KANSAS CROFFOOT LEASE - PROVED PRODUCING ------------------------------ 57 CROFFOOT -A- LEASE - PROVED PRODUCING -------------------------- 58 CROFFOOT -B- LEASE - PROVED PRODUCING -------------------------- 59 CROFFOOT -C- LEASE - PROVED PRODUCING -------------------------- 60 DICK LEASE - PROVED PRODUCING ---------------------------------- 61 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- MCHALE FIELD, ROOKS CO., KANSAS HARRISON -A- LEASE - PROVED PRODUCING -------------------------- 62 HILGERS -B- LEASE - PROVED PRODUCING --------------------------- 63 KABA #2 - PROVED PRODUCING ------------------------------------- 64 OMLOR FIELD, STAFFORD CO., KANSAS MILLER #1 - PROVED PRODUCING ----------------------------------- 65 WILLIAMS #1 - PROVED PRODUCING --------------------------------- 66 OTIS-ALBERT FIELD, RUSH CO., KANSAS HARTMAN -C- #1 - PROVED PRODUCING ------------------------------ 67 PARADISE CREEK FIELD, ROOKS CO., KANSAS STAHL LEASE - PROVED PRODUCING --------------------------------- 68 STAHL #7 PUD - PROVED UNDEVELOPED ------------------------------ 69 PAWNEE ROCK FIELD, PAWNEE CO., KANSAS O'SCHULTZ #1 - PROVED PRODUCING --------------------------------- 70 OETKIN LEASE - PROVED PRODUCING ---------------------------------- 71 OETKIN #8 PBUD - PROBABLE UNDEVELOPED ---------------------------- 72 PLAINVILLE FIELD, ROOKS CO., KANSAS ANDERSON -A- #1 - PROVED PRODUCING ----------------------------- 73 BARDOT #1 - PROVED PRODUCING ----------------------------------- 74 GARVERT -A- #1 - PROVED PRODUCING ------------------------------ 75 GARVERT -B- #1 - PROVED PRODUCING ------------------------------ 76 HARRISON -C- LEASE - PROVED PRODUCING -------------------------- 77 JACO LEASE - PROVED PRODUCING ---------------------------------- 78 ROSS LEASE - PROVED PRODUCING ---------------------------------- 79 PLEASANT FIELD, RUSH CO., KANSAS BASGALL -C- #4 - PROVED PRODUCING ------------------------------ 80 PLEASANT FIELD, ELLIS CO., KANSAS HONAS #3 - PROVED PRODUCING ------------------------------------ 81 PLEASANT VIEW FIELD, RUSH CO., KANSAS URBAN -K- #5 - PROVED PRODUCING -------------------------------- 82 URBAN -K- #5 BP - PROVED BEHIND PIPE --------------------------- 83 PLEASANT VIEW NW FIELD, RUSH CO., KANSAS URBAN #1, 2 & 5 - PROVED PRODUCING ------------------------------- 84 URBAN #6 PUD - PROVED UNDEVELOPED -------------------------------- 85 URBAN #7 PUD - PROVED UNDEVELOPED -------------------------------- 86 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- REICHEL FIELD, RUSH CO., KANSAS ALLEN #1 A&D - PROVED PRODUCING -------------------------------- 87 ANDRE #1 - PROVED PRODUCING ------------------------------------ 88 APPL #1 - PROVED PRODUCING ------------------------------------- 89 APPL #2 - PROVED PRODUCING ------------------------------------- 90 BEAHM #1 - PROVED PRODUCING ------------------------------------ 91 BIEBER #1 - PROVED PRODUCING ----------------------------------- 92 BIEBER -A- #1 - PROVED PRODUCING ------------------------------- 93 BRACK -A- #3 - PROVED PRODUCING -------------------------------- 94 BREIT #1 - PROVED PRODUCING ------------------------------------ 95 BREIT-HOLZMEISTER -B- - PROVED PRODUCING ----------------------- 96 DECKER -A- #1 - PROVED PRODUCING ------------------------------- 97 EDWARDS #1 - PROVED PRODUCING ---------------------------------- 98 ELDER #19 - PROVED PRODUCING ----------------------------------- 99 FOOS #1 - PROVED PRODUCING ------------------------------------- 100 FOOS -A- #1 - PROVED PRODUCING --------------------------------- 101 FRYE #2 - PROVED PRODUCING ------------------------------------- 102 GIESICK #1 - PROVED PRODUCING ---------------------------------- 103 GILLIG #1 - PROVED PRODUCING ----------------------------------- 104 GRUMBEIN -A- #1 - PROVED PRODUCING ----------------------------- 105 HANHARDT #1 - PROVED PRODUCING --------------------------------- 106 HANHARDT -A- #1 - PROVED PRODUCING ----------------------------- 107 HANHARDT -A- #1BP - PROVED BEHIND PIPE ------------------------- 108 HOFFMAN #3 - PROVED PRODUCING ---------------------------------- 109 HOLZMEISTER #1 - PROVED PRODUCING ------------------------------ 110 HOLZMEISTER -A- #1 - PROVED PRODUCING -------------------------- 111 HOLZMEISTER -B- #1 - PROVED PRODUCING -------------------------- 112 HONDERICK -C- #1 - PROVED PRODUCING ---------------------------- 113 HOOFER #1 - PROVED PRODUCING ----------------------------------- 114 JANSON -A- #2 - PROVED PRODUCING ------------------------------- 115 KAISER #2 - PROVED PRODUCING ----------------------------------- 116 KAISER -A- #1 - PROVED PRODUCING ------------------------------- 117 KLEWENO #1-21 - PROVED PRODUCING ------------------------------- 118 KLEWENO -A- #1 - PROVED PRODUCING ------------------------------ 119 KOBER #1 - PROVED PRODUCING ------------------------------------ 120 LEBSACK -A- #1 - PROVED PRODUCING ------------------------------ 121 LIPPERT #2 - PROVED PRODUCING ---------------------------------- 122 LIPPERT #3 - PROVED PRODUCING ---------------------------------- 123 LIPPERT #3 BP - PROVED BEHIND PIPE ----------------------------- 124 LIPPERT -B- #1 - PROVED PRODUCING ------------------------------ 125 LIPPERT -B- #2 - PROVED PRODUCING ------------------------------ 126 LIPPERT -C- #1 - PROVED PRODUCING ------------------------------ 127 MCGILL #2 - PROVED PRODUCING ----------------------------------- 128 O'DELL #1 - PROVED PRODUCING ----------------------------------- 129 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- REICHEL FIELD, RUSH CO., KANSAS (CONT'D) OCHS -A- #1 - PROVED PRODUCING --------------------------------- 130 PFEIFER -B- #1 - PROVED PRODUCING ------------------------------ 131 RAU #1 - PROVED PRODUCING -------------------------------------- 132 REICHEL #1 - PROVED PRODUCING ---------------------------------- 133 ROTHE #1-31 - PROVED PRODUCING --------------------------------- 134 ROTHE, R. #1 - PROVED PRODUCING -------------------------------- 135 SCHEUERMAN #56 - PROVED PRODUCING ------------------------------ 136 SCHLITTER #2 - PROVED PRODUCING -------------------------------- 137 SCHNEIDER #1 - PROVED PRODUCING -------------------------------- 138 SHERWOOD #1 - PROVED PRODUCING --------------------------------- 139 STEITZ -A- #1 - PROVED PRODUCING ------------------------------- 140 STEITZ -B- #1 - PROVED PRODUCING ------------------------------- 141 THIELENHAUS #1 - PROVED PRODUCING ------------------------------ 142 THIELENHAUS #1 BP - PROVED BEHIND PIPE ------------------------- 143 TORREY #2 - PROVED PRODUCING ----------------------------------- 144 URBAN R & A #1 - PROVED PRODUCING ------------------------------ 145 REICHEL EAST FIELD, RUSH CO., KANSAS BAHR #1 - PROVED PRODUCING ------------------------------------- 146 REICHEL WEST FIELD, RUSH CO., KANSAS LEGLEITER -A- #1-1 - PROVED PRODUCING --------------------- 147 LEGLEITER -A- #1-2 - PROVED PRODUCING ---------------------------- 148 MUTH #1 & 2 - PROVED PRODUCING ----------------------------------- 149 RIDGEWAY SOUTH FIELD, TREGO CO., KANSAS SCHOENTHALER #3 - PROVED PRODUCING ----------------------------- 150 RIGA NORTHEAST FIELD, TREGO CO., KANSAS KELLER LEASE - PROVED PRODUCING -------------------------------- 151 KELLER -A- LEASE - PROVED PRODUCING ---------------------------- 152 RUGGELS WEST FIELD, OSBORNE CO., KANSAS MAIER #1 - PROVED PRODUCING ------------------------------------- 153 MAIER #1 BP - PROVED BEHIND PIPE --------------------------------- 154 SANDFORD FIELD, BARTON CO., KANSAS BEN TEMPERO #1 - PROVED PRODUCING ------------------------------ 155 BEN TEMPERO #5 PUD - PROVED UNDEVELOPED ------------------------ 156 SCHWINDT FIELD, RUSH CO., KANSAS JACOBS -B- #3 - PROVED PRODUCING ------------------------------- 157 SPRING CREEK FIELD, TREGO CO., KANSAS RIDGWAY #1 - PROVED PRODUCING ---------------------------------- 158 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- STOCKTON FIELD, ROOKS CO., KANSAS HINDMAN #1 - PROVED PRODUCING ------------------------------ 159 STEBBINS #1 - PROVED PRODUCING ---------------------------------- 160 WATTS #1 - PROVED PRODUCING -------------------------------------- 161 STREMEL FIELD, RUSH CO., KANSAS OCHS #1 & 3 - PROVED PRODUCING ---------------------------------- 162 URBAN -D- LEASE - PROVED PRODUCING ------------------------------- 163 THACKER FIELD, RUSSELL CO., KANSAS THACKER #2 - PROVED PRODUCING ---------------------------------- 164 TRAPP FIELD, BARTON CO., KANSAS DEUTSCH - PROVED PRODUCING --------------------------------------- 165 HOWLIER #1 - PROVED PRODUCING ------------------------------------ 166 WEBSTER FIELD, ROOKS CO., KANSAS CERROW-CERROW -A- #1 - PROVED PRODUCING ------------------------- 167 LOWRY #1 - PROVED PRODUCING -------------------------------------- 168 WERTH NORTH FIELD, ELLIS CO., KANSAS SCHNELLER LEASE - PROVED PRODUCING ----------------------------- 169 WESTHUSIN FIELD, ROOKS CO., KANSAS DOUGHERTY EAST #1 - PROVED PRODUCING ---------------------- 170 DOUGHERTY EAST #1 BP - PROVED BEHIND PIPE ----------------- 171 DOUGHERTY EAST #2 PUD - PROVED UNDEVELOPED ----------------------- 172 YOHE FIELD, ROOKS CO., KANSAS FINNESY LEASE - PROVED PRODUCING ------------------------------- 173 MOSHER LEASE - PROVED PRODUCING -------------------------------- 174 ALL FIELDS, RUSH CO., KANSAS OTIS COMPRESSOR STATION - PROVED PRODUCING --------------------- 175 VARIOUS FIELD, ALL CO., KANSAS KANSAS FIXED COSTS 1PDP - PROVED PRODUCING --------------------- 176 KANSAS FIXED COSTS 2PBP - PROVED BEHIND PIPE ------------------- 177 KANSAS FIXED COSTS 3PUD - PROVED UNDEVELOPED ------------------- 178 STATE SUMMARIES - STATE OF TENNESSEE TOTAL PROVED ALL CATEGORIES ------------------------------------ 179 PROVED PRODUCING ----------------------------------------------- 180 PROVED SHUT-IN ------------------------------------------------- 181 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- STATE SUMMARIES - STATE OF TENNESSEE (CONT'D) PROVED BEHIND PIPE --------------------------------------------- 182 PROVED UNDEVELOPED --------------------------------------------- 183 TOTAL PROBABLE BEHIND PIPE ------------------------------------- 184 TOTAL POSSIBLE UNDEVELOPED ------------------------------------- 185 SWAN CREEK FIELD, HANCOCK CO., TENNESSEE ANITA COLSON #1 - PROVED SHUT-IN ------------------------------- 186 ANITA COLSON #1 BP - PROVED BEHIND PIPE ------------------------ 187 ANITA COLSON #2 - PROVED PRODUCING ----------------------------- 188 BOBBY YEARY #1 - PROVED PRODUCING ------------------------------ 189 BOBBY YEARY #1BP - PROVED BEHIND PIPE -------------------------- 190 BOBBY YEARY #2 - PROVED SHUT-IN -------------------------------- 191 BOBBY YEARY #3 - PROVED SHUT-IN -------------------------------- 192 CHERYL SMITH #1 - PROVED SHUT-IN ------------------------------- 193 CHERYL SMITH #2 - PROVED UNDEVELOPED --------------------------- 194 CHEVRON REED #1 - PROVED SHUT-IN ------------------------------- 195 D. SUTTON HEIRS #1 - PROVED PRODUCING -------------------------- 196 D. SUTTON HEIRS #1 BP - PROVED BEHIND PIPE --------------------- 197 D. SUTTON HEIRS #3 - PROVED UNDEVELOPED ------------------------ 198 DARNELL SUTTON #1 - PROVED PRODUCING --------------------------- 199 DEANNA CROSS #1 - PROVED SHUT-IN ------------------------------- 200 DEANNA CROSS #1 BP - PROVED BEHIND PIPE ------------------------ 201 DEWEY SUTTON #1 - PROVED SHUT-IN ------------------------------- 202 DORIS HELTON #1 - PROVED PRODUCING ----------------------------- 203 DORIS HELTON #1 BP1 - PROVED BEHIND PIPE ----------------------- 204 DORIS HELTON #1 BP2 - PROVED BEHIND PIPE ----------------------- 205 F. WELLS #1 - POSSIBLE UNDEVELOPED ----------------------------- 206 FRED PORTRUM #1 - PROVED PRODUCING ----------------------------- 207 FRED PORTRUM #2 - PROVED PRODUCING ----------------------------- 208 GARY PATTON #2 - PROVED SHUT-IN -------------------------------- 209 GARY PATTON #2 BP1 - PROVED BEHIND PIPE ------------------------ 210 GARY PATTON #2 BP2 - PROVED BEHIND PIPE ------------------------ 211 GUY TOBEY #1 - POSSIBLE UNDEVELOPED ---------------------------- 212 HAZEL SUTTON #2 - PROVED PRODUCING ----------------------------- 213 HUGH ROBERTS #1 - PROVED SHUT-IN ------------------------------- 214 HUGH ROBERTS #1 BP - PROVED BEHIND PIPE ------------------------ 215 JEFF JOHNSON #1 - PROVED PRODUCING ----------------------------- 216 JEFF JOHNSON #2 - PROVED UNDEVELOPED --------------------------- 217 LANGE #1 - PROBABLE BEHIND PIPE -------------------------------- 218 LANGE #1 BP - PROBABLE BEHIND PIPE ----------------------------- 219 LAURA J. LAWSON #1 - PROVED PRODUCING -------------------------- 220 LAURA J. LAWSON #2 - PROVED PRODUCING -------------------------- 221 LAURA J. LAWSON #2 BP - PROVED BEHIND PIPE --------------------- 222 LAURA J. LAWSON #3 - PROVED PRODUCING -------------------------- 223 LAURA J. LAWSON #4 - PROVED PRODUCING -------------------------- 224 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- SWAN CREEK FIELD, HANCOCK CO., TENNESSEE (CONT'D) LAURA J. LAWSON #4 BP - PROVED BEHIND PIPE --------------------- 225 LAURA J. LAWSON #5 - PROVED SHUT-IN ---------------------------- 226 PAUL REED #1 - PROVED PRODUCING -------------------------------- 227 PAUL REED #2 - PROVED SHUT-IN ---------------------------------- 228 PAUL REED #2 BP - PROVED BEHIND PIPE --------------------------- 229 PAUL REED #3 - PROVED PRODUCING -------------------------------- 230 PAUL REED #3 BP1 - PROVED BEHIND PIPE -------------------------- 231 PAUL REED #3 BP2 - PROVED BEHIND PIPE -------------------------- 232 PAUL REED #4 - PROVED PRODUCING -------------------------------- 233 PAUL REED #4 BP1 - PROVED BEHIND PIPE -------------------------- 234 PAUL REED #4 BP2 - PROVED BEHIND PIPE -------------------------- 235 PAUL REED #5 - PROVED PRODUCING -------------------------------- 236 PAUL REED #6 - PROVED PRODUCING -------------------------------- 237 PAUL REED #6 BP - PROVED BEHIND PIPE --------------------------- 238 PAUL REED #7 - PROVED PRODUCING -------------------------------- 239 PAUL REED #7 BP1 - PROVED BEHIND PIPE -------------------------- 240 PAUL REED #7 BP2 - PROVED BEHIND PIPE -------------------------- 241 PAUL REED #8 - PROVED BEHIND PIPE ------------------------------ 242 PAUL REED #8 BP - PROVED BEHIND PIPE --------------------------- 243 PAUL REED #9 - PROVED UNDEVELOPED ------------------------------ 244 PURKEY #1 - PROVED PRODUCING ----------------------------------- 245 PURKEY #2 - PROVED SHUT-IN ------------------------------------- 246 PURKEY #3 - PROVED PRODUCING ----------------------------------- 247 PURKEY #3 BP1 - PROVED BEHIND PIPE ----------------------------- 248 PURKEY #3 BP2 - PROVED BEHIND PIPE ----------------------------- 249 PURKEY #4 - PROVED UNDEVELOPED --------------------------------- 250 PURKEY #5 - PROVED UNDEVELOPED --------------------------------- 251 RAY DEAN HELTON #1 - PROVED PRODUCING -------------------------- 252 RAY DEAN HELTON #1 BP - PROVED BEHIND PIPE --------------------- 253 RAY DEAN HELTON #2 - PROVED SHUT-IN ---------------------------- 254 RAY DEAN HELTON #2 BP1 - PROVED BEHIND PIPE -------------------- 255 RAY DEAN HELTON #2 BP2 - PROVED BEHIND PIPE -------------------- 256 RAY DEAN HELTON #3 - PROVED SHUT-IN ---------------------------- 257 RAY DEAN HELTON #4 - PROVED UNDEVELOPED ------------------------ 258 RAY DEAN HELTON #6 - PROVED UNDEVELOPED ------------------------ 259 ROSE #1 - PROVED SHUT-IN --------------------------------------- 260 STEPHEN LAWSON #1 - PROVED PRODUCING --------------------------- 261 STEPHEN LAWSON #2 - PROVED SHUT-IN ----------------------------- 262 STEPHEN LAWSON #3 - PROVED PRODUCING --------------------------- 263 STEPHEN LAWSON #3 BP - PROVED BEHIND PIPE ---------------------- 264 STEPHEN LAWSON #4 - PROVED PRODUCING --------------------------- 265 STEPHEN LAWSON #4 BP - PROVED BEHIND PIPE ---------------------- 266 STEPHEN LAWSON #5 - PROVED PRODUCING --------------------------- 267 STEPHEN LAWSON #5 BP - PROVED BEHIND PIPE ---------------------- 268 STEPHEN LAWSON #6 - PROVED UNDEVELOPED ------------------------- 269 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- SWAN CREEK FIELD, HANCOCK CO., TENNESSEE (CONT'D) STEPHEN LAWSON #7 - PROVED UNDEVELOPED ------------------------- 270 T.J. HARRISON #1 - PROVED SHUT-IN ------------------------------ 271 WARREN REED #1 - PROVED SHUT-IN -------------------------------- 272 WARREN REED #1 BP - PROVED BEHIND PIPE ------------------------- 273 WARREN REED #2 - PROVED PRODUCING ------------------------------ 274 WARREN REED #2 BP1 - PROVED BEHIND PIPE ------------------------ 275 WARREN REED #2 BP2 - PROVED BEHIND PIPE ------------------------ 276 WELLS/YEARY #1 - PROVED PRODUCING ------------------------------ 277 WOODROW DAVIS #1 - PROVED SHUT-IN ------------------------------ 278 LOCATION # 4 - PROVED UNDEVELOPED ------------------------------ 279 LOCATION # 5 - PROVED UNDEVELOPED ------------------------------ 280 LOCATION # 8 - PROVED UNDEVELOPED ------------------------------ 281 LOCATION #12 - PROVED UNDEVELOPED ------------------------------ 282 LOCATION #13 - PROVED UNDEVELOPED ------------------------------ 283 LOCATION #14 - PROVED UNDEVELOPED ------------------------------ 284 LOCATION #15 - PROVED UNDEVELOPED ------------------------------ 285 LOCATION #16 - PROVED UNDEVELOPED ------------------------------ 286 LOCATION #17 - PROVED UNDEVELOPED ------------------------------ 287 LOCATION #19 - PROVED UNDEVELOPED ------------------------------ 288 LOCATION #20 - PROVED UNDEVELOPED ------------------------------ 289 LOCATION #24 - PROVED UNDEVELOPED ------------------------------ 290 LOCATION #25 - PROVED UNDEVELOPED ------------------------------ 291 LOCATION #26 - PROVED UNDEVELOPED ------------------------------ 292 LOCATION #27 - PROVED UNDEVELOPED ------------------------------ 293 LOCATION #29 - PROVED UNDEVELOPED ------------------------------ 294 LOCATION #32 - PROVED UNDEVELOPED ------------------------------ 295 LOCATION #33 - PROVED UNDEVELOPED ------------------------------ 296 LOCATION #34 - PROVED UNDEVELOPED ------------------------------ 297 LOCATION #35 - PROVED UNDEVELOPED ------------------------------ 298 LOCATION #36 - PROVED UNDEVELOPED ------------------------------ 299 LOCATION #38 - PROVED UNDEVELOPED ------------------------------ 300 LOCATION #39 - PROVED UNDEVELOPED ------------------------------ 301 LOCATION #40 - PROVED UNDEVELOPED ------------------------------ 302 LOCATION #41 - PROVED UNDEVELOPED ------------------------------ 303 LOCATION #42 - PROVED UNDEVELOPED ------------------------------ 304 LOCATION #43 - PROVED UNDEVELOPED ------------------------------ 305 LOCATION #44 - PROVED UNDEVELOPED ------------------------------ 306 LOCATION #45 - PROVED UNDEVELOPED ------------------------------ 307 LOCATION #46 - PROVED UNDEVELOPED ------------------------------ 308 LOCATION #47 - PROVED UNDEVELOPED ------------------------------ 309 LOCATION #48 - PROVED UNDEVELOPED ------------------------------ 310 LOCATION #49 - PROVED UNDEVELOPED ------------------------------ 311 LOCATION #50 - PROVED UNDEVELOPED ------------------------------ 312 LOCATION #51 - PROVED UNDEVELOPED ------------------------------ 313 LOCATION #53 - PROVED UNDEVELOPED ------------------------------ 314 TENGASCO, INC. TABLE OF CONTENTS (CONT'D) TABLE NO. --------- SWAN CREEK FIELD, HANCOCK CO., TENNESSEE (CONT'D) LOCATION #54 - POSSIBLE UNDEVELOPED ---------------------------- 315 LOCATION #55 - POSSIBLE UNDEVELOPED ---------------------------- 316 LOCATION #56 - POSSIBLE UNDEVELOPED ---------------------------- 317 LOCATION #57 - POSSIBLE UNDEVELOPED ---------------------------- 318 LOCATION #58 - POSSIBLE UNDEVELOPED ---------------------------- 319 LOCATION #59 - POSSIBLE UNDEVELOPED ---------------------------- 320 LOCATION #60 - POSSIBLE UNDEVELOPED ---------------------------- 321 LOCATION #61 - POSSIBLE UNDEVELOPED ---------------------------- 322 LOCATION #62 - POSSIBLE UNDEVELOPED ---------------------------- 323 LOCATION #63 - POSSIBLE UNDEVELOPED ---------------------------- 324 LOCATION #65 - POSSIBLE UNDEVELOPED ---------------------------- 325 LOCATION #67 - POSSIBLE UNDEVELOPED ---------------------------- 326 LOCATION #68 - PROVED UNDEVELOPED ------------------------------ 327 LOCATION #69 - PROVED UNDEVELOPED ------------------------------ 328 LOCATION #70 - PROVED UNDEVELOPED ------------------------------ 329 LOCATION #71 - PROVED UNDEVELOPED ------------------------------ 330 LOCATION #72 - PROVED UNDEVELOPED ------------------------------ 331 ! TABLE A PAGE 1 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 1,677 6,285,437 2,374,595 5.090 5.090 198 D. SUTTON HEIRS #3 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 1,232 4,637,542 2,316,318 4.966 10.056 281 LOCATION # 8 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 837 3,075,213 1,754,737 3.762 13.818 280 LOCATION # 5 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 824 3,064,866 1,395,413 2.991 16.809 274 WARREN REED #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 753 2,722,767 1,115,810 2.392 19.201 221 LAURA J. LAWSON #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 522 1,962,415 1,053,647 2.259 21.460 210 GARY PATTON #2 BP1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 447 1,541,214 974,545 2.089 23.549 279 LOCATION # 4 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 626 2,122,837 891,240 1.911 25.459 244 PAUL REED #9 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 477 1,703,998 815,813 1.749 27.208 233 PAUL REED #4 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 509 1,706,228 798,300 1.711 28.920 269 STEPHEN LAWSON #6 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 438 1,455,721 797,588 1.710 30.629 258 RAY DEAN HELTON #4 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 447 1,533,769 771,131 1.653 32.282 299 LOCATION #36 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 626 2,433,315 745,979 1.599 33.882 204 DORIS HELTON #1 BP1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 438 1,455,721 734,070 1.574 35.455 259 RAY DEAN HELTON #6 MCHALE FIELD, ROOKS COUNTY, KANSAS PV-PD 79,255 0 1,385,208 695,076 1.490 36.945 62 HARRISON -A- LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 335 1,288,008 673,415 1.444 38.389 273 WARREN REED #1 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 368 1,224,910 653,151 1.400 39.789 296 LOCATION #33 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 30,597 0 744,492 642,078 1.376 41.166 242 PAUL REED #8 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 335 1,094,913 632,540 1.356 42.522 287 LOCATION #17
TABLE A PAGE 2 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- KRAUS FIELD, ELLIS COUNTY, KANSAS PV-PD 73,404 0 1,314,259 615,354 1.319 43.841 46 KRAUS -A- LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 394 1,259,734 605,793 1.299 45.139 270 STEPHEN LAWSON #7 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 335 1,096,295 600,219 1.287 46.426 297 LOCATION #34 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 335 1,096,295 580,621 1.245 47.671 298 LOCATION #35 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 33,691 0 751,100 566,283 1.214 48.885 236 PAUL REED #5 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 279 852,272 532,049 1.141 50.025 194 CHERYL SMITH #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 312 1,005,501 528,266 1.132 51.158 301 LOCATION #39 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 312 1,005,501 515,276 1.105 52.262 302 LOCATION #40 MARCOTTE FIELD, ROOKS COUNTY, KANSAS PV-PD 84,637 0 820,170 483,203 1.036 53.298 59 CROFFOOT -B- LEASE PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS PV-PD 77,299 0 929,794 476,630 1.022 54.320 68 STAHL LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 279 877,184 474,353 1.017 55.337 300 LOCATION #38 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 315 968,323 436,842 0.936 56.273 239 PAUL REED #7 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 223 661,071 428,710 0.919 57.192 282 LOCATION #12 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 223 661,071 428,710 0.919 58.111 283 LOCATION #13 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 297 904,427 424,107 0.909 59.020 196 D. SUTTON HEIRS #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 223 662,147 420,244 0.901 59.921 288 LOCATION #19 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 223 662,147 420,244 0.901 60.822 289 LOCATION #20 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 225 669,838 378,548 0.811 61.634 304 LOCATION #42 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 352 1,262,370 365,999 0.785 62.418 243 PAUL REED #8 BP
TABLE A PAGE 3 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 13,530 30 402,172 357,571 0.767 63.185 187 ANITA COLSON #1 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 190 532,755 343,848 0.737 63.922 286 LOCATION #16 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS PV-PD 42,314 0 700,076 337,020 0.722 64.644 78 JACO LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 193 550,276 323,487 0.693 65.338 188 ANITA COLSON #2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 225 796,151 315,496 0.676 66.014 87 ALLEN #1 A&D YOHE FIELD, ROOKS COUNTY, KANSAS PV-PD 36,107 0 687,497 306,143 0.656 66.670 174 MOSHER LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 167 445,765 306,017 0.656 67.326 295 LOCATION #32 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 203 736,041 302,438 0.648 67.975 144 TORREY #2 MARCOTTE FIELD, ROOKS COUNTY, KANSAS PV-PD 34,460 0 437,670 297,848 0.639 68.613 61 DICK LEASE REICHEL FIELD, RUSH COUNTY, KANSAS PV-BP 0 117 458,492 288,894 0.619 69.233 143 THIELENHAUS #1 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 131 406,513 265,509 0.569 69.802 251 PURKEY #5 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 101 379,566 256,810 0.551 70.352 200 DEANNA CROSS #1 BEISEL FIELD, RUSSELL COUNTY, KANSAS PV-UD 33,884 0 617,931 254,763 0.546 70.898 19 BEISEL #9 PUD PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS PV-UD 39,644 0 674,797 253,480 0.543 71.442 69 STAHL #7 PUD REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 154 553,270 248,657 0.533 71.975 97 DECKER -A- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 145 447,471 247,121 0.530 72.505 133 REICHEL #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 123 376,429 246,466 0.528 73.033 250 PURKEY #4 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 167 444,001 244,289 0.524 73.557 310 LOCATION #48 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 167 444,001 244,289 0.524 74.080 309 LOCATION #47
TABLE A PAGE 4 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 102 337,097 241,111 0.517 74.597 253 RAY DEAN HELTON #1 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 170 454,058 239,917 0.514 75.112 227 PAUL REED #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 167 444,959 239,701 0.514 75.625 312 LOCATION #50 SANDFORD FIELD, BARTON COUNTY, KANSAS PV-UD 37,722 0 562,518 238,543 0.511 76.137 156 BEN TEMPERO #5 PUD AXELSON FIELD, ROOKS COUNTY, KANSAS PV-PD 33,717 0 602,608 237,273 0.509 76.645 17 AXELSON LEASE PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS PV-PD 26,552 0 441,964 234,981 0.504 77.149 84 URBAN #1, 2 & 5 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 123 429,898 233,895 0.501 77.651 278 WOODROW DAVIS #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 17,132 0 319,831 211,114 0.453 78.103 226 LAURA J. LAWSON #5 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 77 258,974 210,874 0.452 78.555 229 PAUL REED #2 BP REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 89 315,492 200,253 0.429 78.984 138 SCHNEIDER #1 SANDFORD FIELD, BARTON COUNTY, KANSAS PV-PD 25,431 0 339,766 199,702 0.428 79.413 155 BEN TEMPERO #1 RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS PV-BP 21,014 0 302,040 197,208 0.423 79.835 154 MAIER #1 BP PLAINVILLE FIELD, ROOKS COUNTY, KANSAS PV-PD 21,134 0 544,959 191,111 0.410 80.245 75 GARVERT -A- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 103 263,396 187,422 0.402 80.647 103 GIESICK #1 REICHEL WEST FIELD, RUSH COUNTY, KANSAS PV-PD 0 185 383,858 185,525 0.398 81.045 147 LEGLEITER -A- #1-1 CONVERSE FIELD, BARTON COUNTY, KANSAS PV-UD 21,869 0 392,673 177,869 0.381 81.426 29 IANNITTI #9 PUD PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS PV-UD 24,495 0 490,967 174,722 0.375 81.800 85 URBAN #6 PUD SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 123 271,192 174,604 0.374 82.175 293 LOCATION #27 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 59 221,307 173,731 0.372 82.547 272 WARREN REED #1
TABLE A PAGE 5 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS PV-UD 24,495 0 490,967 170,426 0.365 82.912 86 URBAN #7 PUD SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 84 306,840 166,968 0.358 83.270 215 HUGH ROBERTS #1 BP WESTHUSIN FIELD, ROOKS COUNTY, KANSAS PV-UD 30,683 0 599,345 163,429 0.350 83.621 172 DOUGHERTY EAST #2 PUD CONVERSE FIELD, BARTON COUNTY, KANSAS PV-PD 27,245 0 250,758 161,314 0.346 83.967 28 IANNITTI LEASE YOHE FIELD, ROOKS COUNTY, KANSAS PV-PD 17,363 0 261,571 160,268 0.344 84.310 173 FINNESY LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 72 271,371 159,445 0.342 84.652 255 RAY DEAN HELTON #2 BP1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 100 241,497 158,916 0.341 84.993 267 STEPHEN LAWSON #5 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 157,989 0.339 85.331 285 LOCATION #15 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 98 310,814 157,104 0.337 85.668 132 RAU #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 111 227,438 155,702 0.334 86.002 284 LOCATION #14 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS PV-PD 16,661 0 271,563 154,644 0.332 86.333 79 ROSS LEASE SCHWINDT FIELD, RUSH COUNTY, KANSAS PV-PD 17,507 0 255,973 153,919 0.330 86.663 157 JACOBS -B- #3 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 152,831 0.328 86.991 290 LOCATION #24 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 123 271,192 151,629 0.325 87.316 308 LOCATION #46 REICHEL FIELD, RUSH COUNTY, KANSAS PV-BP 0 52 207,270 150,324 0.322 87.638 124 LIPPERT #3 BP REICHEL WEST FIELD, RUSH COUNTY, KANSAS PV-PD 0 79 207,128 149,457 0.320 87.959 149 MUTH #1&2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 149,073 0.320 88.278 294 LOCATION #29 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 149,073 0.320 88.598 292 LOCATION #26 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 149,073 0.320 88.917 291 LOCATION #25
TABLE A PAGE 6 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 6,772 0 164,511 146,192 0.313 89.231 254 RAY DEAN HELTON #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 115 281,749 145,314 0.312 89.542 220 LAURA J. LAWSON #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 143,014 0.307 89.849 307 LOCATION #45 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 94 216,638 137,480 0.295 90.144 263 STEPHEN LAWSON #3 LITTLE RIO FIELD, RICE COUNTY, KANSAS PV-PD 22,874 0 227,007 135,168 0.290 90.433 56 WHITEMAN-HOLLAND LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 134,943 0.289 90.723 303 LOCATION #41 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 134,943 0.289 91.012 306 LOCATION #44 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 134,943 0.289 91.301 305 LOCATION #43 WERTH NORTH FIELD, ELLIS COUNTY, KANSAS PV-PD 19,604 0 222,079 134,363 0.288 91.589 169 SCHNELLER LEASE COOPER FIELD, GRAHAM COUNTY, KANSAS PV-PD 16,929 0 240,882 133,562 0.286 91.876 31 LEWIS LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 8,390 6 180,999 133,299 0.286 92.161 266 STEPHEN LAWSON #4 BP REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 95 282,275 130,764 0.280 92.442 107 HANHARDT -A- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 129,458 0.278 92.719 311 LOCATION #49 SPRING CREEK FIELD, TREGO COUNTY, KANSAS PV-PD 16,385 0 187,574 128,849 0.276 92.995 158 RIDGWAY #1 MARCOTTE FIELD, ROOKS COUNTY, KANSAS PV-PD 29,664 0 174,054 127,373 0.273 93.268 57 CROFFOOT LEASE REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 103 267,847 127,321 0.273 93.541 100 FOOS #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 96 367,333 126,456 0.271 93.812 109 HOFFMAN #3 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 125,231 0.268 94.081 313 LOCATION #51 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 112 230,804 125,231 0.268 94.349 314 LOCATION #53
TABLE A PAGE 7 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 38 144,255 123,855 0.266 94.615 214 HUGH ROBERTS #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 112 421,603 122,558 0.263 94.878 201 DEANNA CROSS #1 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 111 227,438 120,384 0.258 95.136 328 LOCATION #69 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 111 227,438 120,384 0.258 95.394 327 LOCATION #68 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 264 882,168 118,691 0.254 95.648 231 PAUL REED #3 BP1 GIESICK FIELD, RUSH COUNTY, KANSAS PV-PD 0 95 335,558 117,745 0.252 95.901 40 GIESICK #2 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS PV-PD 18,317 0 205,098 117,718 0.252 96.153 24 LANDER #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 111 227,438 115,491 0.248 96.400 331 LOCATION #72 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 111 227,438 115,491 0.248 96.648 330 LOCATION #71 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 111 227,438 115,491 0.248 96.896 329 LOCATION #70 MARCOTTE FIELD, ROOKS COUNTY, KANSAS PV-PD 18,399 0 191,901 111,546 0.239 97.135 60 CROFFOOT -C- LEASE KRAUS FIELD, ELLIS COUNTY, KANSAS PV-PD 16,601 0 155,444 108,867 0.233 97.368 48 KRAUS -I- LEASE REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 86 307,949 107,681 0.231 97.599 130 OCHS -A- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 452 1,707,988 105,099 0.225 97.824 268 STEPHEN LAWSON #5 BP REICHEL FIELD, RUSH COUNTY, KANSAS PV-BP 0 38 140,963 104,378 0.224 98.048 108 HANHARDT -A- #1BP REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 102 214,686 101,428 0.217 98.265 123 LIPPERT #3 PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS PV-BP 0 40 143,513 99,520 0.213 98.479 83 URBAN -K- #5 BP REICHEL EAST FIELD, RUSH COUNTY, KANSAS PV-PD 0 74 265,228 96,951 0.208 98.687 146 BAHR #1 RIDGEWAY SOUTH FIELD, TREGO COUNTY, KANSAS PV-PD 9,652 0 130,348 95,923 0.206 98.892 150 SCHOENTHALER #3
TABLE A PAGE 8 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- PLAINVILLE FIELD, ROOKS COUNTY, KANSAS PV-PD 12,382 0 276,104 95,748 0.205 99.098 76 GARVERT -B- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 74 284,418 93,499 0.200 99.298 136 SCHEUERMAN #56 BIELMAN FIELD, ELLIS COUNTY, KANSAS PV-PD 10,792 0 127,936 93,097 0.200 99.498 20 GRASS #5 DAVIDSON FIELD, RUSSELL COUNTY, KANSAS PV-PD 12,945 0 116,372 92,137 0.198 99.695 32 FOSTER LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 69 162,733 88,574 0.190 99.885 247 PURKEY #3 KRAUS FIELD, ELLIS COUNTY, KANSAS PV-PD 12,361 0 141,635 88,098 0.189 100.074 47 KRAUS -B- LEASE REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 70 216,298 86,720 0.186 100.260 93 BIEBER -A- #1 WEBSTER FIELD, ROOKS COUNTY, KANSAS PV-PD 8,663 0 127,994 83,510 0.179 100.439 167 CERROW-CERROW -A- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 43 149,729 82,678 0.177 100.616 90 APPL #2 MCHALE FIELD, ROOKS COUNTY, KANSAS PV-PD 14,378 0 128,521 82,222 0.176 100.792 63 HILGERS -B- LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 57 138,532 80,321 0.172 100.964 277 WELLS/YEARY #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 50 193,549 76,090 0.163 101.128 104 GILLIG #1 STOCKTON FIELD, ROOKS COUNTY, KANSAS PV-PD 12,838 0 154,331 75,611 0.162 101.290 160 STEBBINS #1 OMLOR FIELD, STAFFORD COUNTY, KANSAS PV-PD 7,474 0 112,445 72,808 0.156 101.446 66 WILLIAMS #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 52 100,174 72,123 0.155 101.600 237 PAUL REED #6 THACKER FIELD, RUSSELL COUNTY, KANSAS PV-PD 6,643 0 87,556 70,566 0.151 101.752 164 THACKER #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 47 108,454 69,161 0.148 101.900 216 JEFF JOHNSON #1 DISTRICT 57 FIELD, ELLIS COUNTY, KANSAS PV-PD 14,131 0 150,247 68,187 0.146 102.046 33 FLAX #1 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS PV-PD 11,367 0 159,930 68,060 0.146 102.192 170 DOUGHERTY EAST #1
TABLE A PAGE 9 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- TRAPP FIELD, BARTON COUNTY, KANSAS PV-PD 9,142 0 103,809 67,609 0.145 102.337 166 HOWLIER #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 49 125,827 66,974 0.144 102.480 120 KOBER #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 47 158,444 65,675 0.141 102.621 105 GRUMBEIN -A- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 41 78,717 65,061 0.139 102.761 134 ROTHE #1-31 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 57 183,924 64,273 0.138 102.898 139 SHERWOOD #1 HOBROCK FIELD, OSBORNE COUNTY, KANSAS PV-PD 5,694 0 78,247 63,903 0.137 103.035 44 HOGAN LEASE REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 32 93,838 63,378 0.136 103.171 135 ROTHE, R. #1 CENTERVIEW FIELD, STAFFORD COUNTY, KANSAS PV-PD 9,742 0 89,273 62,903 0.135 103.306 23 BECKERDITE #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 49 92,799 60,885 0.131 103.437 230 PAUL REED #3 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 26 97,151 60,475 0.130 103.566 142 THIELENHAUS #1 PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS PV-PD 6,173 0 124,876 58,649 0.126 103.692 82 URBAN -K- #5 MARCOTTE FIELD, ROOKS COUNTY, KANSAS PV-PD 9,713 0 93,699 56,536 0.121 103.813 58 CROFFOOT -A- LEASE CHEYENNE FIELD, BARTON COUNTY, KANSAS PV-PD 8,848 0 81,783 56,500 0.121 103.934 27 HAMMEKE #1 ARPIN SOUTH FIELD, ROOKS COUNTY, KANSAS PV-PD 5,786 0 71,542 56,172 0.120 104.055 15 THYFAULT #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 25,374 17 638,124 55,279 0.119 104.173 264 STEPHEN LAWSON #3 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 41 72,971 55,210 0.118 104.292 213 HAZEL SUTTON #2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 40 113,363 54,807 0.117 104.409 116 KAISER #2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 23 93,343 52,654 0.113 104.522 118 KLEWENO #1-21 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS PV-PD 7,929 0 83,210 52,111 0.112 104.634 77 HARRISON -C- LEASE
TABLE A PAGE 10 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 47 140,531 51,531 0.110 104.744 89 APPL #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 40 126,148 50,341 0.108 104.852 106 HANHARDT #1 GATES NORTH FIELD, STAFFORD COUNTY, KANSAS PV-PD 12,124 0 69,332 50,048 0.107 104.959 39 SCHULZ LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 2,249 0 53,478 49,701 0.107 105.066 193 CHERYL SMITH #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 604 2,342,205 49,493 0.106 105.172 234 PAUL REED #4 BP1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 31 117,083 47,386 0.102 105.274 127 LIPPERT -C- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 3,521 0 56,269 46,185 0.099 105.373 191 BOBBY YEARY #2 RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS PV-PD 6,186 0 78,359 45,903 0.098 105.471 151 KELLER LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 13,530 45 449,862 45,857 0.098 105.569 211 GARY PATTON #2 BP2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 25 70,045 44,602 0.096 105.665 98 EDWARDS #1 STOCKTON FIELD, ROOKS COUNTY, KANSAS PV-PD 9,056 0 79,644 44,269 0.095 105.760 159 HINDMAN #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 41 70,852 42,490 0.091 105.851 92 BIEBER #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 35 108,928 39,523 0.085 105.936 113 HONDERICK -C- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 890 3,552,153 39,247 0.084 106.020 275 WARREN REED #2 BP1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 10,235 0 222,945 38,409 0.082 106.102 238 PAUL REED #6 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 26 45,751 38,139 0.082 106.184 203 DORIS HELTON #1 CARPENTER FIELD, EDWARDS COUNTY, KANSAS PV-PD 5,719 0 65,656 35,472 0.076 106.260 21 HENNING #1 OMLOR FIELD, STAFFORD COUNTY, KANSAS PV-PD 4,067 0 49,938 35,039 0.075 106.335 65 MILLER #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 32 90,692 32,846 0.070 106.405 95 BREIT #1
TABLE A PAGE 11 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS PV-PD 7,615 0 38,727 32,069 0.069 106.474 152 KELLER -A- LEASE REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 19 56,162 31,748 0.068 106.542 145 URBAN R & A #1 BEISEL FIELD, RUSSELL COUNTY, KANSAS PV-PD 10,390 0 37,167 31,021 0.067 106.609 18 BEISEL LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 141 277,846 30,721 0.066 106.675 225 LAURA J. LAWSON #4 BP CARROLL FIELD, BARTON COUNTY, KANSAS PV-PD 8,855 0 40,850 28,873 0.062 106.737 22 KEENAN -B- LEASE LEIKER EAST FIELD, ELLIS COUNTY, KANSAS PV-PD 4,160 0 47,794 28,470 0.061 106.798 49 LEIKER #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 23 51,057 28,261 0.061 106.858 119 KLEWENO -A- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 1,767 0 39,453 27,481 0.059 106.917 96 BREIT-HOLZMEISTER -B- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 98 349,855 27,320 0.059 106.976 205 DORIS HELTON #1 BP2 STOCKTON FIELD, ROOKS COUNTY, KANSAS PV-PD 5,201 0 38,000 27,227 0.058 107.034 161 WATTS #1 ELLIS NW FIELD, TREGO COUNTY, KANSAS PV-PD 5,089 0 32,243 25,211 0.054 107.088 36 BAUGHER #1 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS PV-PD 3,444 0 41,969 23,889 0.051 107.139 73 ANDERSON -A- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-UD 0 70 57,684 23,381 0.050 107.189 217 JEFF JOHNSON #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 29 31,935 22,669 0.049 107.238 224 LAURA J. LAWSON #4 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 2,394 0 27,114 21,951 0.047 107.285 261 STEPHEN LAWSON #1 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS PV-BP 2,453 0 55,316 21,895 0.047 107.332 171 DOUGHERTY EAST #1 BP HOBROCK FIELD, OSBORNE COUNTY, KANSAS PV-PD 2,851 0 33,567 21,534 0.046 107.378 43 HOBROCK #4 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 13 22,398 18,781 0.040 107.418 140 STEITZ -A- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 22 25,889 18,096 0.039 107.457 101 FOOS -A- #1
TABLE A PAGE 12 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 15 46,235 18,085 0.039 107.496 256 RAY DEAN HELTON #2 BP2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 9 35,013 17,695 0.038 107.534 126 LIPPERT -B- #2 STREMEL FIELD, RUSH COUNTY, KANSAS PV-PD 1,502 0 18,210 15,804 0.034 107.568 163 URBAN -D- LEASE COOPER FIELD, GRAHAM COUNTY, KANSAS PV-PD 5,265 0 13,398 11,893 0.025 107.593 30 DEYOUNG LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 18 15,347 11,775 0.025 107.618 223 LAURA J. LAWSON #3 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 112 404,623 10,245 0.022 107.640 248 PURKEY #3 BP1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 12 14,487 10,082 0.022 107.662 137 SCHLITTER #2 WEBSTER FIELD, ROOKS COUNTY, KANSAS PV-PD 2,147 0 10,136 8,653 0.019 107.681 168 LOWRY #1 LEONHARDT SOUTHEAST FIELD, ELLIS COUNTY, KANSAS PV-PD 3,026 0 9,386 8,125 0.017 107.698 50 KRAUS LEASE REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 537 0 6,712 5,952 0.013 107.711 117 KAISER -A- #1 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS PV-PD 0 9 8,244 5,324 0.011 107.722 53 LEGLEITER -B- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 140 505,035 5,268 0.011 107.733 197 D. SUTTON HEIRS #1 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 130 472,522 4,542 0.010 107.743 240 PAUL REED #7 BP1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 4 2,932 2,756 0.006 107.749 265 STEPHEN LAWSON #4 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 8 2,950 2,692 0.006 107.755 141 STEITZ -B- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 6 2,524 2,326 0.005 107.760 207 FRED PORTRUM #1 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS PV-PD 1,824 0 2,227 2,124 0.005 107.764 71 OETKIN LEASE PLEASANT FIELD, ELLIS COUNTY, KANSAS PV-PD 799 0 1,724 1,583 0.003 107.768 81 HONAS #3 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 42 147,126 1,403 0.003 107.771 249 PURKEY #3 BP2
TABLE A PAGE 13 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- HERMAN FIELD, BARTON COUNTY, KANSAS PV-PD 1,375 0 1,461 1,370 0.003 107.774 42 H. KARST LEASE REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 1 1,560 1,252 0.003 107.776 102 FRYE #2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 1 856 775 0.002 107.778 94 BRACK -A- #3 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 0 601 597 0.001 107.779 208 FRED PORTRUM #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 2 562 526 0.001 107.781 245 PURKEY #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 14 27,884 477 0.001 107.782 232 PAUL REED #3 BP2 TRAPP FIELD, BARTON COUNTY, KANSAS PV-PD 259 0 190 185 0.000 107.782 165 DEUTSCH IRVIN FIELD, ELLIS COUNTY, KANSAS PV-PD 438 0 67 66 0.000 107.782 45 KINDERKNECHT -B- LEASE SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 17 0 44 44 0.000 107.782 257 RAY DEAN HELTON #3 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 54 LEGLEITER -C- #1 GATES NORTH FIELD, STAFFORD COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 38 HOFFMAN #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 192 BOBBY YEARY #3 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 209 GARY PATTON #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 0 0 0 0.000 107.782 252 RAY DEAN HELTON #1 GOTTSCHALK FIELD, ELLIS COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 41 WERTH #1 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 55 LEGLEITER -C- #2 DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 35 LOVETT #1 ASH CREEK FIELD, BARTON COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 16 UNRUH #2 DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 34 BARSTOW #1
TABLE A PAGE 14 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 0 0 0 0.000 107.782 190 BOBBY YEARY #1BP REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 111 HOLZMEISTER -A- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 202 DEWEY SUTTON #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 121 LEBSACK -A- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 262 STEPHEN LAWSON #2 FICKEN FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 37 SCHWINDT FARMS #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 260 ROSE #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 246 PURKEY #2 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 52 GRAHAM #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 91 BEAHM #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 128 MCGILL #2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 129 O'DELL #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 112 HOLZMEISTER -B- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 131 PFEIFER -B- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 195 CHEVRON REED #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 115 JANSON -A- #2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 125 LIPPERT -B- #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 99 ELDER #19 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 26 ROSE LEASE
TABLE A PAGE 15 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- MCHALE FIELD, ROOKS COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 64 KABA #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 0 0 0 0.000 107.782 222 LAURA J. LAWSON #2 BP SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 0 0 0 0.000 107.782 241 PAUL REED #7 BP2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 122 LIPPERT #2 OTIS-ALBERT FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 67 HARTMAN -C- #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 186 ANITA COLSON #1 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 70 O'SCHULTZ #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 228 PAUL REED #2 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 0 0 0 0.000 107.782 189 BOBBY YEARY #1 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 110 HOLZMEISTER #1 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 74 BARDOT #1 REICHEL WEST FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 148 LEGLEITER -A- #1-2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 114 HOOFER #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-SI 0 0 0 0 0.000 107.782 271 T.J. HARRISON #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 0 0 0 0.000 107.782 235 PAUL REED #4 BP2 PLEASANT FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 80 BASGALL -C- #4 RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 153 MAIER #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-PD 0 0 0 0 0.000 107.782 199 DARNELL SUTTON #1 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE PV-BP 0 0 0 0 0.000 107.782 276 WARREN REED #2 BP2
TABLE A PAGE 16 OF 16 TENGASCO, INC. PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME SEC CASE AS OF DECEMBER 31, 2002
($) ----NET RESERVES---- ($) FUTURE NET PERCENT CUMULATIVE (A) (BARRELS) (MMCF) FUTURE NET INCOME DISC. OF PERCENT TABLE STATUS OIL/COND.(B) GAS INCOME (C) AT 10.0% TOTAL OF TOTAL NUMBER ------ ------------ ------ ---------- ----------- -------- ---------- ------- LIEBENTHAL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 51 DECHANT -B- #2 REICHEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 88 ANDRE #1 STREMEL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 0 0 0.000 107.782 162 OCHS #1 & 3 VARIOUS FIELD, ALL COUNTY, KANSAS PV-BP 0 0 -169,440 -103,599 -0.222 107.560 177 KANSAS FIXED COSTS 2PBP VARIOUS FIELD, ALL COUNTY, KANSAS PV-UD 0 0 -958,282 -283,607 -0.608 106.952 178 KANSAS FIXED COSTS 3PUD ALL FIELD, RUSH COUNTY, KANSAS PV-PD 0 0 -1,866,760 -506,804 -1.086 105.866 175 OTIS COMPRESSOR STATION VARIOUS FIELD, ALL COUNTY, KANSAS PV-PD 0 0 -6,809,084 -2,736,220 -5.866 100.000 176 KANSAS FIXED COSTS 1PDP --------- ------ ---------- ---------- ------- ------- **** TOTALS **** 1,475,899 26,599 98,962,004 46,648,020 100.000 100.000
(A) RESERVE TYPES: PV = PROVED STATUS: PD = PRODUCING DP = DEPLETED PB = PROBABLE BP = BEHIND PIPE NP = NON-PRODUCING PS = POSSIBLE SI = SHUT IN PB = PAYBACK UD = UNDEVELOPED (B) EXCLUDES PLANT PRODUCTS (C) BEFORE FEDERAL OR STATE/PROVINCE INCOME TAXES TABLE B PAGE 1 OF 7 TENGASCO, INC. SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA SEC CASE AS OF DECEMBER 31, 2002
-------ESTIMATED REMAINING RESERVES------- ------------ESTIMATED FUTURE DOLLARS-------------- ----100% GROSS----- ---------NET--------- GROSS REV. --NET INCOME BEFORE FIT-- (A) (BARRELS) (MMCF) (BARRELS) (MMCF) AFTER PROD. TOTAL DISCOUNTED STATUS OIL/COND(B) GAS OIL/COND(B) SALES GAS TAXES DEDUCTIONS UNDISCOUNTED AT 10.0% ------ ----------- ------ ----------- --------- ----------- ---------- ------------ ----------- KANSAS PROPERTIES - ----------------- ARPIN SOUTH FIELD, ROOKS COUNTY, KANSAS THYFAULT #1 PV-PD 7,053 0 5,786 0 156,926 85,384 71,542 56,172 ASH CREEK FIELD, BARTON COUNTY, KANSAS UNRUH #2 PV-PD 0 0 0 0 0 0 0 0 AXELSON FIELD, ROOKS COUNTY, KANSAS AXELSON LEASE PV-PD 42,519 0 33,717 0 914,512 311,904 602,608 237,273 BEISEL FIELD, RUSSELL COUNTY, KANSAS BEISEL LEASE PV-PD 11,874 0 10,390 0 281,817 244,650 37,167 31,021 BEISEL #9 PUD PV-UD 38,724 0 33,884 0 919,040 301,109 617,931 254,763 BIELMAN FIELD, ELLIS COUNTY, KANSAS GRASS #5 PV-PD 12,334 0 10,792 0 292,716 164,780 127,936 93,097 CARPENTER FIELD, EDWARDS COUNTY, KANSAS HENNING #1 PV-PD 8,069 0 5,719 0 155,132 89,476 65,656 35,472 CARROLL FIELD, BARTON COUNTY, KANSAS KEENAN -B- LEASE PV-PD 10,193 0 8,855 0 240,167 199,317 40,850 28,873 CENTERVIEW FIELD, STAFFORD COUNTY, KANSAS BECKERDITE #1 PV-PD 12,065 0 9,742 0 264,244 174,971 89,273 62,903 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS LANDER #1 PV-PD 24,692 0 18,317 0 496,810 291,712 205,098 117,718 LANDER #3 PBUD PB-UD 49,981 0 37,076 0 1,005,634 439,506 566,128 239,032 ROSE LEASE PV-PD 0 0 0 0 0 0 0 0 CHEYENNE FIELD, BARTON COUNTY, KANSAS HAMMEKE #1 PV-PD 10,609 0 8,848 0 239,985 158,202 81,783 56,500 CONVERSE FIELD, BARTON COUNTY, KANSAS IANNITTI LEASE PV-PD 31,137 0 27,245 0 738,978 488,220 250,758 161,314 IANNITTI #9 PUD PV-UD 24,993 0 21,869 0 593,162 200,489 392,673 177,869 COOPER FIELD, GRAHAM COUNTY, KANSAS DEYOUNG LEASE PV-PD 6,018 0 5,265 0 142,818 129,420 13,398 11,893 LEWIS LEASE PV-PD 19,348 0 16,929 0 459,182 218,300 240,882 133,562 DAVIDSON FIELD, RUSSELL COUNTY, KANSAS FOSTER LEASE PV-PD 15,271 0 12,945 0 351,112 234,740 116,372 92,137 DISTRICT 57 FIELD, ELLIS COUNTY, KANSAS FLAX #1 PV-PD 16,150 0 14,131 0 383,291 233,044 150,247 68,187 DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS BARSTOW #1 PV-PD 0 0 0 0 0 0 0 0 LOVETT #1 PV-PD 0 0 0 0 0 0 0 0 ELLIS NW FIELD, TREGO COUNTY, KANSAS BAUGHER #1 PV-PD 6,647 0 5,089 0 138,043 105,800 32,243 25,211 FICKEN FIELD, RUSH COUNTY, KANSAS SCHWINDT FARMS #1 PV-PD 0 0 0 0 0 0 0 0 GATES NORTH FIELD, STAFFORD COUNTY, KANSAS HOFFMAN #1 PV-PD 0 0 0 0 0 0 0 0 SCHULZ LEASE PV-PD 21,866 0 12,124 0 328,836 259,504 69,332 50,048 GIESICK FIELD, RUSH COUNTY, KANSAS GIESICK #2 PV-PD 0 118 0 95 385,022 49,464 335,558 117,745 GOTTSCHALK FIELD, ELLIS COUNTY, KANSAS WERTH #1 PV-PD 0 0 0 0 0 0 0 0 HERMAN FIELD, BARTON COUNTY, KANSAS H. KARST LEASE PV-PD 1,959 0 1,375 0 37,302 35,841 1,461 1,370
TABLE B PAGE 2 OF 7 TENGASCO, INC. SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA SEC CASE AS OF DECEMBER 31, 2002
-------ESTIMATED REMAINING RESERVES------- ------------ESTIMATED FUTURE DOLLARS-------------- ----100% GROSS----- ---------NET--------- GROSS REV. --NET INCOME BEFORE FIT-- (A) (BARRELS) (MMCF) (BARRELS) (MMCF) AFTER PROD. TOTAL DISCOUNTED STATUS OIL/COND(B) GAS OIL/COND(B) SALES GAS TAXES DEDUCTIONS UNDISCOUNTED AT 10.0% ------ ----------- ------ ----------- --------- ----------- ---------- ------------ ----------- HOBROCK FIELD, OSBORNE COUNTY, KANSAS HOBROCK #4 PV-PD 5,915 0 2,851 0 77,320 43,753 33,567 21,534 HOGAN LEASE PV-PD 11,838 0 5,694 0 154,434 76,187 78,247 63,903 IRVIN FIELD, ELLIS COUNTY, KANSAS KINDERKNECHT -B- LEASE PV-PD 501 0 438 0 11,891 11,824 67 66 KRAUS FIELD, ELLIS COUNTY, KANSAS KRAUS -A- LEASE PV-PD 89,483 0 73,404 0 1,990,969 676,710 1,314,259 615,354 KRAUS -B- LEASE PV-PD 14,127 0 12,361 0 335,275 193,640 141,635 88,098 KRAUS -I- LEASE PV-PD 20,238 0 16,601 0 450,284 294,840 155,444 108,867 LEIKER EAST FIELD, ELLIS COUNTY, KANSAS LEIKER #1 PV-PD 11,410 0 4,160 0 112,832 65,038 47,794 28,470 LEONHARDT SOUTHEAST FIELD, ELLIS COUNTY, KANSAS KRAUS LEASE PV-PD 3,816 0 3,026 0 82,074 72,688 9,386 8,125 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS DECHANT -B- #2 PV-PD 0 0 0 0 0 0 0 0 GRAHAM #1 PV-PD 0 0 0 0 0 0 0 0 LEGLEITER -B- #1 PV-PD 0 12 0 9 37,668 29,424 8,244 5,324 LEGLEITER -C- #1 PV-PD 0 0 0 0 0 0 0 0 LEGLEITER -C- #2 PV-PD 0 0 0 0 0 0 0 0 LITTLE RIO FIELD, RICE COUNTY, KANSAS WHITEMAN-HOLLAND LEASE PV-PD 27,884 0 22,874 0 620,421 393,414 227,007 135,168 MARCOTTE FIELD, ROOKS COUNTY, KANSAS CROFFOOT LEASE PV-PD 34,440 0 29,664 0 804,606 630,552 174,054 127,373 CROFFOOT -A- LEASE PV-PD 11,289 0 9,713 0 263,439 169,740 93,699 56,536 CROFFOOT -B- LEASE PV-PD 103,177 0 84,637 0 2,295,666 1,475,496 820,170 483,203 CROFFOOT -C- LEASE PV-PD 22,809 0 18,399 0 499,043 307,142 191,901 111,546 DICK LEASE PV-PD 39,383 0 34,460 0 934,686 497,016 437,670 297,848 MCHALE FIELD, ROOKS COUNTY, KANSAS HARRISON -A- LEASE PV-PD 90,577 0 79,255 0 2,149,676 764,468 1,385,208 695,076 HILGERS -B- LEASE PV-PD 16,432 0 14,378 0 389,977 261,456 128,521 82,222 KABA #2 PV-PD 0 0 0 0 0 0 0 0 OMLOR FIELD, STAFFORD COUNTY, KANSAS MILLER #1 PV-PD 5,738 0 4,067 0 110,314 60,376 49,938 35,039 WILLIAMS #1 PV-PD 10,450 0 7,474 0 202,717 90,272 112,445 72,808 OTIS-ALBERT FIELD, RUSH COUNTY, KANSAS HARTMAN -C- #1 PV-PD 0 0 0 0 0 0 0 0 PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS STAHL LEASE PV-PD 91,614 0 77,299 0 2,096,626 1,166,832 929,794 476,630 STAHL #7 PUD PV-UD 46,986 0 39,644 0 1,075,297 400,500 674,797 253,480 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS O'SCHULTZ #1 PV-PD 0 0 0 0 0 0 0 0 OETKIN LEASE PV-PD 2,295 0 1,824 0 49,466 47,239 2,227 2,124 OETKIN #8 PBUD PB-UD 18,990 0 15,091 0 409,318 341,059 68,259 20,893 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS ANDERSON -A- #1 PV-PD 3,936 0 3,444 0 93,414 51,445 41,969 23,889 BARDOT #1 PV-PD 0 0 0 0 0 0 0 0 GARVERT -A- #1 PV-PD 24,153 0 21,134 0 573,231 28,272 544,959 191,111 GARVERT -B- #1 PV-PD 14,151 0 12,382 0 335,840 59,736 276,104 95,748 HARRISON -C- LEASE PV-PD 9,062 0 7,929 0 215,074 131,864 83,210 52,111 JACO LEASE PV-PD 48,359 0 42,314 0 1,147,708 447,632 700,076 337,020 ROSS LEASE PV-PD 19,041 0 16,661 0 451,899 180,336 271,563 154,644 PLEASANT FIELD, RUSH COUNTY, KANSAS BASGALL -C- #4 PV-PD 0 0 0 0 0 0 0 0 PLEASANT FIELD, ELLIS COUNTY, KANSAS HONAS #3 PV-PD 973 0 799 0 21,660 19,936 1,724 1,583 PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS URBAN -K- #5 PV-PD 7,055 0 6,173 0 167,437 42,561 124,876 58,649 URBAN -K- #5 BP PV-BP 0 50 0 40 163,345 19,832 143,513 99,520
TABLE B PAGE 3 OF 7 TENGASCO, INC. SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA SEC CASE AS OF DECEMBER 31, 2002
-------ESTIMATED REMAINING RESERVES------- ------------ESTIMATED FUTURE DOLLARS-------------- ----100% GROSS----- ---------NET--------- GROSS REV. --NET INCOME BEFORE FIT-- (A) (BARRELS) (MMCF) (BARRELS) (MMCF) AFTER PROD. TOTAL DISCOUNTED STATUS OIL/COND(B) GAS OIL/COND(B) SALES GAS TAXES DEDUCTIONS UNDISCOUNTED AT 10.0% ------ ----------- ------ ----------- --------- ----------- ---------- ------------ ----------- PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS URBAN #1, 2 & 5 PV-PD 30,345 0 26,552 0 720,172 278,208 441,964 234,981 URBAN #6 PUD PV-UD 27,995 0 24,495 0 664,397 173,430 490,967 174,722 URBAN #7 PUD PV-UD 27,995 0 24,495 0 664,397 173,430 490,967 170,426 REICHEL FIELD, RUSH COUNTY, KANSAS ALLEN #1 A&D PV-PD 0 280 0 225 914,483 118,332 796,151 315,496 ANDRE #1 PV-PD 0 0 0 0 0 0 0 0 APPL #1 PV-PD 0 58 0 47 188,740 48,209 140,531 51,531 APPL #2 PV-PD 0 57 0 43 174,607 24,878 149,729 82,678 BEAHM #1 PV-PD 0 0 0 0 0 0 0 0 BIEBER #1 PV-PD 0 55 0 41 167,002 96,150 70,852 42,490 BIEBER -A- #1 PV-PD 0 93 0 70 283,859 67,561 216,298 86,720 BRACK -A- #3 PV-PD 0 2 0 1 5,467 4,611 856 775 BREIT #1 PV-PD 0 40 0 32 129,210 38,518 90,692 32,846 BREIT-HOLZMEISTER -B- PV-PD 2,052 0 1,767 0 47,940 8,487 39,453 27,481 DECKER -A- #1 PV-PD 0 193 0 154 626,244 72,974 553,270 248,657 EDWARDS #1 PV-PD 0 31 0 25 99,955 29,910 70,045 44,602 ELDER #19 PV-PD 0 0 0 0 0 0 0 0 FOOS #1 PV-PD 0 136 0 103 416,249 148,402 267,847 127,321 FOOS -A- #1 PV-PD 0 29 0 22 89,135 63,246 25,889 18,096 FRYE #2 PV-PD 0 2 0 1 5,620 4,060 1,560 1,252 GIESICK #1 PV-PD 0 128 0 103 419,272 155,876 263,396 187,422 GILLIG #1 PV-PD 0 62 0 50 203,480 9,931 193,549 76,090 GRUMBEIN -A- #1 PV-PD 0 58 0 47 188,870 30,426 158,444 65,675 HANHARDT #1 PV-PD 0 53 0 40 163,388 37,240 126,148 50,341 HANHARDT -A- #1 PV-PD 0 126 0 95 384,679 102,404 282,275 130,764 HANHARDT -A- #1BP PV-BP 0 50 0 38 152,963 12,000 140,963 104,378 HOFFMAN #3 PV-PD 0 128 0 96 391,318 23,985 367,333 126,456 HOLZMEISTER #1 PV-PD 0 0 0 0 0 0 0 0 HOLZMEISTER -A- #1 PV-PD 0 0 0 0 0 0 0 0 HOLZMEISTER -B- #1 PV-PD 0 0 0 0 0 0 0 0 HONDERICK -C- #1 PV-PD 0 43 0 35 141,094 32,166 108,928 39,523 HOOFER #1 PV-PD 0 0 0 0 0 0 0 0 JANSON -A- #2 PV-PD 0 0 0 0 0 0 0 0 KAISER #2 PV-PD 0 49 0 40 161,041 47,678 113,363 54,807 KAISER -A- #1 PV-PD 614 0 537 0 14,573 7,861 6,712 5,952 KLEWENO #1-21 PV-PD 0 31 0 23 93,517 174 93,343 52,654 KLEWENO -A- #1 PV-PD 0 29 0 23 93,978 42,921 51,057 28,261 KOBER #1 PV-PD 0 61 0 49 199,738 73,911 125,827 66,974 LEBSACK -A- #1 PV-PD 0 0 0 0 0 0 0 0 LIPPERT #2 PV-PD 0 0 0 0 0 0 0 0 LIPPERT #3 PV-PD 0 127 0 102 413,711 199,025 214,686 101,428 LIPPERT #3 BP PV-BP 0 65 0 52 212,270 5,000 207,270 150,324 LIPPERT -B- #1 PV-PD 0 0 0 0 0 0 0 0 LIPPERT -B- #2 PV-PD 0 12 0 9 35,084 71 35,013 17,695 LIPPERT -C- #1 PV-PD 0 44 0 31 125,541 8,458 117,083 47,386 MCGILL #2 PV-PD 0 0 0 0 0 0 0 0 O'DELL #1 PV-PD 0 0 0 0 0 0 0 0 OCHS -A- #1 PV-PD 0 107 0 86 348,686 40,737 307,949 107,681 PFEIFER -B- #1 PV-PD 0 0 0 0 0 0 0 0 RAU #1 PV-PD 0 130 0 98 397,219 86,405 310,814 157,104 REICHEL #1 PV-PD 0 181 0 145 589,951 142,480 447,471 247,121 ROTHE #1-31 PV-PD 0 50 0 41 164,449 85,732 78,717 65,061 ROTHE, R. #1 PV-PD 0 43 0 32 130,621 36,783 93,838 63,378 SCHEUERMAN #56 PV-PD 0 92 0 74 299,990 15,572 284,418 93,499 SCHLITTER #2 PV-PD 0 15 0 12 48,829 34,342 14,487 10,082 SCHNEIDER #1 PV-PD 0 118 0 89 361,480 45,988 315,492 200,253 SHERWOOD #1 PV-PD 0 78 0 57 231,794 47,870 183,924 64,273 STEITZ -A- #1 PV-PD 0 17 0 13 54,101 31,703 22,398 18,781 STEITZ -B- #1 PV-PD 0 11 0 8 32,284 29,334 2,950 2,692 THIELENHAUS #1 PV-PD 0 33 0 26 106,686 9,535 97,151 60,475 THIELENHAUS #1 BP PV-BP 0 145 0 117 473,492 15,000 458,492 288,894 TORREY #2 PV-PD 0 256 0 203 822,315 86,274 736,041 302,438 URBAN R & A #1 PV-PD 0 24 0 19 77,097 20,935 56,162 31,748 REICHEL EAST FIELD, RUSH COUNTY, KANSAS BAHR #1 PV-PD 0 92 0 74 300,408 35,180 265,228 96,951 REICHEL WEST FIELD, RUSH COUNTY, KANSAS LEGLEITER -A- #1-1 PV-PD 0 272 0 185 749,454 365,596 383,858 185,525 LEGLEITER -A- #1-2 PV-PD 0 0 0 0 0 0 0 0 MUTH #1&2 PV-PD 0 119 0 79 320,348 113,220 207,128 149,457
TABLE B PAGE 4 OF 7 TENGASCO, INC. SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA SEC CASE AS OF DECEMBER 31, 2002
-------ESTIMATED REMAINING RESERVES------- ------------ESTIMATED FUTURE DOLLARS-------------- ----100% GROSS----- ---------NET--------- GROSS REV. --NET INCOME BEFORE FIT-- (A) (BARRELS) (MMCF) (BARRELS) (MMCF) AFTER PROD. TOTAL DISCOUNTED STATUS OIL/COND(B) GAS OIL/COND(B) SALES GAS TAXES DEDUCTIONS UNDISCOUNTED AT 10.0% ------ ----------- ------ ----------- --------- ----------- ---------- ------------ ----------- RIDGEWAY SOUTH FIELD, TREGO COUNTY, KANSAS SCHOENTHALER #3 PV-PD 11,767 0 9,652 0 261,808 131,460 130,348 95,923 RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS KELLER LEASE PV-PD 7,070 0 6,186 0 167,793 89,434 78,359 45,903 KELLER -A- LEASE PV-PD 8,702 0 7,615 0 206,535 167,808 38,727 32,069 RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS MAIER #1 PV-PD 0 0 0 0 0 0 0 0 MAIER #1 BP PV-BP 31,085 0 21,014 0 569,980 267,940 302,040 197,208 SANDFORD FIELD, BARTON COUNTY, KANSAS BEN TEMPERO #1 PV-PD 31,002 0 25,431 0 689,784 350,018 339,766 199,702 BEN TEMPERO #5 PUD PV-UD 45,985 0 37,722 0 1,023,147 460,629 562,518 238,543 SCHWINDT FIELD, RUSH COUNTY, KANSAS JACOBS -B- #3 PV-PD 20,008 0 17,507 0 474,844 218,871 255,973 153,919 SPRING CREEK FIELD, TREGO COUNTY, KANSAS RIDGWAY #1 PV-PD 21,025 0 16,385 0 444,420 256,846 187,574 128,849 STOCKTON FIELD, ROOKS COUNTY, KANSAS HINDMAN #1 PV-PD 11,189 0 9,056 0 245,628 165,984 79,644 44,269 STEBBINS #1 PV-PD 17,081 0 12,838 0 348,209 193,878 154,331 75,611 WATTS #1 PV-PD 6,426 0 5,201 0 141,082 103,082 38,000 27,227 STREMEL FIELD, RUSH COUNTY, KANSAS OCHS #1 & 3 PV-PD 0 0 0 0 0 0 0 0 URBAN -D- LEASE PV-PD 1,717 0 1,502 0 40,750 22,540 18,210 15,804 THACKER FIELD, RUSSELL COUNTY, KANSAS THACKER #2 PV-PD 7,837 0 6,643 0 180,184 92,628 87,556 70,566 TRAPP FIELD, BARTON COUNTY, KANSAS DEUTSCH PV-PD 316 0 259 0 7,030 6,840 190 185 HOWLIER #1 PV-PD 11,894 0 9,142 0 247,959 144,150 103,809 67,609 WEBSTER FIELD, ROOKS COUNTY, KANSAS CERROW-CERROW -A- #1 PV-PD 9,901 0 8,663 0 234,975 106,981 127,994 83,510 LOWRY #1 PV-PD 2,533 0 2,147 0 58,248 48,112 10,136 8,653 WERTH NORTH FIELD, ELLIS COUNTY, KANSAS SCHNELLER LEASE PV-PD 23,898 0 19,604 0 531,736 309,657 222,079 134,363 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS DOUGHERTY EAST #1 PV-PD 14,830 0 11,367 0 308,319 148,389 159,930 68,060 DOUGHERTY EAST #1 BP PV-BP 3,200 0 2,453 0 66,529 11,213 55,316 21,895 DOUGHERTY EAST #2 PUD PV-UD 40,030 0 30,683 0 832,231 232,886 599,345 163,429 YOHE FIELD, ROOKS COUNTY, KANSAS FINNESY LEASE PV-PD 19,843 0 17,363 0 470,935 209,364 261,571 160,268 MOSHER LEASE PV-PD 41,265 0 36,107 0 979,337 291,840 687,497 306,143 ALL FIELD, RUSH COUNTY, KANSAS OTIS COMPRESSOR STATION PV-PD 0 0 0 0 0 1,866,760 -1,866,760 -506,804 VARIOUS FIELD, ALL COUNTY, KANSAS KANSAS FIXED COSTS 1PDP PV-PD 0 0 0 0 0 6,809,084 -6,809,084 -2,736,220 KANSAS FIXED COSTS 2PBP PV-BP 0 0 0 0 0 169,440 -169,440 -103,599 KANSAS FIXED COSTS 3PUD PV-UD 0 0 0 0 0 958,282 -958,282 -283,607 KANSAS STATE SUMMARIES - ---------------------- PROVED PRODUCING 1,299,265 3,695 1,072,208 2,853 40,655,795 26,501,703 14,154,092 8,509,047 PROVED BEHIND PIPE 34,285 310 23,467 247 1,638,579 500,425 1,138,154 758,620 PROVED UNDEVELOPED 252,708 0 212,792 0 5,771,671 2,900,755 2,870,916 1,149,625 --------- ----- --------- ----- ---------- ---------- ---------- ---------- TOTAL PROVED 1,586,258 4,005 1,308,467 3,100 48,066,045 29,902,883 18,163,162 10,417,292 PROBABLE UNDEVELOPED 68,971 0 52,167 0 1,414,952 780,565 634,387 259,925
TABLE B PAGE 5 OF 7 TENGASCO, INC. SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA SEC CASE AS OF DECEMBER 31, 2002
-------ESTIMATED REMAINING RESERVES------- ------------ESTIMATED FUTURE DOLLARS-------------- ----100% GROSS----- ---------NET--------- GROSS REV. --NET INCOME BEFORE FIT-- (A) (BARRELS) (MMCF) (BARRELS) (MMCF) AFTER PROD. TOTAL DISCOUNTED STATUS OIL/COND(B) GAS OIL/COND(B) SALES GAS TAXES DEDUCTIONS UNDISCOUNTED AT 10.0% ------ ----------- ------ ----------- --------- ----------- ---------- ------------ ----------- TENNESSEE PROPERTIES - -------------------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE ANITA COLSON #1 PV-SI 0 0 0 0 0 0 0 0 ANITA COLSON #1 BP PV-BP 15,463 34 13,530 30 474,654 72,482 402,172 357,571 ANITA COLSON #2 PV-PD 0 221 0 193 790,276 240,000 550,276 323,487 BOBBY YEARY #1 PV-PD 0 0 0 0 0 0 0 0 BOBBY YEARY #1BP PV-BP 0 0 0 0 0 0 0 0 BOBBY YEARY #2 PV-SI 8,048 0 3,521 0 91,869 35,600 56,269 46,185 BOBBY YEARY #3 PV-SI 0 0 0 0 0 0 0 0 CHERYL SMITH #1 PV-SI 5,140 0 2,249 0 58,678 5,200 53,478 49,701 CHERYL SMITH #2 PV-UD 0 319 0 279 1,142,570 290,298 852,272 532,049 CHEVRON REED #1 PV-SI 0 0 0 0 0 0 0 0 D. SUTTON HEIRS #1 PV-PD 0 438 0 297 1,215,827 311,400 904,427 424,107 D. SUTTON HEIRS #1 BP PV-BP 0 206 0 140 572,106 67,071 505,035 5,268 D. SUTTON HEIRS #3 PV-UD 0 2,472 0 1,677 6,864,141 578,704 6,285,437 2,374,595 DARNELL SUTTON #1 PV-PD 0 0 0 0 0 0 0 0 DEANNA CROSS #1 PV-SI 0 230 0 101 411,899 32,333 379,566 256,810 DEANNA CROSS #1 BP PV-BP 0 256 0 112 457,864 36,261 421,603 122,558 DEWEY SUTTON #1 PV-SI 0 0 0 0 0 0 0 0 DORIS HELTON #1 PV-PD 0 30 0 26 105,751 60,000 45,751 38,139 DORIS HELTON #1 BP1 PV-BP 0 716 0 626 2,563,334 130,019 2,433,315 745,979 DORIS HELTON #1 BP2 PV-BP 0 112 0 98 401,149 51,294 349,855 27,320 F. WELLS #1 PS-UD 0 127 0 111 454,879 227,441 227,438 136,342 FRED PORTRUM #1 PV-PD 0 7 0 6 25,324 22,800 2,524 2,326 FRED PORTRUM #2 PV-PD 0 1 0 0 1,801 1,200 601 597 GARY PATTON #2 PV-SI 0 0 0 0 0 0 0 0 GARY PATTON #2 BP1 PV-BP 0 795 0 522 2,136,122 173,707 1,962,415 1,053,647 GARY PATTON #2 BP2 PV-BP 20,616 69 13,530 45 538,170 88,308 449,862 45,857 GUY TOBEY #1 PS-UD 0 127 0 111 454,879 227,441 227,438 132,989 HAZEL SUTTON #2 PV-PD 0 47 0 41 167,771 94,800 72,971 55,210 HUGH ROBERTS #1 PV-SI 0 86 0 38 154,166 9,911 144,255 123,855 HUGH ROBERTS #1 BP PV-BP 0 191 0 84 342,055 35,215 306,840 166,968 JEFF JOHNSON #1 PV-PD 0 108 0 47 192,754 84,300 108,454 69,161 JEFF JOHNSON #2 PV-UD 0 80 0 70 285,592 227,908 57,684 23,381 LANGE #1 PB-BP 0 169 0 11 43,161 0 43,161 26,433 LANGE #1 BP PB-BP 0 90 0 6 23,024 0 23,024 6,535 LAURA J. LAWSON #1 PV-PD 0 131 0 115 468,953 187,204 281,749 145,314 LAURA J. LAWSON #2 PV-PD 0 1,148 0 753 3,082,767 360,000 2,722,767 1,115,810 LAURA J. LAWSON #2 BP PV-BP 0 0 0 0 0 0 0 0 LAURA J. LAWSON #3 PV-PD 0 22 0 18 74,567 59,220 15,347 11,775 LAURA J. LAWSON #4 PV-PD 0 33 0 29 117,735 85,800 31,935 22,669 LAURA J. LAWSON #4 BP PV-BP 0 161 0 141 577,046 299,200 277,846 30,721 LAURA J. LAWSON #5 PV-SI 19,580 0 17,132 0 447,031 127,200 319,831 211,114 PAUL REED #1 PV-PD 0 227 0 170 695,858 241,800 454,058 239,917 PAUL REED #2 PV-SI 0 0 0 0 0 0 0 0 PAUL REED #2 BP PV-BP 0 103 0 77 316,204 57,230 258,974 210,874 PAUL REED #3 PV-PD 0 74 0 49 200,127 107,328 92,799 60,885 PAUL REED #3 BP1 PV-BP 0 402 0 264 1,079,890 197,722 882,168 118,691 PAUL REED #3 BP2 PV-BP 0 22 0 14 59,102 31,218 27,884 477 PAUL REED #4 PV-PD 0 545 0 477 1,952,250 248,252 1,703,998 815,813 PAUL REED #4 BP1 PV-BP 0 691 0 604 2,473,805 131,600 2,342,205 49,493 PAUL REED #4 BP2 PV-BP 0 0 0 0 0 0 0 0 PAUL REED #5 PV-PD 38,504 0 33,691 0 879,100 128,000 751,100 566,283 PAUL REED #6 PV-PD 0 60 0 52 214,774 114,600 100,174 72,123 PAUL REED #6 BP PV-BP 11,697 0 10,235 0 267,068 44,123 222,945 38,409 PAUL REED #7 PV-PD 0 360 0 315 1,289,923 321,600 968,323 436,842 PAUL REED #7 BP1 PV-BP 0 148 0 130 530,922 58,400 472,522 4,542 PAUL REED #7 BP2 PV-BP 0 0 0 0 0 0 0 0 PAUL REED #8 PV-BP 34,968 0 30,597 0 798,359 53,867 744,492 642,078 PAUL REED #8 BP PV-BP 0 402 0 352 1,440,111 177,741 1,262,370 365,999 PAUL REED #9 PV-UD 0 716 0 626 2,563,995 441,158 2,122,837 891,240 PURKEY #1 PV-PD 0 5 0 2 8,062 7,500 562 526 PURKEY #2 PV-SI 0 0 0 0 0 0 0 0 PURKEY #3 PV-PD 0 157 0 69 280,633 117,900 162,733 88,574 PURKEY #3 BP1 PV-BP 0 256 0 112 458,843 54,220 404,623 10,245 PURKEY #3 BP2 PV-BP 0 95 0 42 170,122 22,996 147,126 1,403 PURKEY #4 PV-UD 0 281 0 123 503,232 126,803 376,429 246,466 PURKEY #5 PV-UD 0 300 0 131 537,259 130,746 406,513 265,509 RAY DEAN HELTON #1 PV-PD 0 0 0 0 0 0 0 0 RAY DEAN HELTON #1 BP PV-BP 0 116 0 102 415,703 78,606 337,097 241,111
TABLE B PAGE 6 OF 7 TENGASCO, INC. SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA SEC CASE AS OF DECEMBER 31, 2002
-------ESTIMATED REMAINING RESERVES------- ------------ESTIMATED FUTURE DOLLARS-------------- ----100% GROSS----- ---------NET--------- GROSS REV. --NET INCOME BEFORE FIT-- (A) (BARRELS) (MMCF) (BARRELS) (MMCF) AFTER PROD. TOTAL DISCOUNTED STATUS OIL/COND(B) GAS OIL/COND(B) SALES GAS TAXES DEDUCTIONS UNDISCOUNTED AT 10.0% ------ ----------- ------ ----------- --------- ----------- ---------- ------------ ----------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT'D) RAY DEAN HELTON #2 PV-SI 15,479 0 6,772 0 176,703 12,192 164,511 146,192 RAY DEAN HELTON #2 BP1 PV-BP 0 166 0 72 296,752 25,381 271,371 159,445 RAY DEAN HELTON #2 BP2 PV-BP 0 34 0 15 60,886 14,651 46,235 18,085 RAY DEAN HELTON #3 PV-SI 39 0 17 0 444 400 44 44 RAY DEAN HELTON #4 PV-UD 0 500 0 438 1,790,862 335,141 1,455,721 797,588 RAY DEAN HELTON #6 PV-UD 0 500 0 438 1,790,862 335,141 1,455,721 734,070 ROSE #1 PV-SI 0 0 0 0 0 0 0 0 STEPHEN LAWSON #1 PV-PD 5,472 0 2,394 0 62,467 35,353 27,114 21,951 STEPHEN LAWSON #2 PV-SI 0 0 0 0 0 0 0 0 STEPHEN LAWSON #3 PV-PD 0 144 0 94 385,838 169,200 216,638 137,480 STEPHEN LAWSON #3 BP PV-BP 38,665 26 25,374 17 731,862 93,738 638,124 55,279 STEPHEN LAWSON #4 PV-PD 0 7 0 4 17,932 15,000 2,932 2,756 STEPHEN LAWSON #4 BP PV-BP 12,785 9 8,390 6 241,999 61,000 180,999 133,299 STEPHEN LAWSON #5 PV-PD 0 153 0 100 410,697 169,200 241,497 158,916 STEPHEN LAWSON #5 BP PV-BP 0 689 0 452 1,850,735 142,747 1,707,988 105,099 STEPHEN LAWSON #6 PV-UD 0 776 0 509 2,084,564 378,336 1,706,228 798,300 STEPHEN LAWSON #7 PV-UD 0 600 0 394 1,611,776 352,042 1,259,734 605,793 T.J. HARRISON #1 PV-SI 0 0 0 0 0 0 0 0 WARREN REED #1 PV-SI 0 68 0 59 242,927 21,620 221,307 173,731 WARREN REED #1 BP PV-BP 0 383 0 335 1,371,801 83,793 1,288,008 673,415 WARREN REED #2 PV-PD 0 1,055 0 824 3,372,848 307,982 3,064,866 1,395,413 WARREN REED #2 BP1 PV-BP 0 1,139 0 890 3,643,753 91,600 3,552,153 39,247 WARREN REED #2 BP2 PV-BP 0 0 0 0 0 0 0 0 WELLS/YEARY #1 PV-PD 0 131 0 57 235,132 96,600 138,532 80,321 WOODROW DAVIS #1 PV-SI 0 281 0 123 503,951 74,053 429,898 233,895 LOCATION # 4 PV-UD 0 511 0 447 1,830,261 289,047 1,541,214 974,545 LOCATION # 5 PV-UD 0 957 0 837 3,427,708 352,495 3,075,213 1,754,737 LOCATION # 8 PV-UD 0 1,408 0 1,232 5,043,069 405,527 4,637,542 2,316,318 LOCATION #12 PV-UD 0 255 0 223 913,339 252,268 661,071 428,710 LOCATION #13 PV-UD 0 255 0 223 913,339 252,268 661,071 428,710 LOCATION #14 PV-UD 0 127 0 111 454,879 227,441 227,438 155,702 LOCATION #15 PV-UD 0 128 0 112 458,461 227,657 230,804 157,989 LOCATION #16 PV-UD 0 217 0 190 777,234 244,479 532,755 343,848 LOCATION #17 PV-UD 0 383 0 335 1,371,801 276,888 1,094,913 632,540 LOCATION #19 PV-UD 0 255 0 223 913,339 251,192 662,147 420,244 LOCATION #20 PV-UD 0 255 0 223 913,339 251,192 662,147 420,244 LOCATION #24 PV-UD 0 128 0 112 458,461 227,657 230,804 152,831 LOCATION #25 PV-UD 0 128 0 112 458,461 227,657 230,804 149,073 LOCATION #26 PV-UD 0 128 0 112 458,461 227,657 230,804 149,073 LOCATION #27 PV-UD 0 140 0 123 501,442 230,250 271,192 174,604 LOCATION #29 PV-UD 0 128 0 112 458,461 227,657 230,804 149,073 LOCATION #32 PV-UD 0 191 0 167 684,109 238,344 445,765 306,017 LOCATION #33 PV-UD 0 421 0 368 1,507,906 282,996 1,224,910 653,151 LOCATION #34 PV-UD 0 383 0 335 1,371,800 275,505 1,096,295 600,219 LOCATION #35 PV-UD 0 383 0 335 1,371,800 275,505 1,096,295 580,621 LOCATION #36 PV-UD 0 511 0 447 1,830,261 296,492 1,533,769 771,131 LOCATION #38 PV-UD 0 319 0 279 1,142,570 265,386 877,184 474,353 LOCATION #39 PV-UD 0 357 0 312 1,278,676 273,175 1,005,501 528,266 LOCATION #40 PV-UD 0 357 0 312 1,278,676 273,175 1,005,501 515,276 LOCATION #41 PV-UD 0 128 0 112 458,461 227,657 230,804 134,943 LOCATION #42 PV-UD 0 257 0 225 920,503 250,665 669,838 378,548 LOCATION #43 PV-UD 0 128 0 112 458,461 227,657 230,804 134,943 LOCATION #44 PV-UD 0 128 0 112 458,461 227,657 230,804 134,943 LOCATION #45 PV-UD 0 128 0 112 458,461 227,657 230,804 143,014 LOCATION #46 PV-UD 0 140 0 123 501,442 230,250 271,192 151,629 LOCATION #47 PV-UD 0 191 0 167 684,109 240,108 444,001 244,289 LOCATION #48 PV-UD 0 191 0 167 684,109 240,108 444,001 244,289 LOCATION #49 PV-UD 0 128 0 112 458,461 227,657 230,804 129,458 LOCATION #50 PV-UD 0 191 0 167 684,109 239,150 444,959 239,701 LOCATION #51 PV-UD 0 128 0 112 458,461 227,657 230,804 125,231 LOCATION #53 PV-UD 0 128 0 112 458,461 227,657 230,804 125,231 LOCATION #54 PS-UD 0 191 0 167 684,109 238,344 445,765 261,377 LOCATION #55 PS-UD 0 191 0 167 684,109 238,344 445,765 261,377 LOCATION #56 PS-UD 0 191 0 167 684,109 238,344 445,765 250,753 LOCATION #57 PS-UD 0 318 0 278 1,138,989 262,691 876,298 454,784 LOCATION #58 PS-UD 0 191 0 167 684,109 238,344 445,765 250,753 LOCATION #59 PS-UD 0 255 0 223 913,339 251,192 662,147 355,974 LOCATION #60 PS-UD 0 255 0 223 913,339 251,192 662,147 355,974 LOCATION #61 PS-UD 0 191 0 167 684,110 241,269 442,841 232,228 LOCATION #62 PS-UD 0 128 0 112 458,461 227,657 230,804 125,231 LOCATION #63 PS-UD 0 127 0 111 454,879 227,441 227,438 123,418 LOCATION #65 PS-UD 0 127 0 111 454,879 227,441 227,438 123,418
TABLE B PAGE 7 OF 7 TENGASCO, INC. SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA SEC CASE AS OF DECEMBER 31, 2002
-------ESTIMATED REMAINING RESERVES------- ------------ESTIMATED FUTURE DOLLARS-------------- ----100% GROSS----- ---------NET--------- GROSS REV. --NET INCOME BEFORE FIT-- (A) (BARRELS) (MMCF) (BARRELS) (MMCF) AFTER PROD. TOTAL DISCOUNTED STATUS OIL/COND(B) GAS OIL/COND(B) SALES GAS TAXES DEDUCTIONS UNDISCOUNTED AT 10.0% ------ ----------- ------ ----------- --------- ----------- ---------- ------------ ----------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT'D) LOCATION #67 PS-UD 0 127 0 111 454,879 227,441 227,438 120,384 LOCATION #68 PV-UD 0 127 0 111 454,879 227,441 227,438 120,384 LOCATION #69 PV-UD 0 127 0 111 454,879 227,441 227,438 120,384 LOCATION #70 PV-UD 0 127 0 111 454,879 227,441 227,438 115,491 LOCATION #71 PV-UD 0 127 0 111 454,879 227,441 227,438 115,491 LOCATION #72 PV-UD 0 127 0 111 454,879 227,441 227,438 115,491 TENNESSEE STATE SUMMARIES - ------------------------- PROVED PRODUCING 43,976 5,104 36,085 3,740 16,249,167 3,587,039 12,662,128 6,286,395 PROVED SHUT-IN 48,286 665 29,691 321 2,087,668 318,509 1,769,159 1,241,527 PROVED BEHIND PIPE 134,194 7,221 101,656 5,281 24,270,417 2,374,190 21,896,227 5,423,080 PROVED UNDEVELOPED 0 17,370 0 14,157 57,950,600 13,479,272 44,471,328 23,279,726 ------- ------ ------ -- ------ ----------- ---------- ---------- ---------- TOTAL PROVED 226,456 30,360 167,432 23,499 100,557,852 19,759,010 80,798,842 36,230,728 PROBABLE BEHIND PIPE 0 259 0 16 66,185 0 66,185 32,968 POSSIBLE UNDEVELOPED 0 2,546 0 2,228 9,119,069 3,324,582 5,794,487 3,185,002 GRAND SUMMARIES - --------------- PROVED PRODUCING 1,343,241 8,799 1,108,293 6,593 56,904,962 30,088,742 26,816,220 14,795,442 PROVED SHUT-IN 48,286 665 29,691 321 2,087,668 318,509 1,769,159 1,241,527 PROVED BEHIND PIPE 168,479 7,531 125,123 5,528 25,908,996 2,874,615 23,034,381 6,181,700 PROVED UNDEVELOPED 252,708 17,370 212,792 14,157 63,722,271 16,380,027 47,342,244 24,429,351 --------- ------ --------- ------ ----------- ---------- ---------- ---------- TOTAL PROVED 1,812,714 34,365 1,475,899 26,599 148,623,897 49,661,893 98,962,004 46,648,020 PROBABLE BEHIND PIPE 0 259 0 16 66,185 0 66,185 32,968 PROBABLE UNDEVELOPED 68,971 0 52,167 0 1,414,952 780,565 634,387 259,925 --------- ------ --------- ------ ----------- ---------- ---------- ---------- TOTAL PROBABLE 68,971 259 52,167 16 1,481,137 780,565 700,572 292,893 POSSIBLE UNDEVELOPED 0 2,546 0 2,228 9,119,069 3,324,582 5,794,487 3,185,002
(A) RESERVE TYPES: PV = PROVED STATUS: PD = PRODUCING DP = DEPLETED PB = PROBABLE BP = BEHIND PIPE NP = NON-PRODUCING PS = POSSIBLE SI = SHUT IN PB = PAYBACK UD = UNDEVELOPED (B) EXCLUDES PLANT PRODUCTS TABLE C PAGE 1 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- ARPIN SOUTH FIELD, ROOKS COUNTY, KANSAS - -------------------- THYFAULT #1 OIL PV-PD 1 8 9S 20W 1.000000 0.820313 27.29 0.0000 N/A 821. ASH CREEK FIELD, BARTON COUNTY, KANSAS - --------------------- UNRUH #2 OIL PV-PD 0 30-20S-15W 0.812500 0.710938 0.00 0.0000 N/A 0. AXELSON FIELD, ROOKS COUNTY, KANSAS - -------------------- AXELSON LEASE OIL PV-PD 2 24 7S 19W 1.000000 0.792969 27.29 0.0000 N/A 684. BEISEL FIELD, RUSSELL COUNTY, KANSAS - ---------------------- BEISEL LEASE OIL PV-PD 5 15 14S 12W 1.000000 0.875000 27.29 0.0000 N/A 3495. BEISEL #9 PUD OIL PV-UD 1 15 14S 12W 1.000000 0.875000 27.29 0.0000 N/A 699. BIELMAN FIELD, ELLIS COUNTY, KANSAS - -------------------- GRASS #5 OIL PV-PD 1 24 15S 18W 1.000000 0.875000 27.29 0.0000 N/A 1177. CARPENTER FIELD, EDWARDS COUNTY, KANSAS - ---------------------- HENNING #1 OIL PV-PD 1 1 24S 17W 0.875000 0.708801 27.29 0.0000 N/A 342. CARROLL FIELD, BARTON COUNTY, KANSAS - --------------------- KEENAN -B- LEASE OIL PV-PD 2 21 17S 14W 0.992754 0.868660 27.29 0.0000 N/A 1404. CENTERVIEW FIELD, STAFFORD COUNTY, KANSAS - ----------------------- BECKERDITE #1 OIL PV-PD 1 21 24S 13W 0.937500 0.807495 27.29 0.0000 N/A 1236. CHASE-SILICA FIELD, BARTON COUNTY, KANSAS - --------------------- LANDER #1 OIL PV-PD 1 10-20S-11W 0.915630 0.741803 27.29 0.0000 N/A 1216. LANDER #3 PBUD OIL PB-UD 1 10-20S-11W 0.915630 0.741803 27.29 0.0000 N/A 1216. ROSE LEASE OIL PV-PD 3 3 20S 11W 1.000000 0.875000 0.00 0.0000 N/A 5283. CHEYENNE FIELD, BARTON COUNTY, KANSAS - --------------------- HAMMEKE #1 OIL PV-PD 1 2 19S 12W 1.000000 0.833984 27.29 0.0000 N/A 846.
TABLE C PAGE 2 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- CONVERSE FIELD, BARTON COUNTY, KANSAS - --------------------- IANNITTI LEASE OIL PV-PD 6 19 20S 15W 1.000000 0.875000 27.29 0.0000 N/A 2370. IANNITTI #9 PUD OIL PV-UD 1 19 20S 15W 1.000000 0.875000 27.29 0.0000 N/A 395. COOPER FIELD, GRAHAM COUNTY, KANSAS - --------------------- DEYOUNG LEASE OIL PV-PD 2 4 10S 21W 1.000000 0.875000 27.29 0.0000 N/A 2876. LEWIS LEASE OIL PV-PD 2 9 10S 21W 1.000000 0.875000 27.29 0.0000 N/A 740. DAVIDSON FIELD, RUSSELL COUNTY, KANSAS - ---------------------- FOSTER LEASE OIL PV-PD 4 33 15S 11W 1.000000 0.847656 27.29 0.0000 N/A 2420. DISTRICT 57 FIELD, ELLIS COUNTY, KANSAS - -------------------- FLAX #1 OIL PV-PD 1 28 12S 20W 1.000000 0.875000 27.29 0.0000 N/A 574. DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS - --------------------- BARSTOW #1 OIL PV-PD 1 14 22S 15W 0.937500 0.769043 0.00 0.0000 N/A 1725. LOVETT #1 OIL PV-PD 1 15 22S 15W 0.937000 0.768633 0.00 0.0000 N/A 1897. ELLIS NW FIELD, TREGO COUNTY, KANSAS - -------------------- BAUGHER #1 OIL PV-PD 1 23 12S 21W 1.000000 0.765630 27.29 0.0000 N/A 1058. FICKEN FIELD, RUSH COUNTY, KANSAS - ------------------- SCHWINDT FARMS #1 OIL PV-PD 1 23 17S 18W 1.000000 0.820313 0.00 0.0000 N/A 665. GATES NORTH FIELD, STAFFORD COUNTY, KANSAS - ----------------------- HOFFMAN #1 OIL PV-PD 1 22 21S 13W 0.687500 0.556915 0.00 0.0000 N/A 1672. SCHULZ LEASE OIL PV-PD 2 22 21S 13W 0.687500 0.554449 27.29 0.0000 N/A 2796. GIESICK FIELD, RUSH COUNTY, KANSAS - ------------------- GIESICK #2 GAS PV-PD 1 19-17S-17W 1.000000 0.875000 0.00 4.1300 1000 109. GOTTSCHALK FIELD, ELLIS COUNTY, KANSAS - -------------------- WERTH #1 GAS PV-PD 0 36-15S-18W 1.000000 0.875000 0.00 0.0000 N/A 0. HERMAN FIELD, BARTON COUNTY, KANSAS - --------------------- H. KARST LEASE OIL PV-PD 2 18-16S-14W 0.812500 0.702051 27.29 0.0000 N/A 1838.
TABLE C PAGE 3 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- HOBROCK FIELD, OSBORNE COUNTY, KANSAS - ---------------------- HOBROCK #4 OIL PV-PD 1 3 10S 15W 0.593750 0.481947 27.29 0.0000 N/A 363. HOGAN LEASE OIL PV-PD 3 10 10S 15W 0.593750 0.480972 27.29 0.0000 N/A 1929. IRVIN FIELD, ELLIS COUNTY, KANSAS - -------------------- KINDERKNECHT -B- LEASE OIL PV-PD 2 8 14S 19W 1.000000 0.875000 27.29 0.0000 N/A 2956. KRAUS FIELD, ELLIS COUNTY, KANSAS - -------------------- KRAUS -A- LEASE OIL PV-PD 3 22 14S 19W 1.000000 0.820310 27.29 0.0000 N/A 1545. KRAUS -B- LEASE OIL PV-PD 2 16 14S 19W 1.000000 0.875000 27.29 0.0000 N/A 824. KRAUS -I- LEASE OIL PV-PD 2 27 14S 19W 1.000000 0.820313 27.29 0.0000 N/A 1820. LEIKER EAST FIELD, ELLIS COUNTY, KANSAS - -------------------- LEIKER #1 OIL PV-PD 1 14 15S 18W 0.416670 0.364590 27.29 0.0000 N/A 645. LEONHARDT SOUTHEAST FIELD, ELLIS COUNTY, KANSAS - -------------------------- KRAUS LEASE OIL PV-PD 2 28 14S 18W 1.000000 0.792969 27.29 0.0000 N/A 1298. LIEBENTHAL FIELD, RUSH COUNTY, KANSAS - ------------------- DECHANT -B- #2 GAS PV-PD 0 23 16S 18W 1.000000 0.875000 0.00 0.0000 N/A 0. GRAHAM #1 GAS PV-PD 1 23-16S-18W 1.000000 0.875000 0.00 0.0000 N/A 3416. LEGLEITER -B- #1 GAS PV-PD 1 26 16S 18W 1.000000 0.875000 0.00 4.1300 1000 157. LEGLEITER -C- #1 GAS PV-PD 0 24 16S 18W 1.000000 0.875000 0.00 0.0000 N/A 0. LEGLEITER -C- #2 GAS PV-PD 1 24-16S-18W 1.000000 0.875000 0.00 0.0000 N/A 1193. LITTLE RIO FIELD, RICE COUNTY, KANSAS - ------------------- WHITEMAN-HOLLAND LEASE OIL PV-PD 3 19-19S-6W 1.000000 0.820313 27.29 0.0000 N/A 1653. MARCOTTE FIELD, ROOKS COUNTY, KANSAS - -------------------- CROFFOOT LEASE OIL PV-PD 4 11 10S 20W 1.000000 0.861328 27.29 0.0000 N/A 4888. CROFFOOT -A- LEASE OIL PV-PD 3 11 10S 20W 1.000000 0.860369 27.29 0.0000 N/A 738. CROFFOOT -B- LEASE OIL PV-PD 6 11 10S 20W 1.000000 0.820313 27.29 0.0000 N/A 6072. CROFFOOT -C- LEASE OIL PV-PD 2 11 10S 20W 1.000000 0.806641 27.29 0.0000 N/A 1214. DICK LEASE OIL PV-PD 3 17 10S 19W 1.000000 0.875000 27.29 0.0000 N/A 2124.
TABLE C PAGE 4 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- MCHALE FIELD, ROOKS COUNTY, KANSAS - -------------------- HARRISON -A- LEASE OIL PV-PD 4 17 9S 18W 1.000000 0.875000 27.29 0.0000 N/A 1996. HILGERS -B- LEASE OIL PV-PD 3 17 9S 18W 1.000000 0.875000 27.29 0.0000 N/A 1257. KABA #2 OIL PV-PD 1 16-9S-18W 1.000000 0.847656 0.00 0.0000 N/A 547. OMLOR FIELD, STAFFORD COUNTY, KANSAS - ----------------------- MILLER #1 OIL PV-PD 1 11 22S 14W 0.875000 0.708801 27.29 0.0000 N/A 439. WILLIAMS #1 OIL PV-PD 1 11 22S 14W 0.875000 0.715210 27.29 0.0000 N/A 496. OTIS-ALBERT FIELD, RUSH COUNTY, KANSAS - ------------------ HARTMAN -C- #1 GAS PV-PD 0 2-18S-16W 1.000000 0.820313 0.00 0.0000 N/A 0. PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS - --------------------- STAHL LEASE OIL PV-PD 4 21 9S 18W 1.000000 0.843750 27.29 0.0000 N/A 3504. STAHL #7 PUD OIL PV-UD 1 21 9S 18W 1.000000 0.843750 27.29 0.0000 N/A 876. PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS - --------------------- O'SCHULTZ #1 OIL PV-PD 1 13-20S-16W 0.937500 0.820313 0.00 0.0000 N/A 1594. OETKIN LEASE OIL PV-PD 2 24 20S 16W 0.937500 0.794678 27.29 0.0000 N/A 2964. OETKIN #8 PBUD OIL PB-UD 1 24 20S 16W 0.937500 0.794678 27.29 0.0000 N/A 1482. PLAINVILLE FIELD, ROOKS COUNTY, KANSAS - -------------------- ANDERSON -A- #1 OIL PV-PD 1 12 10S 18W 1.000000 0.875000 27.29 0.0000 N/A 283. BARDOT #1 OIL PV-PD 0 12 10S 18W 1.000000 0.875000 0.00 0.0000 N/A 0. GARVERT -A- #1 OIL PV-PD 1 18 10S 17W 1.000000 0.875000 27.29 0.0000 N/A 62. GARVERT -B- #1 OIL PV-PD 1 13 10S 18W 1.000000 0.875000 27.29 0.0000 N/A 131. HARRISON -C- LEASE OIL PV-PD 2 12 10S 18W 1.000000 0.875000 27.29 0.0000 N/A 622. JACO LEASE OIL PV-PD 4 13 10S 18W 1.000000 0.875000 27.29 0.0000 N/A 1108. ROSS LEASE OIL PV-PD 2 12 10S 18W 1.000000 0.875000 27.29 0.0000 N/A 624. PLEASANT FIELD, RUSH COUNTY, KANSAS - ------------------- BASGALL -C- #4 GAS PV-PD 0 10 16S 17W 1.000000 0.875000 0.00 0.0000 N/A 0.
TABLE C PAGE 5 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- PLEASANT FIELD, ELLIS COUNTY, KANSAS - -------------------- HONAS #3 OIL PV-PD 1 22-13S-20W 1.000000 0.820310 27.29 0.0000 N/A 623. PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS - -------------------- URBAN -K- #5 OIL PV-PD 1 10-16S-17W 1.000000 0.875000 27.29 0.0000 N/A 145. URBAN -K- #5 BP GAS PV-BP 1 10-16S-17W 1.000000 0.875000 0.00 4.1300 1000 145. PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS - ----------------------- URBAN #1, 2 & 5 OIL PV-PD 3 10-16S-17W 1.000000 0.875000 27.29 0.0000 N/A 828. URBAN #6 PUD OIL PV-UD 1 10-16S-17W 1.000000 0.875000 27.29 0.0000 N/A 276. URBAN #7 PUD OIL PV-UD 1 10-16S-17W 1.000000 0.875000 27.29 0.0000 N/A 276. REICHEL FIELD, RUSH COUNTY, KANSAS - ------------------- ALLEN #1 A&D GAS PV-PD 1 33-16S-16W 1.000000 0.875000 0.00 4.1300 1000 264. ANDRE #1 OIL PV-PD 1 28-16S-16W 1.000000 0.875000 0.00 0.0000 N/A 1644. APPL #1 GAS PV-PD 1 10 17S 17W 1.000000 0.875000 0.00 4.1300 1000 106. APPL #2 GAS PV-PD 1 10 17S 17W 1.000000 0.820313 0.00 4.1300 1000 94. BEAHM #1 GAS PV-PD 1 36 17S 17W 1.000000 0.820313 0.00 0.0000 N/A 641. BIEBER #1 GAS PV-PD 1 15-17S-17W 1.000000 0.820313 0.00 4.1300 1000 403. BIEBER -A- #1 GAS PV-PD 1 15-17S-17W 1.000000 0.820313 0.00 4.1300 1000 149. BRACK -A- #3 GAS PV-PD 1 34-17S-16W 1.000000 0.875000 0.00 4.1300 1000 122. BREIT #1 GAS PV-PD 1 7-16S-17W 1.000000 0.875000 0.00 4.1300 1000 84. BREIT-HOLZMEISTER -B- OIL PV-PD 1 7-16S-17W 1.000000 0.861328 27.29 0.0000 N/A 84. DECKER -A- #1 GAS PV-PD 1 8 17S 16W 1.000000 0.868164 0.00 4.1300 1000 267. EDWARDS #1 GAS PV-PD 1 35-16S-17W 1.000000 0.875000 0.00 4.1300 1000 127. ELDER #19 GAS PV-PD 1 19-17S-16W 1.000000 0.875000 0.00 0.0000 N/A 629. FOOS #1 GAS PV-PD 1 25-17S-17W 1.000000 0.820313 0.00 4.1300 1000 352. FOOS -A- #1 GAS PV-PD 1 22 17S 17W 1.000000 0.820313 0.00 4.1300 1000 416. FRYE #2 GAS PV-PD 1 4 17S 17W 1.000000 0.875000 0.00 4.1300 1000 45. GIESICK #1 GAS PV-PD 1 19 17S 16W 1.000000 0.875000 0.00 4.1300 1000 955. GILLIG #1 GAS PV-PD 1 24 17S 17W 1.000000 0.875000 0.00 4.1300 1000 22. GRUMBEIN -A- #1 GAS PV-PD 1 9 17S 17W 1.000000 0.875000 0.00 4.1300 1000 67. HANHARDT #1 GAS PV-PD 1 24 17S 17W 1.000000 0.820313 0.00 4.1300 1000 82.
TABLE C PAGE 6 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- REICHEL FIELD, RUSH COUNTY, KANSAS (CONT.) - ------------------------------------------ HANHARDT -A- #1 GAS PV-PD 1 24 17S 17W 1.000000 0.820313 0.00 4.1300 1000 226. HANHARDT -A- #1BP GAS PV-BP 1 24 17S 17W 1.000000 0.820313 0.00 4.1300 1000 0. HOFFMAN #3 GAS PV-PD 1 29 16S 17W 1.000000 0.820313 0.00 4.1300 1000 53. HOLZMEISTER #1 GAS PV-PD 1 8 16S 17W 1.000000 0.847656 0.00 0.0000 N/A 2266. HOLZMEISTER -A- #1 GAS PV-PD 0 27-16S-17W 1.000000 0.847656 0.00 0.0000 N/A 0. HOLZMEISTER -B- #1 GAS PV-PD 1 7-16S-17W 1.000000 0.861328 0.00 0.0000 N/A 132. HONDERICK -C- #1 GAS PV-PD 1 10 17S 17W 1.000000 0.875000 0.00 4.1300 1000 70. HOOFER #1 GAS PV-PD 0 19 16S 17W 1.000000 0.861328 0.00 0.0000 N/A 0. JANSON -A- #2 GAS PV-PD 0 7 17S 16W 1.000000 0.875000 0.00 0.0000 N/A 0. KAISER #2 GAS PV-PD 1 2 17S 17W 1.000000 0.875000 0.00 4.1300 1000 112. KAISER -A- #1 OIL PV-PD 1 28 16S 16W 1.000000 0.875000 27.29 0.0000 N/A 257. KLEWENO #1-21 GAS PV-PD 1 25-17S-17W 1.000000 0.820313 0.00 4.1300 1000 1. KLEWENO -A- #1 GAS PV-PD 1 23-17S-17W 1.000000 0.875000 0.00 4.1300 1000 144. KOBER #1 GAS PV-PD 1 6 18S 16W 1.000000 0.875000 0.00 4.1300 1000 219. LEBSACK -A- #1 GAS PV-PD 1 21-17S-17W 1.000000 0.783854 0.00 0.0000 N/A 3314. LIPPERT #2 GAS PV-PD 0 19 16S 17W 1.000000 0.861328 0.00 0.0000 N/A 0. LIPPERT #3 GAS PV-PD 1 19 16S 17W 1.000000 0.875000 0.00 4.1300 1000 500. LIPPERT #3 BP GAS PV-BP 1 19-16S-17W 1.000000 0.875000 0.00 4.1300 1000 0. LIPPERT -B- #1 GAS PV-PD 0 29 16S 17W 1.000000 0.755625 0.00 0.0000 N/A 0. LIPPERT -B- #2 GAS PV-PD 1 29 16S 17W 1.000000 0.755625 0.00 4.1300 1000 0. LIPPERT -C- #1 GAS PV-PD 1 32 16S 17W 1.000000 0.765625 0.00 4.1300 1000 19. MCGILL #2 GAS PV-PD 0 3 17S 17W 1.000000 0.875000 0.00 0.0000 N/A 0. O'DELL #1 GAS PV-PD 1 34 16S 17W 1.000000 0.861328 0.00 0.0000 N/A 300. OCHS -A- #1 GAS PV-PD 1 28 16S 16W 1.000000 0.875000 0.00 4.1300 1000 90. PFEIFER -B- #1 GAS PV-PD 0 8-16S-17W 1.000000 0.875000 0.00 0.0000 N/A 0. RAU #1 GAS PV-PD 1 10 17S 17W 1.000000 0.820313 0.00 4.1300 1000 207. REICHEL #1 GAS PV-PD 1 23-17S-17W 1.000000 0.875000 0.00 4.1300 1000 417. ROTHE #1-31 GAS PV-PD 1 31 17S 16W 1.000000 0.875000 0.00 4.1300 1000 1267. ROTHE, R. #1 GAS PV-PD 1 20 17S 16W 1.000000 0.820313 0.00 4.1300 1000 182. SCHEUERMAN #56 GAS PV-PD 1 4 17S 17W 1.000000 0.875000 0.00 4.1300 1000 34.
TABLE C PAGE 7 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- REICHEL FIELD, RUSH COUNTY, KANSAS (CONT.) - ------------------------------------------ SCHLITTER #2 GAS PV-PD 1 18 16S 17W 1.000000 0.861328 0.00 4.1300 1000 221. SCHNEIDER #1 GAS PV-PD 1 13-17S-17W 1.000000 0.820313 0.00 4.1300 1000 167. SHERWOOD #1 GAS PV-PD 1 25 16S 17W 1.000000 0.792969 0.00 4.1300 1000 105. STEITZ -A- #1 GAS PV-PD 1 11-17S-17W 1.000000 0.875000 0.00 4.1300 1000 435. STEITZ -B- #1 GAS PV-PD 1 14-17S-17W 1.000000 0.820313 0.00 4.1300 1000 862. THIELENHAUS #1 GAS PV-PD 1 14 17S 17W 1.000000 0.875000 0.00 4.1300 1000 57. THIELENHAUS #1 BP GAS PV-BP 1 14 17S 17W 1.000000 0.875000 0.00 4.1300 1000 0. TORREY #2 GAS PV-PD 1 19-16S-17W 1.000000 0.861328 0.00 4.1300 1000 193. URBAN R & A #1 GAS PV-PD 1 20-16S-17W 1.000000 0.875000 0.00 4.1300 1000 66. REICHEL EAST FIELD, RUSH COUNTY, KANSAS - ------------------- BAHR #1 GAS PV-PD 1 35 17S 18W 1.000000 0.875000 0.00 4.1300 1000 78. REICHEL WEST FIELD, RUSH COUNTY, KANSAS - ------------------- LEGLEITER -A- #1-1 GAS PV-PD 1 11-17S-18W 1.000000 0.738281 0.00 4.1300 1000 960. LEGLEITER -A- #1-2 GAS PV-PD 0 11-17S-18W 1.000000 0.738281 0.00 0.0000 N/A 0. MUTH #1 & 2 GAS PV-PD 2 1 17S 18W 1.000000 0.722656 0.00 4.1300 1000 833. RIDGEWAY SOUTH FIELD, TREGO COUNTY, KANSAS - --------------------- SCHOENTHALER #3 OIL PV-PD 1 34 12S 21W 1.000000 0.820313 27.29 0.0000 N/A 939. RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS - --------------------- KELLER LEASE OIL PV-PD 2 9 13S 21W 1.000000 0.875000 27.29 0.0000 N/A 396. KELLER -A- LEASE OIL PV-PD 3 9 13S 21W 1.000000 0.875000 27.29 0.0000 N/A 2208. RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS - ---------------------- MAIER #1 OIL PV-PD 1 16 10S 15W 0.812500 0.676025 0.00 0.0000 N/A 1638. MAIER #1 BP OIL PV-BP 1 16 10S 15W 0.812500 0.676025 27.29 0.0000 N/A 1638. SANDFORD FIELD, BARTON COUNTY, KANSAS - --------------------- BEN TEMPERO #1 OIL PV-PD 1 26-17S-14W 1.000000 0.820312 27.29 0.0000 N/A 1159. BEN TEMPERO #5 PUD OIL PV-UD 1 26-17S-14W 1.000000 0.820312 27.29 0.0000 N/A 1159.
TABLE C PAGE 8 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- SCHWINDT FIELD, RUSH COUNTY, KANSAS - ------------------- JACOBS -B- #3 OIL PV-PD 1 30 17S 18W 1.000000 0.875000 27.29 0.0000 N/A 879. SPRING CREEK FIELD, TREGO COUNTY, KANSAS - ------------------- RIDGWAY #1 OIL PV-PD 1 32 12S 21W 1.000000 0.779300 27.29 0.0000 N/A 1538. STOCKTON FIELD, ROOKS COUNTY, KANSAS - -------------------- HINDMAN #1 OIL PV-PD 1 35 7S 17W 1.000000 0.809370 27.29 0.0000 N/A 608. STEBBINS #1 OIL PV-PD 1 26 7S 17W 0.925000 0.751570 27.29 0.0000 N/A 579. WATTS #1 OIL PV-PD 1 26 7S 17W 0.925000 0.809380 27.29 0.0000 N/A 796. STREMEL FIELD, RUSH COUNTY, KANSAS - ------------------- OCHS #1 & 3 OIL PV-PD 2 30 16S 16W 1.000000 0.875000 0.00 0.0000 N/A 1192. URBAN -D- LEASE OIL PV-PD 2 30-16S-16W 1.000000 0.875000 27.29 0.0000 N/A 478. THACKER FIELD, RUSSELL COUNTY, KANSAS - ---------------------- THACKER #2 OIL PV-PD 1 29-13S-13W 1.000000 0.847656 27.29 0.0000 N/A 996. TRAPP FIELD, BARTON COUNTY, KANSAS - --------------------- DEUTSCH OIL PV-PD 1 16 16S 13W 1.000000 0.820313 27.29 0.0000 N/A 760. HOWLIER #1 OIL PV-PD 1 8 16S 13W 0.937000 0.768633 27.29 0.0000 N/A 793. WEBSTER FIELD, ROOKS COUNTY, KANSAS - -------------------- CERROW-CERROW -A- #1 OIL PV-PD 1 33 8S 19W 1.000000 0.875000 27.29 0.0000 N/A 527. LOWRY #1 OIL PV-PD 1 33 8S 19W 1.000000 0.847656 27.29 0.0000 N/A 776. WERTH NORTH FIELD, ELLIS COUNTY, KANSAS - -------------------- SCHNELLER LEASE OIL PV-PD 3 34 12S 20W 1.000000 0.820313 27.29 0.0000 N/A 1329. WESTHUSIN FIELD, ROOKS COUNTY, KANSAS - -------------------- DOUGHERTY EAST #1 OIL PV-PD 1 18 9S 16W 0.934400 0.766500 27.29 0.0000 N/A 385. DOUGHERTY EAST #1 BP OIL PV-BP 1 18 9S 16W 0.934400 0.766500 27.29 0.0000 N/A 0. DOUGHERTY EAST #2 PUD OIL PV-UD 1 18 9S 16W 0.934400 0.766500 27.29 0.0000 N/A 385. YOHE FIELD, ROOKS COUNTY, KANSAS - -------------------- FINNESY LEASE OIL PV-PD 3 33 8S 18W 1.000000 0.875000 27.29 0.0000 N/A 876.
TABLE C PAGE 9 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- YOHE FIELD, ROOKS COUNTY, KANSAS (CONT.) - ---------------------------------------- MOSHER LEASE OIL PV-PD 2 33 8S 18W 1.000000 0.875000 27.29 0.0000 N/A 640. ALL FIELDS, RUSH COUNTY, KANSAS - ------------------- OTIS COMPRESSOR STATION GAS PV-PD 0 1.000000 1.000000 0.00 0.0000 N/A 3644. VARIOUS FIELD, ALL COUNTY, KANSAS - ------------------ KANSAS FIXED COSTS 1PDP OIL PV-PD 0 1.000000 1.000000 0.00 0.0000 N/A 29630. KANSAS FIXED COSTS 2PBP OIL PV-BP 0 1.000000 1.000000 0.00 0.0000 N/A 370. KANSAS FIXED COSTS 3PUD OIL PV-UD 0 1.000000 1.000000 0.00 0.0000 N/A 2569. SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE - ------------------------- ANITA COLSON #1 GAS PV-SI 0 11-1S-74E 1.000000 0.875000 0.00 0.0000 N/A 0. ANITA COLSON #1 BP OIL PV-BP 1 11-1S-74E 1.000000 0.875000 26.90 4.2200 1000 800. ANITA COLSON #2 GAS PV-PD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. BOBBY YEARY #1 GAS PV-PD 0 12-1S-74E 0.500000 0.437500 0.00 0.0000 N/A 0. BOBBY YEARY #1BP GAS PV-BP 0 12-1S-74E 0.500000 0.437500 0.00 0.0000 N/A 0. BOBBY YEARY #2 OIL PV-SI 1 11-1S-74E 0.500000 0.437500 26.90 0.0000 N/A 800. BOBBY YEARY #3 OIL PV-SI 0 11-1S-74E 0.500000 0.437500 0.00 0.0000 N/A 0. CHERYL SMITH #1 OIL PV-SI 1 11-1S-74E 0.500000 0.437500 26.90 0.0000 N/A 800. CHERYL SMITH #2 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. CHEVRON REED #1 GAS PV-SI 0 11-1S-74E 0.500000 0.437500 0.00 0.0000 N/A 0. D. SUTTON HEIRS #1 GAS PV-PD 1 11-1S-74E 1.000000 0.678444 0.00 4.2200 1000 600. D. SUTTON HEIRS #1 BP GAS PV-BP 1 11-1S-74E 1.000000 0.678444 0.00 4.2200 1000 600. D. SUTTON HEIRS #3 GAS PV-UD 1 11-1S-74E 1.000000 0.678444 0.00 4.2200 1000 600. DARNELL SUTTON #1 GAS PV-PD 0 6-1S-75E 1.000000 0.875000 0.00 0.0000 N/A 0. DEANNA CROSS #1 GAS PV-SI 1 6-1S-75E 0.500000 0.437500 0.00 4.2200 1000 600. DEANNA CROSS #1 BP GAS PV-BP 1 6-1S-75E 0.500000 0.437500 0.00 4.2200 1000 600. DEWEY SUTTON #1 OIL PV-SI 0 6-1S-75E 0.500000 0.437500 0.00 0.0000 N/A 0. DORIS HELTON #1 GAS PV-PD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. DORIS HELTON #1 BP1 GAS PV-BP 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. DORIS HELTON #1 BP2 GAS PV-BP 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. F. WELLS #1 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600.
TABLE C PAGE 10 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.) - --------------------------------------------------- FRED PORTRUM #1 GAS PV-PD 1 7-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. FRED PORTRUM #2 GAS PV-PD 1 7-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. GARY PATTON #2 GAS PV-SI 0 6-1S-75E 1.000000 0.656250 0.00 0.0000 N/A 0. GARY PATTON #2 BP1 GAS PV-BP 1 6-1S-75E 1.000000 0.656250 0.00 4.2200 1000 600. GARY PATTON #2 BP2 OIL PV-BP 1 6-1S-75E 1.000000 0.656250 26.90 4.2200 1000 800. GUY TOBEY #1 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. HAZEL SUTTON #2 GAS PV-PD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. HUGH ROBERTS #1 GAS PV-SI 1 8-1S-75E 0.500000 0.437500 0.00 4.2200 1000 600. HUGH ROBERTS #1 BP GAS PV-BP 1 8-1S-75E 0.500000 0.437500 0.00 4.2200 1000 600. JEFF JOHNSON #1 GAS PV-PD 1 7-1S-75E 0.500000 0.437500 0.00 4.2200 1000 600. JEFF JOHNSON #2 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LANGE #1 GAS PB-BP 1 12-1S-74E 0.000000 0.062500 0.00 4.2200 1000 600. LANGE #1 BP GAS PB-BP 1 11-1S-74E 0.000000 0.062500 0.00 4.2200 1000 600. LAURA J. LAWSON #1 GAS PV-PD 1 6-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. LAURA J. LAWSON #2 GAS PV-PD 1 6-1S-75E 1.000000 0.656250 0.00 4.2200 1000 600. LAURA J. LAWSON #2 BP GAS PV-BP 0 6-1S-75E 1.000000 0.656250 0.00 0.0000 N/A 0. LAURA J. LAWSON #3 GAS PV-PD 1 11-1S-74E 0.940000 0.822500 0.00 4.2200 1000 600. LAURA J. LAWSON #4 GAS PV-PD 1 6-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. LAURA J. LAWSON #4 BP GAS PV-BP 1 6-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. LAURA J. LAWSON #5 OIL PV-SI 1 15-1S-75E 1.000000 0.875000 26.90 0.0000 N/A 800. PAUL REED #1 GAS PV-PD 1 10-1S-74E 1.000000 0.750000 0.00 4.2200 1000 600. PAUL REED #2 OIL PV-SI 0 10-1S-74E 1.000000 0.750000 0.00 0.0000 N/A 0. PAUL REED #2 BP GAS PV-BP 1 10-1S-74E 1.000000 0.750000 0.00 4.2200 1000 600. PAUL REED #3 GAS PV-PD 1 10-1S-74E 1.000000 0.656250 0.00 4.2200 1000 600. PAUL REED #3 BP1 GAS PV-BP 1 10-1S-74E 1.000000 0.656250 0.00 4.2200 1000 600. PAUL REED #3 BP2 GAS PV-BP 1 10-1S-74E 1.000000 0.656250 0.00 4.2200 1000 600. PAUL REED #4 GAS PV-PD 1 6-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. PAUL REED #4 BP1 GAS PV-BP 1 6-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. PAUL REED #4 BP2 GAS PV-BP 0 6-1S-75E 1.000000 0.875000 0.00 0.0000 N/A 0. PAUL REED #5 OIL PV-PD 1 6-1S-75E 1.000000 0.875000 26.90 0.0000 N/A 800.
TABLE C PAGE 11 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.) - --------------------------------------------------- PAUL REED #6 GAS PV-PD 1 6-1S-75 1.000000 0.875000 0.00 4.2200 1000 600. PAUL REED #6 BP OIL PV-BP 1 6-1S-75E 1.000000 0.875000 26.90 0.0000 N/A 800. PAUL REED #7 GAS PV-PD 1 10-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. PAUL REED #7 BP1 GAS PV-BP 1 10-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. PAUL REED #7 BP2 GAS PV-BP 0 10-1S-74E 1.000000 0.875000 0.00 0.0000 N/A 0. PAUL REED #8 OIL PV-BP 1 6-1S-75E 1.000000 0.875000 26.90 0.0000 N/A 500. PAUL REED #8 BP GAS PV-BP 1 6-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. PAUL REED #9 GAS PV-UD 1 6-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. PURKEY #1 GAS PV-PD 1 11-1S-74E 0.500000 0.437500 0.00 4.2200 1000 600. PURKEY #2 OIL PV-SI 0 12-1S-74E 0.500000 0.437500 0.00 0.0000 N/A 0. PURKEY #3 GAS PV-PD 1 12-1S-74E 0.500000 0.437500 0.00 4.2200 1000 600. PURKEY #3 BP1 GAS PV-BP 1 12-1S-74E 0.500000 0.437500 0.00 4.2200 1000 600. PURKEY #3 BP2 GAS PV-BP 1 12-1S-74E 0.500000 0.437500 0.00 4.2200 1000 600. PURKEY #4 GAS PV-UD 1 11-1S-74E 0.500000 0.437500 0.00 4.2200 1000 0. PURKEY #5 GAS PV-UD 1 11-1S-74E 0.500000 0.437500 0.00 4.2200 1000 600. RAY DEAN HELTON #1 GAS PV-PD 0 10-1S-74E 1.000000 0.875000 0.00 0.0000 N/A 0. RAY DEAN HELTON #1 BP GAS PV-BP 1 10-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. RAY DEAN HELTON #2 OIL PV-SI 1 6-1S-75E 0.500000 0.437500 26.90 0.0000 N/A 800. RAY DEAN HELTON #2 BP1 GAS PV-BP 1 6-1S-75E 0.500000 0.437500 0.00 4.2200 1000 600. RAY DEAN HELTON #2 BP2 GAS PV-BP 1 6-1S-75E 0.500000 0.437500 0.00 4.2200 1000 600. RAY DEAN HELTON #3 OIL PV-SI 1 6-1S-75E 0.500000 0.437500 26.90 0.0000 N/A 800. RAY DEAN HELTON #4 GAS PV-UD 1 6-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. RAY DEAN HELTON #6 GAS PV-UD 1 10-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. ROSE #1 OIL PV-SI 0 11-1S-74E 0.500000 0.437500 0.00 0.0000 N/A 0. STEPHEN LAWSON #1 OIL PV-PD 1 6-1S-75E 0.500000 0.437500 26.90 0.0000 N/A 800. STEPHEN LAWSON #2 GAS PV-SI 0 6-1S-75E 1.000000 0.656250 0.00 0.0000 N/A 0. STEPHEN LAWSON #3 GAS PV-PD 1 6-1S-75E 1.000000 0.656250 0.00 4.2200 1000 600. STEPHEN LAWSON #3 BP OIL PV-BP 1 6-1S-75E 1.000000 0.656250 26.90 4.2200 1000 800. STEPHEN LAWSON #4 GAS PV-PD 1 7-1S-75E 1.000000 0.656250 0.00 4.2200 1000 600. STEPHEN LAWSON #4 BP OIL PV-BP 1 7-1S-75E 1.000000 0.656250 26.90 4.2200 1000 800.
TABLE C PAGE 12 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.) - --------------------------------------------------- STEPHEN LAWSON #5 GAS PV-PD 1 6-1S-75E 1.000000 0.656250 0.00 4.2200 1000 600. STEPHEN LAWSON #5 BP GAS PV-BP 1 6-1S-75E 1.000000 0.656250 0.00 4.2200 1000 600. STEPHEN LAWSON #6 GAS PV-UD 1 6-1S-75E 1.000000 0.656250 0.00 4.2200 1000 600. STEPHEN LAWSON #7 GAS PV-UD 1 7-1S-75E 1.000000 0.656250 0.00 4.2200 1000 600. T.J. HARRISON #1 OIL PV-SI 0 10-1S-74E 1.000000 0.875000 0.00 0.0000 N/A 0. WARREN REED #1 GAS PV-SI 1 4-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. WARREN REED #1 BP GAS PV-BP 1 4-1S-75E 1.000000 0.875000 0.00 4.2200 1000 600. WARREN REED #2 GAS PV-PD 1 11-1S-74E 1.000000 0.781250 0.00 4.2200 1000 600. WARREN REED #2 BP1 GAS PV-BP 1 11-1S-74E 1.000000 0.781250 0.00 4.2200 1000 600. WARREN REED #2 BP2 GAS PV-BP 0 11-1S-74E 1.000000 0.781250 0.00 0.0000 N/A 0. WELLS/YEARY #1 GAS PV-PD 1 12-1S-74E 0.500000 0.437500 0.00 4.2200 1000 600. WOODROW DAVIS #1 GAS PV-SI 1 14-1S-74E 0.500000 0.438125 0.00 4.2200 1000 600. LOCATION # 4 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION # 5 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION # 8 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #12 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #13 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #14 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #15 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #16 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #17 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #19 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #20 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #24 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #25 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #26 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #27 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #29 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #32 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #33 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600.
TABLE C PAGE 13 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.) - --------------------------------------------------- LOCATION #34 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #35 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #36 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #38 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #39 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #40 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #41 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #42 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #43 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #44 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #45 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #46 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #47 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #48 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #49 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #50 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #51 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #53 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #54 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #55 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #56 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #57 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #58 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #59 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #60 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #61 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #62 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #63 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #65 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #67 GAS PS-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600.
TABLE C PAGE 14 OF 14 TENGASCO, INC. SUMMARY OF INITIAL BASIC DATA SEC CASE AS OF DECEMBER 31, 2002
RES. NO. ----INTERESTS----- LIQUIDS --GAS DATA-- GROSS PRI. TYPE OF LOCATION ----EVALUATED----- PRICE PRICE COST PROD (A) WELLS SEC TWP RNG W.I. N.R.I. $/BBL $(B) BTU $/MONTH ---- ---- ----- ----------- -------- -------- ------- ------- ---- ------- SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.) - --------------------------------------------------- LOCATION #68 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #69 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #70 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #71 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600. LOCATION #72 GAS PV-UD 1 11-1S-74E 1.000000 0.875000 0.00 4.2200 1000 600.
(A) RESERVE TYPES: PV = PROVED STATUS: PD = PRODUCING PB = PROBABLE BP = BEHIND PIPE PS = POSSIBLE SI = SHUT IN UD = UNDEVELOPED DP = DEPLETED PB = PAYBACK NP = NON-PRODUCING (B) IF BTU IS SHOWN, GAS PRICE IN $/MMBTU. IF BTU IS N/A, PRICE IS IN $/MCF. TENGASCO, INC. TABLE 1 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY TOTAL PROVED TOTAL PROPERTIES ALL CATEGORIES REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 63,186,507 FINAL - 10.00% - 46,648,020 REMARKS - 15.00% - 36,681,296 20.00% - 29,900,086 25.00% - 24,979,299
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 223 162,465 0 1,512 128,750 0 1,170.141 27.19 4.20 2004 251 157,019 0 2,931 126,057 0 2,246.804 27.21 4.21 2005 259 144,715 0 2,952 116,911 0 2,343.626 27.22 4.21 2006 264 123,245 0 3,014 100,389 0 2,421.166 27.24 4.21 2007 261 110,108 0 2,719 89,869 0 2,193.479 27.25 4.21 2008 256 98,999 0 2,179 81,112 0 1,736.975 27.26 4.21 2009 237 88,605 0 1,796 72,807 0 1,420.083 27.27 4.21 2010 227 82,933 0 1,474 68,295 0 1,153.059 27.27 4.21 2011 213 76,061 0 1,372 62,703 0 1,075.281 27.28 4.21 2012 197 71,271 0 1,093 58,742 0 849.300 27.28 4.21 2013 194 66,531 0 1,001 54,816 0 760.660 27.28 4.21 2014 187 58,890 0 885 48,768 0 681.751 27.28 4.21 2015 176 53,579 0 769 44,440 0 588.758 27.28 4.21 2016 166 49,446 0 617 41,031 0 468.197 27.28 4.20 2017 156 45,309 0 567 37,630 0 431.461 27.29 4.20 SUB-TOTAL 1,389,176 0 24,881 1,132,320 0 19,540.741 27.25 4.21 REMAINDER 423,538 0 9,484 343,579 0 7,057.992 27.23 4.21 TOTAL 1,812,714 0 34,365 1,475,899 0 26,598.733 27.25 4.21 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 3,500,210 0 4,918,938 0 8,419,148 43,164 136,897 8,239,087 2004 3,430,852 0 9,459,521 0 12,890,373 36,529 271,481 12,582,363 2005 3,182,559 0 9,868,688 0 13,051,247 32,204 284,062 12,734,981 2006 2,734,896 0 10,198,882 0 12,933,778 24,668 295,651 12,613,459 2007 2,449,264 0 9,239,730 0 11,688,994 20,300 267,809 11,400,885 2008 2,211,449 0 7,314,905 0 9,526,354 16,950 210,979 9,298,425 2009 1,985,624 0 5,979,510 0 7,965,134 14,385 171,973 7,778,776 2010 1,862,594 0 4,854,166 0 6,716,760 13,093 139,047 6,564,620 2011 1,710,432 0 4,526,679 0 6,237,111 11,760 129,642 6,095,709 2012 1,602,353 0 3,573,725 0 5,176,078 10,859 101,432 5,063,787 2013 1,495,478 0 3,200,292 0 4,695,770 10,013 90,583 4,595,174 2014 1,330,435 0 2,868,254 0 4,198,689 8,845 81,149 4,108,695 2015 1,212,351 0 2,476,631 0 3,688,982 7,996 69,872 3,611,114 2016 1,119,599 0 1,968,486 0 3,088,085 7,177 54,959 3,025,949 2017 1,026,918 0 1,814,059 0 2,840,977 6,328 50,668 2,783,981 SUB-TOT 30,855,014 0 82,262,466 0 113,117,480 264,271 2,356,204 110,497,005 REMAIN 9,357,005 0 29,705,172 0 39,062,177 88,671 846,614 38,126,892 TOTAL 40,212,019 0 111,967,638 0 152,179,657 352,942 3,202,818 148,623,897
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,755,602 0 1,694,750 0 3,450,352 4,788,735 4,788,735 4,524,086 2004 1,883,813 0 4,395,440 0 6,279,253 6,303,110 11,091,845 5,388,919 2005 1,958,728 0 2,437,000 0 4,395,728 8,339,253 19,431,098 6,506,524 2006 2,011,889 0 1,815,000 0 3,826,889 8,786,570 28,217,668 6,200,746 2007 2,011,678 0 625,000 0 2,636,678 8,764,207 36,981,875 5,599,317 2008 1,933,220 0 20,000 0 1,953,220 7,345,205 44,327,080 4,256,986 2009 1,810,357 0 0 0 1,810,357 5,968,419 50,295,499 3,131,058 2010 1,743,723 0 11,213 0 1,754,936 4,809,684 55,105,183 2,284,180 2011 1,631,544 0 30,000 0 1,661,544 4,434,165 59,539,348 1,903,687 2012 1,568,345 0 0 0 1,568,345 3,495,442 63,034,790 1,359,824 2013 1,540,616 0 10,000 0 1,550,616 3,044,558 66,079,348 1,071,739 2014 1,460,463 0 25,000 0 1,485,463 2,623,232 68,702,580 836,343 2015 1,381,703 0 0 0 1,381,703 2,229,411 70,931,991 643,632 2016 1,292,773 0 0 0 1,292,773 1,733,176 72,665,167 452,635 2017 1,240,655 0 20,000 0 1,260,655 1,523,326 74,188,493 359,879 SUBTOT 25,225,109 0 11,083,403 0 36,308,512 74,188,493 44,519,555 REMAIN 13,088,381 0 265,000 0 13,353,381 24,773,511 98,962,004 2,128,465 TOTAL 38,313,490 0 11,348,403 0 49,661,893 98,962,004 46,648,020 LIFE OF SUMMARY IS 50.00 YEARS. THESE DATA IN TABLES 1 THRU 331 ARE PART OF A RIDER SCOTT REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TENGASCO, INC. TABLE 2 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY PROVED TOTAL PROPERTIES PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 18,966,582 FINAL - 10.00% - 14,795,442 REMARKS - 15.00% - 12,190,469 20.00% - 10,394,446 25.00% - 9,074,814
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 204 122,495 0 755 100,307 0 564.880 27.26 4.19 2004 200 111,127 0 630 90,944 0 475.336 27.26 4.18 2005 196 101,460 0 562 83,140 0 417.241 27.27 4.18 2006 191 93,897 0 492 76,905 0 372.570 27.27 4.18 2007 185 86,267 0 450 70,597 0 340.574 27.27 4.18 2008 183 79,146 0 421 64,992 0 313.111 27.27 4.18 2009 173 71,445 0 385 58,799 0 287.563 27.28 4.18 2010 169 66,577 0 361 54,863 0 269.087 27.28 4.18 2011 166 60,594 0 332 49,955 0 251.328 27.28 4.18 2012 157 56,734 0 314 46,768 0 235.173 27.28 4.18 2013 157 53,182 0 301 43,805 0 222.155 27.28 4.18 2014 153 46,973 0 278 38,906 0 208.250 27.28 4.18 2015 143 42,398 0 259 35,186 0 194.343 27.29 4.18 2016 140 38,946 0 240 32,339 0 180.644 27.29 4.18 2017 132 35,735 0 218 29,721 0 168.643 27.29 4.18 SUB-TOTAL 1,066,976 0 5,998 877,227 0 4,500.898 27.27 4.18 REMAINDER 276,265 0 2,801 231,066 0 2,091.813 27.29 4.18 TOTAL 1,343,241 0 8,799 1,108,293 0 6,592.711 27.28 4.18 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 2,734,234 0 2,364,735 0 5,098,969 21,703 60,270 5,016,996 2004 2,479,598 0 1,988,271 0 4,467,869 19,133 49,776 4,398,960 2005 2,266,815 0 1,744,434 0 4,011,249 17,023 43,188 3,951,038 2006 2,097,279 0 1,557,296 0 3,654,575 15,339 38,351 3,600,885 2007 1,925,342 0 1,423,300 0 3,348,642 13,781 34,908 3,299,953 2008 1,772,653 0 1,308,463 0 3,081,116 12,440 32,053 3,036,623 2009 1,603,929 0 1,201,801 0 2,805,730 11,081 29,495 2,765,154 2010 1,496,538 0 1,124,555 0 2,621,093 10,103 27,582 2,583,408 2011 1,362,860 0 1,050,258 0 2,413,118 9,040 25,714 2,378,364 2012 1,275,927 0 982,679 0 2,258,606 8,359 24,021 2,226,226 2013 1,195,211 0 928,295 0 2,123,506 7,750 22,700 2,093,056 2014 1,061,512 0 870,295 0 1,931,807 6,837 21,334 1,903,636 2015 960,010 0 812,201 0 1,772,211 6,143 19,934 1,746,134 2016 882,602 0 755,012 0 1,637,614 5,466 18,556 1,613,592 2017 811,078 0 704,967 0 1,516,045 4,951 17,395 1,493,699 SUB-TOT 23,925,588 0 18,816,562 0 42,742,150 169,149 465,277 42,107,724 REMAIN 6,305,704 0 8,747,894 0 15,053,598 38,465 217,895 14,797,238 TOTAL 30,231,292 0 27,564,456 0 57,795,748 207,614 683,172 56,904,962
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,662,491 0 0 0 1,662,491 3,354,505 3,354,505 3,198,668 2004 1,575,599 0 0 0 1,575,599 2,823,361 6,177,866 2,435,855 2005 1,520,092 0 0 0 1,520,092 2,430,946 8,608,812 1,898,243 2006 1,499,099 0 0 0 1,499,099 2,101,786 10,710,598 1,485,533 2007 1,462,575 0 0 0 1,462,575 1,837,378 12,547,976 1,175,510 2008 1,427,137 0 0 0 1,427,137 1,609,486 14,157,462 932,141 2009 1,355,955 0 0 0 1,355,955 1,409,199 15,566,661 738,722 2010 1,341,828 0 0 0 1,341,828 1,241,580 16,808,241 589,162 2011 1,286,884 0 0 0 1,286,884 1,091,480 17,899,721 468,866 2012 1,267,305 0 0 0 1,267,305 958,921 18,858,642 372,866 2013 1,254,240 0 0 0 1,254,240 838,816 19,697,458 295,271 2014 1,177,342 0 0 0 1,177,342 726,294 20,423,752 231,437 2015 1,117,064 0 0 0 1,117,064 629,070 21,052,822 181,462 2016 1,072,087 0 0 0 1,072,087 541,505 21,594,327 141,403 2017 1,032,411 0 0 0 1,032,411 461,288 22,055,615 109,044 SUBTOT 20,052,109 0 0 0 20,052,109 22,055,615 14,254,183 REMAIN 10,036,633 0 0 0 10,036,633 4,760,605 26,816,220 541,259 TOTAL 30,088,742 0 0 0 30,088,742 26,816,220 14,795,442 LIFE OF SUMMARY IS 50.00 YEARS.
TENGASCO, INC. TABLE 3 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY PROVED TOTAL PROPERTIES SHUT-IN REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 1,461,339 FINAL - 10.00% - 1,241,527 REMARKS - 15.00% - 1,075,952 20.00% - 946,156 25.00% - 841,315
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 5 13,365 0 27 5,848 0 11.845 26.90 4.22 2004 8 12,060 0 156 6,729 0 78.727 26.90 4.22 2005 7 6,190 0 111 3,944 0 58.492 26.90 4.22 2006 7 3,465 0 79 2,566 0 43.680 26.90 4.22 2007 5 2,855 0 43 2,142 0 18.944 26.90 4.22 2008 4 2,387 0 37 1,803 0 16.395 26.90 4.22 2009 4 1,995 0 33 1,518 0 14.587 26.90 4.22 2010 4 1,439 0 31 1,178 0 13.208 26.90 4.22 2011 3 1,065 0 27 932 0 12.115 26.90 4.22 2012 3 906 0 26 792 0 11.112 26.90 4.22 2013 2 769 0 11 673 0 4.720 26.90 4.22 2014 2 654 0 10 573 0 4.436 26.90 4.22 2015 2 556 0 9 486 0 4.192 26.90 4.22 2016 2 473 0 9 414 0 3.977 26.90 4.22 2017 2 107 0 9 93 0 3.778 26.90 4.22 SUB-TOTAL 48,286 0 618 29,691 0 300.208 26.90 4.22 REMAINDER 0 0 47 0 0 20.538 0.00 4.22 TOTAL 48,286 0 665 29,691 0 320.746 26.90 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 157,280 0 49,984 0 207,264 4,719 1,500 201,045 2004 181,031 0 332,228 0 513,259 5,431 9,966 497,862 2005 106,102 0 246,837 0 352,939 3,183 7,406 342,350 2006 69,023 0 184,328 0 253,351 2,071 5,530 245,750 2007 57,620 0 79,946 0 137,566 1,729 2,398 133,439 2008 48,498 0 69,184 0 117,682 1,454 2,075 114,153 2009 40,840 0 61,559 0 102,399 1,225 1,847 99,327 2010 31,676 0 55,738 0 87,414 950 1,672 84,792 2011 25,072 0 51,125 0 76,197 752 1,534 73,911 2012 21,311 0 46,894 0 68,205 640 1,406 66,159 2013 18,114 0 19,917 0 38,031 543 598 36,890 2014 15,397 0 18,721 0 34,118 462 561 33,095 2015 13,088 0 17,689 0 30,777 393 531 29,853 2016 11,124 0 16,783 0 27,907 333 504 27,070 2017 2,510 0 15,945 0 18,455 76 478 17,901 SUB-TOT 798,686 0 1,266,878 0 2,065,564 23,961 38,006 2,003,597 REMAIN 0 0 86,671 0 86,671 0 2,600 84,071 TOTAL 798,686 0 1,353,549 0 2,152,235 23,961 40,606 2,087,668
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 11,800 0 0 0 11,800 189,245 189,245 176,680 2004 40,000 0 0 0 40,000 457,862 647,107 396,301 2005 37,200 0 0 0 37,200 305,150 952,257 238,573 2006 29,903 0 0 0 29,903 215,847 1,168,104 152,796 2007 21,620 0 0 0 21,620 111,819 1,279,923 71,581 2008 21,600 0 0 0 21,600 92,553 1,372,476 53,622 2009 21,600 0 0 0 21,600 77,727 1,450,203 40,761 2010 18,800 0 0 0 18,800 65,992 1,516,195 31,322 2011 16,800 0 0 0 16,800 57,111 1,573,306 24,533 2012 16,733 0 0 0 16,733 49,426 1,622,732 19,227 2013 13,200 0 0 0 13,200 23,690 1,646,422 8,341 2014 13,200 0 0 0 13,200 19,895 1,666,317 6,341 2015 13,200 0 0 0 13,200 16,653 1,682,970 4,806 2016 13,200 0 0 0 13,200 13,870 1,696,840 3,622 2017 6,000 0 0 0 6,000 11,901 1,708,741 2,812 SUBTOT 294,856 0 0 0 294,856 1,708,741 1,231,318 REMAIN 23,653 0 0 0 23,653 60,418 1,769,159 10,209 TOTAL 318,509 0 0 0 318,509 1,769,159 1,241,527 LIFE OF SUMMARY IS 21.57 YEARS.
TENGASCO, INC. TABLE 4 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY PROVED TOTAL PROPERTIES BEHIND PIPE REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 9,841,842 FINAL - 10.00% - 6,181,700 REMARKS - 15.00% - 4,566,917 20.00% - 3,635,868 25.00% - 3,021,945
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 5 26,605 0 144 22,595 0 101.825 26.94 4.22 2004 9 16,080 0 197 13,440 0 148.371 26.96 4.19 2005 10 17,199 0 183 12,930 0 137.430 26.96 4.18 2006 11 10,270 0 210 7,683 0 134.593 26.99 4.19 2007 13 6,279 0 280 4,669 0 200.808 27.04 4.21 2008 13 3,574 0 246 2,551 0 175.270 27.13 4.21 2009 10 2,035 0 221 1,376 0 161.261 27.29 4.21 2010 9 2,504 0 175 1,751 0 125.844 27.29 4.21 2011 9 2,667 0 334 1,889 0 263.120 27.29 4.22 2012 10 2,524 0 236 1,793 0 180.651 27.29 4.22 2013 10 2,072 0 225 1,459 0 154.657 27.29 4.22 2014 7 1,312 0 171 887 0 120.142 27.29 4.22 2015 7 1,202 0 139 813 0 97.997 27.29 4.22 2016 6 1,100 0 118 744 0 84.319 27.29 4.22 2017 6 1,008 0 113 681 0 82.103 27.29 4.22 SUB-TOTAL 96,431 0 2,992 75,261 0 2,168.391 27.02 4.21 REMAINDER 72,048 0 4,539 49,862 0 3,359.804 26.91 4.22 TOTAL 168,479 0 7,531 125,123 0 5,528.195 26.97 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 608,696 0 429,701 0 1,038,397 16,742 12,891 1,008,764 2004 362,391 0 621,781 0 984,172 9,479 16,221 958,472 2005 348,560 0 574,865 0 923,425 9,182 14,394 899,849 2006 207,394 0 564,493 0 771,887 5,055 14,984 751,848 2007 126,230 0 844,582 0 970,812 2,717 23,751 944,344 2008 69,194 0 737,371 0 806,565 1,097 20,855 784,613 2009 37,544 0 678,993 0 716,537 229 19,516 696,792 2010 47,775 0 530,312 0 578,087 291 15,489 562,307 2011 51,579 0 1,109,711 0 1,161,290 314 32,925 1,128,051 2012 48,932 0 761,779 0 810,711 299 22,533 787,879 2013 39,812 0 652,155 0 691,967 243 19,287 672,437 2014 24,203 0 506,786 0 530,989 147 15,083 515,759 2015 22,169 0 413,548 0 435,717 136 12,408 423,173 2016 20,306 0 355,826 0 376,132 123 10,674 365,335 2017 18,598 0 346,471 0 365,069 114 10,395 354,560 SUB-TOT 2,033,383 0 9,128,374 0 11,161,757 46,168 261,406 10,854,183 REMAIN 1,341,563 0 14,178,375 0 15,519,938 39,775 425,350 15,054,813 TOTAL 3,374,946 0 23,306,749 0 26,681,695 85,943 686,756 25,908,996
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 50,411 0 94,750 0 145,161 863,603 863,603 821,648 2004 74,170 0 52,000 0 126,170 832,302 1,695,905 717,423 2005 88,179 0 37,000 0 125,179 774,670 2,470,575 605,128 2006 89,986 0 15,000 0 104,986 646,862 3,117,437 456,979 2007 94,833 0 25,000 0 119,833 824,511 3,941,948 526,614 2008 79,047 0 20,000 0 99,047 685,566 4,627,514 396,781 2009 65,959 0 0 0 65,959 630,833 5,258,347 331,120 2010 62,918 0 11,213 0 74,131 488,176 5,746,523 231,626 2011 67,700 0 30,000 0 97,700 1,030,351 6,776,874 440,062 2012 63,924 0 0 0 63,924 723,955 7,500,829 282,116 2013 59,505 0 10,000 0 69,505 602,932 8,103,761 212,555 2014 54,862 0 25,000 0 79,862 435,897 8,539,658 139,392 2015 54,220 0 0 0 54,220 368,953 8,908,611 106,532 2016 48,370 0 0 0 48,370 316,965 9,225,576 82,752 2017 48,971 0 20,000 0 68,971 285,589 9,511,165 67,436 SUBTOT 1,003,055 0 339,963 0 1,343,018 9,511,165 5,418,164 REMAIN 1,266,597 0 265,000 0 1,531,597 13,523,216 23,034,381 763,536 TOTAL 2,269,652 0 604,963 0 2,874,615 23,034,381 6,181,700 LIFE OF SUMMARY IS 50.00 YEARS.
TENGASCO, INC. TABLE 5 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY PROVED TOTAL PROPERTIES UNDEVELOPED REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 32,916,744 FINAL - 10.00% - 24,429,351 REMARKS - 15.00% - 18,847,958 20.00% - 14,923,616 25.00% - 12,041,225
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 9 0 0 586 0 0 491.592 0.00 4.22 2004 34 17,752 0 1,948 14,944 0 1,544.370 27.29 4.22 2005 46 19,866 0 2,096 16,897 0 1,730.463 27.29 4.22 2006 55 15,613 0 2,233 13,235 0 1,870.323 27.29 4.22 2007 58 14,707 0 1,946 12,461 0 1,633.153 27.29 4.22 2008 56 13,892 0 1,475 11,766 0 1,232.200 27.29 4.22 2009 50 13,130 0 1,157 11,114 0 956.673 27.29 4.22 2010 45 12,413 0 907 10,503 0 744.920 27.29 4.22 2011 35 11,735 0 679 9,927 0 548.718 27.29 4.22 2012 27 11,107 0 517 9,389 0 422.363 27.29 4.22 2013 25 10,508 0 464 8,879 0 379.129 27.29 4.22 2014 25 9,951 0 426 8,402 0 348.922 27.29 4.22 2015 24 9,423 0 362 7,955 0 292.226 27.29 4.22 2016 18 8,927 0 250 7,534 0 199.257 27.29 4.22 2017 16 8,459 0 227 7,135 0 176.938 27.29 4.22 SUB-TOTAL 177,483 0 15,273 150,141 0 12,571.247 27.29 4.22 REMAINDER 75,225 0 2,097 62,651 0 1,585.837 27.29 4.22 TOTAL 252,708 0 17,370 212,792 0 14,157.084 27.29 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 2,074,518 0 2,074,518 0 62,236 2,012,282 2004 407,832 0 6,517,241 0 6,925,073 2,486 195,518 6,727,069 2005 461,082 0 7,302,552 0 7,763,634 2,816 219,074 7,541,744 2006 361,200 0 7,892,765 0 8,253,965 2,203 236,786 8,014,976 2007 340,072 0 6,891,902 0 7,231,974 2,073 206,752 7,023,149 2008 321,104 0 5,199,887 0 5,520,991 1,959 155,996 5,363,036 2009 303,311 0 4,037,157 0 4,340,468 1,850 121,115 4,217,503 2010 286,605 0 3,143,561 0 3,430,166 1,749 94,304 3,334,113 2011 270,921 0 2,315,585 0 2,586,506 1,654 69,469 2,515,383 2012 256,183 0 1,782,373 0 2,038,556 1,561 53,472 1,983,523 2013 242,341 0 1,599,925 0 1,842,266 1,477 47,998 1,792,791 2014 229,323 0 1,472,452 0 1,701,775 1,399 44,171 1,656,205 2015 217,084 0 1,233,193 0 1,450,277 1,324 36,999 1,411,954 2016 205,567 0 840,865 0 1,046,432 1,255 25,225 1,019,952 2017 194,732 0 746,676 0 941,408 1,187 22,400 917,821 SUB-TOT 4,097,357 0 53,050,652 0 57,148,009 24,993 1,591,515 55,531,501 REMAIN 1,709,738 0 6,692,232 0 8,401,970 10,431 200,769 8,190,770 TOTAL 5,807,095 0 59,742,884 0 65,549,979 35,424 1,792,284 63,722,271
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 30,900 0 1,600,000 0 1,630,900 381,382 381,382 327,090 2004 194,044 0 4,343,440 0 4,537,484 2,189,585 2,570,967 1,839,340 2005 313,257 0 2,400,000 0 2,713,257 4,828,487 7,399,454 3,764,580 2006 392,901 0 1,800,000 0 2,192,901 5,822,075 13,221,529 4,105,438 2007 432,650 0 600,000 0 1,032,650 5,990,499 19,212,028 3,825,612 2008 405,436 0 0 0 405,436 4,957,600 24,169,628 2,874,442 2009 366,843 0 0 0 366,843 3,850,660 28,020,288 2,020,455 2010 320,177 0 0 0 320,177 3,013,936 31,034,224 1,432,070 2011 260,160 0 0 0 260,160 2,255,223 33,289,447 970,226 2012 220,383 0 0 0 220,383 1,763,140 35,052,587 685,615 2013 213,671 0 0 0 213,671 1,579,120 36,631,707 555,572 2014 215,059 0 0 0 215,059 1,441,146 38,072,853 459,173 2015 197,219 0 0 0 197,219 1,214,735 39,287,588 350,832 2016 159,116 0 0 0 159,116 860,836 40,148,424 224,858 2017 153,273 0 0 0 153,273 764,548 40,912,972 180,587 SUBTOT 3,875,089 0 10,743,440 0 14,618,529 40,912,972 23,615,890 REMAIN 1,761,498 0 0 0 1,761,498 6,429,272 47,342,244 813,461 TOTAL 5,636,587 0 10,743,440 0 16,380,027 47,342,244 24,429,351 LIFE OF SUMMARY IS 46.65 YEARS.
TENGASCO, INC. TABLE 6 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY TOTAL PROBABLE TOTAL PROPERTIES ALL CATEGORIES REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 441,915 FINAL - 10.00% - 292,893 REMARKS - 15.00% - 200,900 20.00% - 140,905 25.00% - 100,066
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 3 5,158 0 27 3,933 0 1.661 27.29 4.22 2005 3 5,700 0 22 4,330 0 1.375 27.29 4.22 2006 3 4,911 0 19 3,724 0 1.200 27.29 4.22 2007 3 4,622 0 17 3,506 0 1.078 27.29 4.22 2008 3 4,349 0 16 3,299 0 0.987 27.29 4.22 2009 3 4,093 0 14 3,105 0 0.916 27.29 4.22 2010 3 3,852 0 14 2,924 0 0.859 27.29 4.22 2011 3 3,625 0 13 2,750 0 0.802 27.29 4.22 2012 3 3,413 0 12 2,591 0 0.750 27.29 4.22 2013 3 3,211 0 11 2,438 0 0.712 27.29 4.22 2014 3 3,023 0 34 2,295 0 2.061 27.29 4.22 2015 3 2,844 0 28 2,161 0 1.782 27.29 4.22 2016 3 2,678 0 19 2,034 0 1.153 27.29 4.22 2017 3 2,520 0 13 1,914 0 0.810 27.29 4.22 SUB-TOTAL 53,999 0 259 41,004 0 16.146 27.29 4.22 REMAINDER 14,972 0 0 11,163 0 0.022 27.29 4.22 TOTAL 68,971 0 259 52,167 0 16.168 27.29 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 107,330 0 7,011 0 114,341 654 210 113,477 2005 118,162 0 5,802 0 123,964 721 174 123,069 2006 101,640 0 5,063 0 106,703 620 152 105,931 2007 95,662 0 4,549 0 100,211 584 137 99,490 2008 90,039 0 4,166 0 94,205 550 125 93,530 2009 84,748 0 3,867 0 88,615 516 116 87,983 2010 79,770 0 3,623 0 83,393 487 108 82,798 2011 75,087 0 3,385 0 78,472 458 102 77,912 2012 70,680 0 3,165 0 73,845 431 95 73,319 2013 66,533 0 3,007 0 69,540 406 90 69,044 2014 62,633 0 8,697 0 71,330 382 261 70,687 2015 58,961 0 7,520 0 66,481 359 226 65,896 2016 55,507 0 4,867 0 60,374 340 146 59,888 2017 52,256 0 3,419 0 55,675 318 102 55,255 SUB-TOT 1,119,008 0 68,141 0 1,187,149 6,826 2,044 1,178,279 REMAIN 304,628 0 91 0 304,719 1,858 3 302,858 TOTAL 1,423,636 0 68,232 0 1,491,868 8,684 2,047 1,481,137
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 15,016 0 185,313 0 200,329 -86,852 -86,852 -75,873 2005 30,034 0 0 0 30,034 93,035 6,183 72,891 2006 30,033 0 0 0 30,033 75,898 82,081 53,623 2007 30,034 0 0 0 30,034 69,456 151,537 44,420 2008 30,033 0 0 0 30,033 63,497 215,034 36,760 2009 30,034 0 0 0 30,034 57,949 272,983 30,370 2010 30,033 0 0 0 30,033 52,765 325,748 25,032 2011 30,034 0 0 0 30,034 47,878 373,626 20,562 2012 30,032 0 0 0 30,032 43,287 416,913 16,828 2013 30,034 0 0 0 30,034 39,010 455,923 13,728 2014 30,033 0 0 0 30,033 40,654 496,577 12,923 2015 30,034 0 0 0 30,034 35,862 532,439 10,349 2016 30,033 0 0 0 30,033 29,855 562,294 7,797 2017 30,034 0 0 0 30,034 25,221 587,515 5,963 SUBTOT 405,451 0 185,313 0 590,764 587,515 275,373 REMAIN 189,801 0 0 0 189,801 113,057 700,572 17,520 TOTAL 595,252 0 185,313 0 780,565 700,572 292,893 LIFE OF SUMMARY IS 27.54 YEARS.
TENGASCO, INC. TABLE 7 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY PROBABLE TOTAL PROPERTIES BEHIND PIPE REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 45,647 FINAL - 10.00% - 32,968 REMARKS - 15.00% - 24,838 20.00% - 19,413 25.00% - 15,646
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 27 0 0 1.661 0.00 4.22 2005 1 0 0 22 0 0 1.375 0.00 4.22 2006 1 0 0 19 0 0 1.200 0.00 4.22 2007 1 0 0 17 0 0 1.078 0.00 4.22 2008 1 0 0 16 0 0 0.987 0.00 4.22 2009 1 0 0 14 0 0 0.916 0.00 4.22 2010 1 0 0 14 0 0 0.859 0.00 4.22 2011 1 0 0 13 0 0 0.802 0.00 4.22 2012 1 0 0 12 0 0 0.750 0.00 4.22 2013 1 0 0 11 0 0 0.712 0.00 4.22 2014 1 0 0 34 0 0 2.061 0.00 4.22 2015 1 0 0 28 0 0 1.782 0.00 4.22 2016 1 0 0 19 0 0 1.153 0.00 4.22 2017 1 0 0 13 0 0 0.810 0.00 4.22 SUB-TOTAL 0 0 259 0 0 16.146 0.00 4.22 REMAINDER 0 0 0 0 0 0.022 0.00 4.22 TOTAL 0 0 259 0 0 16.168 0.00 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 7,011 0 7,011 0 210 6,801 2005 0 0 5,802 0 5,802 0 174 5,628 2006 0 0 5,063 0 5,063 0 152 4,911 2007 0 0 4,549 0 4,549 0 137 4,412 2008 0 0 4,166 0 4,166 0 125 4,041 2009 0 0 3,867 0 3,867 0 116 3,751 2010 0 0 3,623 0 3,623 0 108 3,515 2011 0 0 3,385 0 3,385 0 102 3,283 2012 0 0 3,165 0 3,165 0 95 3,070 2013 0 0 3,007 0 3,007 0 90 2,917 2014 0 0 8,697 0 8,697 0 261 8,436 2015 0 0 7,520 0 7,520 0 226 7,294 2016 0 0 4,867 0 4,867 0 146 4,721 2017 0 0 3,419 0 3,419 0 102 3,317 SUB-TOT 0 0 68,141 0 68,141 0 2,044 66,097 REMAIN 0 0 91 0 91 0 3 88 TOTAL 0 0 68,232 0 68,232 0 2,047 66,185
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 6,801 6,801 5,871 2005 0 0 0 0 0 5,628 12,429 4,395 2006 0 0 0 0 0 4,911 17,340 3,470 2007 0 0 0 0 0 4,412 21,752 2,822 2008 0 0 0 0 0 4,041 25,793 2,339 2009 0 0 0 0 0 3,751 29,544 1,966 2010 0 0 0 0 0 3,515 33,059 1,667 2011 0 0 0 0 0 3,283 36,342 1,410 2012 0 0 0 0 0 3,070 39,412 1,193 2013 0 0 0 0 0 2,917 42,329 1,026 2014 0 0 0 0 0 8,436 50,765 2,659 2015 0 0 0 0 0 7,294 58,059 2,110 2016 0 0 0 0 0 4,721 62,780 1,235 2017 0 0 0 0 0 3,317 66,097 785 SUBTOT 0 0 0 0 0 66,097 32,948 REMAIN 0 0 0 0 0 88 66,185 20 TOTAL 0 0 0 0 0 66,185 32,968 LIFE OF SUMMARY IS 15.03 YEARS.
TENGASCO, INC. TABLE 8 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY PROBABLE TOTAL PROPERTIES UNDEVELOPED REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 396,268 FINAL - 10.00% - 259,925 REMARKS - 15.00% - 176,062 20.00% - 121,492 25.00% - 84,420
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 2 5,158 0 0 3,933 0 0.000 27.29 0.00 2005 2 5,700 0 0 4,330 0 0.000 27.29 0.00 2006 2 4,911 0 0 3,724 0 0.000 27.29 0.00 2007 2 4,622 0 0 3,506 0 0.000 27.29 0.00 2008 2 4,349 0 0 3,299 0 0.000 27.29 0.00 2009 2 4,093 0 0 3,105 0 0.000 27.29 0.00 2010 2 3,852 0 0 2,924 0 0.000 27.29 0.00 2011 2 3,625 0 0 2,750 0 0.000 27.29 0.00 2012 2 3,413 0 0 2,591 0 0.000 27.29 0.00 2013 2 3,211 0 0 2,438 0 0.000 27.29 0.00 2014 2 3,023 0 0 2,295 0 0.000 27.29 0.00 2015 2 2,844 0 0 2,161 0 0.000 27.29 0.00 2016 2 2,678 0 0 2,034 0 0.000 27.29 0.00 2017 2 2,520 0 0 1,914 0 0.000 27.29 0.00 SUB-TOTAL 53,999 0 0 41,004 0 0.000 27.29 0.00 REMAINDER 14,972 0 0 11,163 0 0.000 27.29 0.00 TOTAL 68,971 0 0 52,167 0 0.000 27.29 0.00 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 107,330 0 0 0 107,330 654 0 106,676 2005 118,162 0 0 0 118,162 721 0 117,441 2006 101,640 0 0 0 101,640 620 0 101,020 2007 95,662 0 0 0 95,662 584 0 95,078 2008 90,039 0 0 0 90,039 550 0 89,489 2009 84,748 0 0 0 84,748 516 0 84,232 2010 79,770 0 0 0 79,770 487 0 79,283 2011 75,087 0 0 0 75,087 458 0 74,629 2012 70,680 0 0 0 70,680 431 0 70,249 2013 66,533 0 0 0 66,533 406 0 66,127 2014 62,633 0 0 0 62,633 382 0 62,251 2015 58,961 0 0 0 58,961 359 0 58,602 2016 55,507 0 0 0 55,507 340 0 55,167 2017 52,256 0 0 0 52,256 318 0 51,938 SUB-TOT 1,119,008 0 0 0 1,119,008 6,826 0 1,112,182 REMAIN 304,628 0 0 0 304,628 1,858 0 302,770 TOTAL 1,423,636 0 0 0 1,423,636 8,684 0 1,414,952
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 15,016 0 185,313 0 200,329 -93,653 -93,653 -81,744 2005 30,034 0 0 0 30,034 87,407 -6,246 68,496 2006 30,033 0 0 0 30,033 70,987 64,741 50,153 2007 30,034 0 0 0 30,034 65,044 129,785 41,598 2008 30,033 0 0 0 30,033 59,456 189,241 34,421 2009 30,034 0 0 0 30,034 54,198 243,439 28,404 2010 30,033 0 0 0 30,033 49,250 292,689 23,365 2011 30,034 0 0 0 30,034 44,595 337,284 19,152 2012 30,032 0 0 0 30,032 40,217 377,501 15,635 2013 30,034 0 0 0 30,034 36,093 413,594 12,702 2014 30,033 0 0 0 30,033 32,218 445,812 10,264 2015 30,034 0 0 0 30,034 28,568 474,380 8,239 2016 30,033 0 0 0 30,033 25,134 499,514 6,562 2017 30,034 0 0 0 30,034 21,904 521,418 5,178 SUBTOT 405,451 0 185,313 0 590,764 521,418 242,425 REMAIN 189,801 0 0 0 189,801 112,969 634,387 17,500 TOTAL 595,252 0 185,313 0 780,565 634,387 259,925 LIFE OF SUMMARY IS 27.54 YEARS.
TENGASCO, INC. TABLE 9 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GRAND SUMMARY TOTAL POSSIBLE TOTAL PROPERTIES UNDEVELOPED REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 4,284,225 FINAL - 10.00% - 3,185,002 REMARKS - 15.00% - 2,378,901 20.00% - 1,783,727 25.00% - 1,341,618
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 4 0 0 106 0 0 93.393 0.00 4.22 2006 14 0 0 715 0 0 623.939 0.00 4.22 2007 14 0 0 576 0 0 503.808 0.00 4.22 2008 14 0 0 409 0 0 360.038 0.00 4.22 2009 14 0 0 310 0 0 272.546 0.00 4.22 2010 12 0 0 211 0 0 181.732 0.00 4.22 2011 8 0 0 109 0 0 94.770 0.00 4.22 2012 4 0 0 64 0 0 56.899 0.00 4.22 2013 3 0 0 30 0 0 26.400 0.00 4.22 2014 1 0 0 16 0 0 14.226 0.00 4.22 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 2,546 0 0 2,227.751 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 2,546 0 0 2,227.751 0.00 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 394,118 0 394,118 0 11,824 382,294 2006 0 0 2,633,019 0 2,633,019 0 78,990 2,554,029 2007 0 0 2,126,073 0 2,126,073 0 63,783 2,062,290 2008 0 0 1,519,360 0 1,519,360 0 45,582 1,473,778 2009 0 0 1,150,142 0 1,150,142 0 34,503 1,115,639 2010 0 0 766,907 0 766,907 0 23,004 743,903 2011 0 0 399,927 0 399,927 0 11,998 387,929 2012 0 0 240,113 0 240,113 0 7,203 232,910 2013 0 0 111,408 0 111,408 0 3,343 108,065 2014 0 0 60,033 0 60,033 0 1,801 58,232 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 9,401,100 0 9,401,100 0 282,031 9,119,069 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 9,401,100 0 9,401,100 0 282,031 9,119,069
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 9,000 0 800,000 0 809,000 -426,706 -426,706 -327,786 2006 75,000 0 2,000,000 0 2,075,000 479,029 52,323 315,056 2007 100,800 0 0 0 100,800 1,961,490 2,013,813 1,258,271 2008 100,800 0 0 0 100,800 1,372,978 3,386,791 796,076 2009 92,682 0 0 0 92,682 1,022,957 4,409,748 537,271 2010 68,580 0 0 0 68,580 675,323 5,085,071 321,748 2011 36,976 0 0 0 36,976 350,953 5,436,024 151,535 2012 23,269 0 0 0 23,269 209,641 5,645,665 81,700 2013 11,184 0 0 0 11,184 96,881 5,742,546 34,489 2014 6,291 0 0 0 6,291 51,941 5,794,487 16,642 2015 0 0 0 0 0 0 5,794,487 0 2016 0 0 0 0 0 0 5,794,487 0 2017 0 0 0 0 0 0 5,794,487 0 SUBTOT 524,582 0 2,800,000 0 3,324,582 5,794,487 3,185,002 REMAIN 0 0 0 0 0 0 5,794,487 0 TOTAL 524,582 0 2,800,000 0 3,324,582 5,794,487 3,185,002 LIFE OF SUMMARY IS 11.87 YEARS.
TENGASCO, INC. TABLE 10 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
STATE SUMMARY TOTAL PROVED KANSAS PROPERTIES ALL CATEGORIES REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 13,319,508 FINAL - 10.00% - 10,417,292 REMARKS - 15.00% - 8,502,010 20.00% - 7,150,018 25.00% - 6,148,596
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 180 116,451 0 278 94,818 0 211.770 27.29 4.13 2004 187 124,433 0 311 101,792 0 244.340 27.29 4.13 2005 184 118,121 0 310 97,023 0 237.946 27.29 4.13 2006 181 107,263 0 262 87,967 0 204.855 27.29 4.13 2007 176 99,465 0 236 81,534 0 186.107 27.29 4.13 2008 174 92,095 0 220 75,732 0 168.136 27.29 4.13 2009 163 84,060 0 191 69,268 0 147.068 27.29 4.13 2010 158 79,695 0 171 65,613 0 130.511 27.29 4.13 2011 156 73,698 0 154 60,635 0 122.224 27.29 4.13 2012 149 69,337 0 150 57,050 0 114.675 27.29 4.13 2013 149 64,947 0 142 53,431 0 107.732 27.29 4.13 2014 144 57,591 0 126 47,630 0 97.064 27.29 4.13 2015 134 52,512 0 112 43,507 0 88.093 27.29 4.13 2016 131 48,828 0 105 40,490 0 81.144 27.29 4.13 2017 125 45,202 0 92 37,537 0 74.500 27.29 4.13 SUB-TOTAL 1,233,698 0 2,860 1,014,027 0 2,216.165 27.29 4.13 REMAINDER 352,560 0 1,145 294,440 0 883.994 27.29 4.13 TOTAL 1,586,258 0 4,005 1,308,467 0 3,100.159 27.29 4.13 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 2,587,495 0 874,612 0 3,462,107 15,781 15,566 3,430,760 2004 2,778,063 0 1,009,121 0 3,787,184 16,946 17,967 3,752,271 2005 2,647,602 0 982,719 0 3,630,321 16,156 17,489 3,596,676 2006 2,400,721 0 846,050 0 3,246,771 14,642 15,061 3,217,068 2007 2,225,049 0 768,624 0 2,993,673 13,573 13,680 2,966,420 2008 2,066,747 0 694,402 0 2,761,149 12,609 12,362 2,736,178 2009 1,890,416 0 607,386 0 2,497,802 11,529 10,814 2,475,459 2010 1,790,461 0 539,017 0 2,329,478 10,929 9,593 2,308,956 2011 1,654,803 0 504,782 0 2,159,585 10,092 8,984 2,140,509 2012 1,556,839 0 473,609 0 2,030,448 9,492 8,430 2,012,526 2013 1,458,195 0 444,932 0 1,903,127 8,895 7,919 1,886,313 2014 1,299,854 0 400,876 0 1,700,730 7,928 7,133 1,685,669 2015 1,187,237 0 363,823 0 1,551,060 7,242 6,480 1,537,338 2016 1,105,050 0 335,119 0 1,440,169 6,741 5,962 1,427,466 2017 1,024,408 0 307,688 0 1,332,096 6,252 5,478 1,320,366 SUB-TOT 27,672,940 0 9,152,760 0 36,825,700 168,807 162,918 36,493,975 REMAIN 8,035,174 0 3,650,897 0 11,686,071 49,016 64,985 11,572,070 TOTAL 35,708,114 0 12,803,657 0 48,511,771 217,823 227,903 48,066,045
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,523,734 0 9,750 0 1,533,484 1,897,276 1,897,276 1,807,510 2004 1,508,917 0 725,440 0 2,234,357 1,517,914 3,415,190 1,305,692 2005 1,498,860 0 12,000 0 1,510,860 2,085,816 5,501,006 1,630,026 2006 1,476,318 0 0 0 1,476,318 1,740,750 7,241,756 1,230,321 2007 1,438,259 0 0 0 1,438,259 1,528,161 8,769,917 977,677 2008 1,402,820 0 0 0 1,402,820 1,333,358 10,103,275 772,313 2009 1,330,017 0 0 0 1,330,017 1,145,442 11,248,717 600,620 2010 1,315,897 0 11,213 0 1,327,110 981,846 12,230,563 465,774 2011 1,269,198 0 0 0 1,269,198 871,311 13,101,874 374,326 2012 1,257,095 0 0 0 1,257,095 755,431 13,857,305 293,778 2013 1,242,850 0 0 0 1,242,850 643,463 14,500,768 226,627 2014 1,167,077 0 0 0 1,167,077 518,592 15,019,360 165,375 2015 1,111,564 0 0 0 1,111,564 425,774 15,445,134 122,860 2016 1,074,930 0 0 0 1,074,930 352,536 15,797,670 92,102 2017 1,040,255 0 0 0 1,040,255 280,111 16,077,781 66,259 SUBTOT 19,657,791 0 758,403 0 20,416,194 16,077,781 10,131,260 REMAIN 9,486,689 0 0 0 9,486,689 2,085,381 18,163,162 286,032 TOTAL 29,144,480 0 758,403 0 29,902,883 18,163,162 10,417,292 LIFE OF SUMMARY IS 38.00 YEARS.
TENGASCO, INC. TABLE 11 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
STATE SUMMARY PROVED KANSAS PROPERTIES PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 10,625,149 FINAL - 10.00% - 8,509,047 REMARKS - 15.00% - 7,091,395 20.00% - 6,073,443 25.00% - 5,307,424
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 179 113,005 0 278 92,488 0 211.770 27.29 4.13 2004 176 103,524 0 250 84,714 0 196.057 27.29 4.13 2005 172 95,363 0 240 78,171 0 181.373 27.29 4.13 2006 169 89,002 0 212 72,942 0 166.090 27.29 4.13 2007 164 82,332 0 197 67,433 0 154.675 27.29 4.13 2008 162 75,981 0 188 62,464 0 142.960 27.29 4.13 2009 152 68,895 0 170 56,778 0 130.115 27.29 4.13 2010 148 64,778 0 161 53,359 0 122.183 27.29 4.13 2011 146 59,296 0 145 48,819 0 114.957 27.29 4.13 2012 139 55,706 0 142 45,868 0 108.336 27.29 4.13 2013 139 52,367 0 135 43,093 0 102.201 27.29 4.13 2014 135 46,328 0 123 38,341 0 94.682 27.29 4.13 2015 126 41,887 0 112 34,739 0 88.093 27.29 4.13 2016 123 38,801 0 105 32,212 0 81.144 27.29 4.13 2017 117 35,735 0 92 29,721 0 74.500 27.29 4.13 SUB-TOTAL 1,023,000 0 2,550 841,142 0 1,969.136 27.29 4.13 REMAINDER 276,265 0 1,145 231,066 0 883.994 27.29 4.13 TOTAL 1,299,265 0 3,695 1,072,208 0 2,853.130 27.29 4.13 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 2,523,912 0 874,612 0 3,398,524 15,393 15,566 3,367,565 2004 2,311,993 0 809,712 0 3,121,705 14,105 14,418 3,093,182 2005 2,133,177 0 749,073 0 2,882,250 13,014 13,330 2,855,906 2006 1,990,662 0 685,952 0 2,676,614 12,141 12,210 2,652,263 2007 1,840,225 0 638,807 0 2,479,032 11,227 11,371 2,456,434 2008 1,704,653 0 590,427 0 2,295,080 10,400 10,511 2,274,169 2009 1,549,561 0 537,373 0 2,086,934 9,450 9,567 2,067,917 2010 1,456,081 0 504,619 0 1,960,700 8,889 8,981 1,942,830 2011 1,332,303 0 474,772 0 1,807,075 8,124 8,450 1,790,501 2012 1,251,724 0 447,427 0 1,699,151 7,632 7,964 1,683,555 2013 1,176,042 0 422,090 0 1,598,132 7,175 7,512 1,583,445 2014 1,046,328 0 391,036 0 1,437,364 6,382 6,958 1,424,024 2015 947,984 0 363,823 0 1,311,807 5,782 6,480 1,299,545 2016 879,177 0 335,119 0 1,214,296 5,363 5,962 1,202,971 2017 811,078 0 307,688 0 1,118,766 4,951 5,478 1,108,337 SUB-TOT 22,954,900 0 8,132,530 0 31,087,430 140,028 144,758 30,802,644 REMAIN 6,305,704 0 3,650,897 0 9,956,601 38,465 64,985 9,853,151 TOTAL 29,260,604 0 11,783,427 0 41,044,031 178,493 209,743 40,655,795
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,503,323 0 0 0 1,503,323 1,864,242 1,864,242 1,776,453 2004 1,417,703 0 0 0 1,417,703 1,675,479 3,539,721 1,445,111 2005 1,372,024 0 0 0 1,372,024 1,483,882 5,023,603 1,158,548 2006 1,357,931 0 0 0 1,357,931 1,294,332 6,317,935 914,779 2007 1,322,607 0 0 0 1,322,607 1,133,827 7,451,762 725,406 2008 1,287,169 0 0 0 1,287,169 987,000 8,438,762 571,688 2009 1,215,987 0 0 0 1,215,987 851,930 9,290,692 446,639 2010 1,204,907 0 0 0 1,204,907 737,923 10,028,615 350,224 2011 1,158,208 0 0 0 1,158,208 632,293 10,660,908 271,687 2012 1,146,105 0 0 0 1,146,105 537,450 11,198,358 209,043 2013 1,133,040 0 0 0 1,133,040 450,405 11,648,763 158,614 2014 1,056,742 0 0 0 1,056,742 367,282 12,016,045 117,097 2015 1,003,064 0 0 0 1,003,064 296,481 12,312,526 85,578 2016 970,487 0 0 0 970,487 232,484 12,545,010 60,765 2017 935,811 0 0 0 935,811 172,526 12,717,536 40,835 SUBTOT 18,085,108 0 0 0 18,085,108 12,717,536 8,332,467 REMAIN 8,416,595 0 0 0 8,416,595 1,436,556 14,154,092 176,580 TOTAL 26,501,703 0 0 0 26,501,703 14,154,092 8,509,047 LIFE OF SUMMARY IS 38.00 YEARS.
TENGASCO, INC. TABLE 12 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
STATE SUMMARY PROVED KANSAS PROPERTIES BEHIND PIPE REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 921,114 FINAL - 10.00% - 758,620 REMARKS - 15.00% - 634,276 20.00% - 537,228 25.00% - 460,128
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 3,446 0 0 2,330 0 0.000 27.29 0.00 2004 4 3,157 0 61 2,134 0 48.283 27.29 4.13 2005 5 2,892 0 70 1,955 0 56.573 27.29 4.13 2006 5 2,648 0 50 1,790 0 38.765 27.29 4.13 2007 5 2,426 0 39 1,640 0 31.433 27.29 4.13 2008 5 2,222 0 32 1,502 0 25.176 27.29 4.13 2009 4 2,035 0 21 1,376 0 16.952 27.29 4.13 2010 3 2,504 0 10 1,751 0 8.329 27.29 4.13 2011 3 2,667 0 9 1,889 0 7.266 27.29 4.13 2012 3 2,524 0 8 1,793 0 6.340 27.29 4.13 2013 3 2,072 0 7 1,459 0 5.531 27.29 4.13 2014 2 1,312 0 3 887 0 2.382 27.29 4.13 2015 1 1,202 0 0 813 0 0.000 27.29 0.00 2016 1 1,100 0 0 744 0 0.000 27.29 0.00 2017 1 1,008 0 0 681 0 0.000 27.29 0.00 SUB-TOTAL 33,215 0 310 22,744 0 247.030 27.29 4.13 REMAINDER 1,070 0 0 723 0 0.000 27.29 0.00 TOTAL 34,285 0 310 23,467 0 247.030 27.29 4.13 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 63,583 0 0 0 63,583 388 0 63,195 2004 58,238 0 199,409 0 257,647 355 3,549 253,743 2005 53,343 0 233,646 0 286,989 326 4,159 282,504 2006 48,859 0 160,098 0 208,957 298 2,851 205,808 2007 44,752 0 129,817 0 174,569 273 2,309 171,987 2008 40,990 0 103,975 0 144,965 250 1,851 142,864 2009 37,544 0 70,013 0 107,557 229 1,247 106,081 2010 47,775 0 34,398 0 82,173 291 612 81,270 2011 51,579 0 30,010 0 81,589 314 534 80,741 2012 48,932 0 26,182 0 75,114 299 466 74,349 2013 39,812 0 22,842 0 62,654 243 407 62,004 2014 24,203 0 9,840 0 34,043 147 175 33,721 2015 22,169 0 0 0 22,169 136 0 22,033 2016 20,306 0 0 0 20,306 123 0 20,183 2017 18,598 0 0 0 18,598 114 0 18,484 SUB-TOT 620,683 0 1,020,230 0 1,640,913 3,786 18,160 1,618,967 REMAIN 19,732 0 0 0 19,732 120 0 19,612 TOTAL 640,415 0 1,020,230 0 1,660,645 3,906 18,160 1,638,579
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 20,411 0 9,750 0 30,161 33,034 33,034 31,057 2004 36,970 0 32,000 0 68,970 184,773 217,807 158,288 2005 42,179 0 12,000 0 54,179 228,325 446,132 178,505 2006 37,486 0 0 0 37,486 168,322 614,454 119,059 2007 34,751 0 0 0 34,751 137,236 751,690 87,862 2008 34,750 0 0 0 34,750 108,114 859,804 62,713 2009 29,959 0 0 0 29,959 76,122 935,926 40,067 2010 26,918 0 11,213 0 38,131 43,139 979,065 20,309 2011 26,919 0 0 0 26,919 53,822 1,032,887 23,119 2012 26,918 0 0 0 26,918 47,431 1,080,318 18,442 2013 25,739 0 0 0 25,739 36,265 1,116,583 12,845 2014 21,862 0 0 0 21,862 11,859 1,128,442 3,860 2015 20,027 0 0 0 20,027 2,006 1,130,448 583 2016 15,970 0 0 0 15,970 4,213 1,134,661 1,103 2017 15,971 0 0 0 15,971 2,513 1,137,174 596 SUBTOT 416,830 0 64,963 0 481,793 1,137,174 758,408 REMAIN 18,632 0 0 0 18,632 980 1,138,154 212 TOTAL 435,462 0 64,963 0 500,425 1,138,154 758,620 LIFE OF SUMMARY IS 16.17 YEARS.
TENGASCO, INC. TABLE 13 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
STATE SUMMARY PROVED KANSAS PROPERTIES UNDEVELOPED REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 1,773,245 FINAL - 10.00% - 1,149,625 REMARKS - 15.00% - 776,339 20.00% - 539,347 25.00% - 381,044
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 7 17,752 0 0 14,944 0 0.000 27.29 0.00 2005 7 19,866 0 0 16,897 0 0.000 27.29 0.00 2006 7 15,613 0 0 13,235 0 0.000 27.29 0.00 2007 7 14,707 0 0 12,461 0 0.000 27.29 0.00 2008 7 13,892 0 0 11,766 0 0.000 27.29 0.00 2009 7 13,130 0 0 11,114 0 0.000 27.29 0.00 2010 7 12,413 0 0 10,503 0 0.000 27.29 0.00 2011 7 11,735 0 0 9,927 0 0.000 27.29 0.00 2012 7 11,107 0 0 9,389 0 0.000 27.29 0.00 2013 7 10,508 0 0 8,879 0 0.000 27.29 0.00 2014 7 9,951 0 0 8,402 0 0.000 27.29 0.00 2015 7 9,423 0 0 7,955 0 0.000 27.29 0.00 2016 7 8,927 0 0 7,534 0 0.000 27.29 0.00 2017 7 8,459 0 0 7,135 0 0.000 27.29 0.00 SUB-TOTAL 177,483 0 0 150,141 0 0.000 27.29 0.00 REMAINDER 75,225 0 0 62,651 0 0.000 27.29 0.00 TOTAL 252,708 0 0 212,792 0 0.000 27.29 0.00 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 407,832 0 0 0 407,832 2,486 0 405,346 2005 461,082 0 0 0 461,082 2,816 0 458,266 2006 361,200 0 0 0 361,200 2,203 0 358,997 2007 340,072 0 0 0 340,072 2,073 0 337,999 2008 321,104 0 0 0 321,104 1,959 0 319,145 2009 303,311 0 0 0 303,311 1,850 0 301,461 2010 286,605 0 0 0 286,605 1,749 0 284,856 2011 270,921 0 0 0 270,921 1,654 0 269,267 2012 256,183 0 0 0 256,183 1,561 0 254,622 2013 242,341 0 0 0 242,341 1,477 0 240,864 2014 229,323 0 0 0 229,323 1,399 0 227,924 2015 217,084 0 0 0 217,084 1,324 0 215,760 2016 205,567 0 0 0 205,567 1,255 0 204,312 2017 194,732 0 0 0 194,732 1,187 0 193,545 SUB-TOT 4,097,357 0 0 0 4,097,357 24,993 0 4,072,364 REMAIN 1,709,738 0 0 0 1,709,738 10,431 0 1,699,307 TOTAL 5,807,095 0 0 0 5,807,095 35,424 0 5,771,671
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 54,244 0 693,440 0 747,684 -342,338 -342,338 -297,707 2005 84,657 0 0 0 84,657 373,609 31,271 292,973 2006 80,901 0 0 0 80,901 278,096 309,367 196,483 2007 80,901 0 0 0 80,901 257,098 566,465 164,409 2008 80,901 0 0 0 80,901 238,244 804,709 137,912 2009 84,071 0 0 0 84,071 217,390 1,022,099 113,914 2010 84,072 0 0 0 84,072 200,784 1,222,883 95,241 2011 84,071 0 0 0 84,071 185,196 1,408,079 79,520 2012 84,072 0 0 0 84,072 170,550 1,578,629 66,293 2013 84,071 0 0 0 84,071 156,793 1,735,422 55,168 2014 88,473 0 0 0 88,473 139,451 1,874,873 44,418 2015 88,473 0 0 0 88,473 127,287 2,002,160 36,699 2016 88,473 0 0 0 88,473 115,839 2,117,999 30,234 2017 88,473 0 0 0 88,473 105,072 2,223,071 24,828 SUBTOT 1,155,853 0 693,440 0 1,849,293 2,223,071 1,040,385 REMAIN 1,051,462 0 0 0 1,051,462 647,845 2,870,916 109,240 TOTAL 2,207,315 0 693,440 0 2,900,755 2,870,916 1,149,625 LIFE OF SUMMARY IS 33.80 YEARS.
TENGASCO, INC. TABLE 14 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
STATE SUMMARY TOTAL PROBABLE KANSAS PROPERTIES UNDEVELOPED REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 396,268 FINAL - 10.00% - 259,925 REMARKS - 15.00% - 176,062 20.00% - 121,492 25.00% - 84,420
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 2 5,158 0 0 3,933 0 0.000 27.29 0.00 2005 2 5,700 0 0 4,330 0 0.000 27.29 0.00 2006 2 4,911 0 0 3,724 0 0.000 27.29 0.00 2007 2 4,622 0 0 3,506 0 0.000 27.29 0.00 2008 2 4,349 0 0 3,299 0 0.000 27.29 0.00 2009 2 4,093 0 0 3,105 0 0.000 27.29 0.00 2010 2 3,852 0 0 2,924 0 0.000 27.29 0.00 2011 2 3,625 0 0 2,750 0 0.000 27.29 0.00 2012 2 3,413 0 0 2,591 0 0.000 27.29 0.00 2013 2 3,211 0 0 2,438 0 0.000 27.29 0.00 2014 2 3,023 0 0 2,295 0 0.000 27.29 0.00 2015 2 2,844 0 0 2,161 0 0.000 27.29 0.00 2016 2 2,678 0 0 2,034 0 0.000 27.29 0.00 2017 2 2,520 0 0 1,914 0 0.000 27.29 0.00 SUB-TOTAL 53,999 0 0 41,004 0 0.000 27.29 0.00 REMAINDER 14,972 0 0 11,163 0 0.000 27.29 0.00 TOTAL 68,971 0 0 52,167 0 0.000 27.29 0.00 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 107,330 0 0 0 107,330 654 0 106,676 2005 118,162 0 0 0 118,162 721 0 117,441 2006 101,640 0 0 0 101,640 620 0 101,020 2007 95,662 0 0 0 95,662 584 0 95,078 2008 90,039 0 0 0 90,039 550 0 89,489 2009 84,748 0 0 0 84,748 516 0 84,232 2010 79,770 0 0 0 79,770 487 0 79,283 2011 75,087 0 0 0 75,087 458 0 74,629 2012 70,680 0 0 0 70,680 431 0 70,249 2013 66,533 0 0 0 66,533 406 0 66,127 2014 62,633 0 0 0 62,633 382 0 62,251 2015 58,961 0 0 0 58,961 359 0 58,602 2016 55,507 0 0 0 55,507 340 0 55,167 2017 52,256 0 0 0 52,256 318 0 51,938 SUB-TOT 1,119,008 0 0 0 1,119,008 6,826 0 1,112,182 REMAIN 304,628 0 0 0 304,628 1,858 0 302,770 TOTAL 1,423,636 0 0 0 1,423,636 8,684 0 1,414,952
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 15,016 0 185,313 0 200,329 -93,653 -93,653 -81,744 2005 30,034 0 0 0 30,034 87,407 -6,246 68,496 2006 30,033 0 0 0 30,033 70,987 64,741 50,153 2007 30,034 0 0 0 30,034 65,044 129,785 41,598 2008 30,033 0 0 0 30,033 59,456 189,241 34,421 2009 30,034 0 0 0 30,034 54,198 243,439 28,404 2010 30,033 0 0 0 30,033 49,250 292,689 23,365 2011 30,034 0 0 0 30,034 44,595 337,284 19,152 2012 30,032 0 0 0 30,032 40,217 377,501 15,635 2013 30,034 0 0 0 30,034 36,093 413,594 12,702 2014 30,033 0 0 0 30,033 32,218 445,812 10,264 2015 30,034 0 0 0 30,034 28,568 474,380 8,239 2016 30,033 0 0 0 30,033 25,134 499,514 6,562 2017 30,034 0 0 0 30,034 21,904 521,418 5,178 SUBTOT 405,451 0 185,313 0 590,764 521,418 242,425 REMAIN 189,801 0 0 0 189,801 112,969 634,387 17,500 TOTAL 595,252 0 185,313 0 780,565 634,387 259,925 LIFE OF SUMMARY IS 27.54 YEARS.
TENGASCO, INC. TABLE 15 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 ARPIN SOUTH FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 8-T9S-R20W PROVED THYFAULT #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 27.29 5.00% - 63,097 FINAL - 1.000000 0.820313 27.29 10.00% - 56,172 REMARKS - 15.00% - 50,437 20.00% - 45,642 25.00% - 41,597
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,266 0 0 1,038 0 0.000 27.29 0.00 2004 1 1,111 0 0 912 0 0.000 27.29 0.00 2005 1 978 0 0 803 0 0.000 27.29 0.00 2006 1 861 0 0 706 0 0.000 27.29 0.00 2007 1 758 0 0 621 0 0.000 27.29 0.00 2008 1 667 0 0 547 0 0.000 27.29 0.00 2009 1 586 0 0 481 0 0.000 27.29 0.00 2010 1 517 0 0 424 0 0.000 27.29 0.00 2011 1 309 0 0 254 0 0.000 27.29 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 7,053 0 0 5,786 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 7,053 0 0 5,786 0 0.000 27.29 0.00 CUMULATIVE 26,608 0 0 ULTIMATE 33,661 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 28,330 0 0 0 28,330 173 0 28,157 2004 24,887 0 0 0 24,887 152 0 24,735 2005 21,900 0 0 0 21,900 133 0 21,767 2006 19,273 0 0 0 19,273 118 0 19,155 2007 16,959 0 0 0 16,959 103 0 16,856 2008 14,925 0 0 0 14,925 91 0 14,834 2009 13,133 0 0 0 13,133 80 0 13,053 2010 11,558 0 0 0 11,558 71 0 11,487 2011 6,924 0 0 0 6,924 42 0 6,882 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 157,889 0 0 0 157,889 963 0 156,926 REMAIN 0 0 0 0 0 0 0 0 TOTAL 157,889 0 0 0 157,889 963 0 156,926
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 9,852 0 0 0 9,852 18,305 18,305 17,453 2004 9,852 0 0 0 9,852 14,883 33,188 12,845 2005 9,852 0 0 0 9,852 11,915 45,103 9,311 2006 9,852 0 0 0 9,852 9,303 54,406 6,582 2007 9,852 0 0 0 9,852 7,004 61,410 4,488 2008 9,852 0 0 0 9,852 4,982 66,392 2,891 2009 9,852 0 0 0 9,852 3,201 69,593 1,683 2010 9,852 0 0 0 9,852 1,635 71,228 781 2011 6,568 0 0 0 6,568 314 71,542 138 2012 0 0 0 0 0 0 71,542 0 2013 0 0 0 0 0 0 71,542 0 2014 0 0 0 0 0 0 71,542 0 2015 0 0 0 0 0 0 71,542 0 2016 0 0 0 0 0 0 71,542 0 2017 0 0 0 0 0 0 71,542 0 SUBTOT 85,384 0 0 0 85,384 71,542 56,172 REMAIN 0 0 0 0 0 0 71,542 0 TOTAL 85,384 0 0 0 85,384 71,542 56,172 LIFE OF EVALUATION IS 8.67 YEARS. FINAL PRODUCTION RATE: 37 BBLS/MO
TENGASCO, INC. TABLE 16 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 ASH CREEK FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 30-T20S-R15W PROVED UNRUH #2 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.812500 5.00% - 0 FINAL - 0.812500 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 29,026 0 0 ULTIMATE 29,026 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 17 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 AXELSON FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 24-T7S-R19W PROVED AXELSON LEASE (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.792969 27.29 5.00% - 349,091 FINAL - 1.000000 0.792969 27.29 10.00% - 237,273 REMARKS - 15.00% - 178,088 20.00% - 142,244 25.00% - 118,382
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 1,947 0 0 1,544 0 0.000 27.29 0.00 2004 2 1,883 0 0 1,493 0 0.000 27.29 0.00 2005 2 1,821 0 0 1,444 0 0.000 27.29 0.00 2006 2 1,760 0 0 1,396 0 0.000 27.29 0.00 2007 2 1,703 0 0 1,350 0 0.000 27.29 0.00 2008 2 1,646 0 0 1,306 0 0.000 27.29 0.00 2009 2 1,592 0 0 1,262 0 0.000 27.29 0.00 2010 2 1,540 0 0 1,221 0 0.000 27.29 0.00 2011 2 1,489 0 0 1,180 0 0.000 27.29 0.00 2012 2 1,439 0 0 1,142 0 0.000 27.29 0.00 2013 2 1,392 0 0 1,104 0 0.000 27.29 0.00 2014 2 1,347 0 0 1,067 0 0.000 27.29 0.00 2015 2 1,301 0 0 1,033 0 0.000 27.29 0.00 2016 2 1,259 0 0 998 0 0.000 27.29 0.00 2017 2 1,217 0 0 965 0 0.000 27.29 0.00 SUB-TOTAL 23,336 0 0 18,505 0 0.000 27.29 0.00 REMAINDER 19,183 0 0 15,212 0 0.000 27.29 0.00 TOTAL 42,519 0 0 33,717 0 0.000 27.29 0.00 CUMULATIVE 61,741 0 0 ULTIMATE 104,260 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 42,137 0 0 0 42,137 257 0 41,880 2004 40,746 0 0 0 40,746 249 0 40,497 2005 39,401 0 0 0 39,401 240 0 39,161 2006 38,101 0 0 0 38,101 232 0 37,869 2007 36,844 0 0 0 36,844 225 0 36,619 2008 35,628 0 0 0 35,628 217 0 35,411 2009 34,452 0 0 0 34,452 211 0 34,241 2010 33,315 0 0 0 33,315 203 0 33,112 2011 32,216 0 0 0 32,216 196 0 32,020 2012 31,153 0 0 0 31,153 190 0 30,963 2013 30,125 0 0 0 30,125 184 0 29,941 2014 29,130 0 0 0 29,130 178 0 28,952 2015 28,170 0 0 0 28,170 172 0 27,998 2016 27,239 0 0 0 27,239 166 0 27,073 2017 26,341 0 0 0 26,341 160 0 26,181 SUB-TOT 504,998 0 0 0 504,998 3,080 0 501,918 REMAIN 415,127 0 0 0 415,127 2,533 0 412,594 TOTAL 920,125 0 0 0 920,125 5,613 0 914,512
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 8,208 0 0 0 8,208 33,672 33,672 32,061 2004 8,208 0 0 0 8,208 32,289 65,961 27,829 2005 8,208 0 0 0 8,208 30,953 96,914 24,150 2006 8,208 0 0 0 8,208 29,661 126,575 20,948 2007 8,208 0 0 0 8,208 28,411 154,986 18,163 2008 8,208 0 0 0 8,208 27,203 182,189 15,743 2009 8,208 0 0 0 8,208 26,033 208,222 13,638 2010 8,208 0 0 0 8,208 24,904 233,126 11,809 2011 8,208 0 0 0 8,208 23,812 256,938 10,222 2012 8,208 0 0 0 8,208 22,755 279,693 8,842 2013 8,208 0 0 0 8,208 21,733 301,426 7,644 2014 8,208 0 0 0 8,208 20,744 322,170 6,605 2015 8,208 0 0 0 8,208 19,790 341,960 5,704 2016 8,208 0 0 0 8,208 18,865 360,825 4,922 2017 8,208 0 0 0 8,208 17,973 378,798 4,245 SUBTOT 123,120 0 0 0 123,120 378,798 212,525 REMAIN 188,784 0 0 0 188,784 223,810 602,608 24,748 TOTAL 311,904 0 0 0 311,904 602,608 237,273 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 46 BBLS/MO
TENGASCO, INC. TABLE 18 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 BEISEL FIELD, RUSSELL COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 15-T14S-R12W PROVED BEISEL LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 33,873 FINAL - 1.000000 0.875000 27.29 10.00% - 31,021 REMARKS - 15.00% - 28,537 20.00% - 26,366 25.00% - 24,459
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 5 2,274 0 0 1,990 0 0.000 27.29 0.00 2004 5 2,169 0 0 1,898 0 0.000 27.29 0.00 2005 5 2,070 0 0 1,811 0 0.000 27.29 0.00 2006 5 1,975 0 0 1,728 0 0.000 27.29 0.00 2007 5 1,883 0 0 1,648 0 0.000 27.29 0.00 2008 5 1,503 0 0 1,315 0 0.000 27.29 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 11,874 0 0 10,390 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 11,874 0 0 10,390 0 0.000 27.29 0.00 CUMULATIVE 169,272 0 0 ULTIMATE 181,146 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 54,301 0 0 0 54,301 331 0 53,970 2004 51,803 0 0 0 51,803 316 0 51,487 2005 49,421 0 0 0 49,421 302 0 49,119 2006 47,147 0 0 0 47,147 287 0 46,860 2007 44,978 0 0 0 44,978 275 0 44,703 2008 35,897 0 0 0 35,897 219 0 35,678 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 283,547 0 0 0 283,547 1,730 0 281,817 REMAIN 0 0 0 0 0 0 0 0 TOTAL 283,547 0 0 0 283,547 1,730 0 281,817
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 41,940 0 0 0 41,940 12,030 12,030 11,470 2004 41,940 0 0 0 41,940 9,547 21,577 8,243 2005 41,940 0 0 0 41,940 7,179 28,756 5,614 2006 41,940 0 0 0 41,940 4,920 33,676 3,486 2007 41,940 0 0 0 41,940 2,763 36,439 1,777 2008 34,950 0 0 0 34,950 728 37,167 431 2009 0 0 0 0 0 0 37,167 0 2010 0 0 0 0 0 0 37,167 0 2011 0 0 0 0 0 0 37,167 0 2012 0 0 0 0 0 0 37,167 0 2013 0 0 0 0 0 0 37,167 0 2014 0 0 0 0 0 0 37,167 0 2015 0 0 0 0 0 0 37,167 0 2016 0 0 0 0 0 0 37,167 0 2017 0 0 0 0 0 0 37,167 0 SUBTOT 244,650 0 0 0 244,650 37,167 31,021 REMAIN 0 0 0 0 0 0 37,167 0 TOTAL 244,650 0 0 0 244,650 37,167 31,021 LIFE OF EVALUATION IS 5.83 YEARS. FINAL PRODUCTION RATE: 148 BBLS/MO
TENGASCO, INC. TABLE 19 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 BEISEL FIELD, RUSSELL COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 15-T14S-R12W PROVED BEISEL #9 PUD (ARBUCKLE) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 385,776 FINAL - 1.000000 0.875000 27.29 10.00% - 254,763 REMARKS - 15.00% - 175,129 20.00% - 123,713 25.00% - 88,911
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 1,765 0 0 1,544 0 0.000 27.29 0.00 2005 1 3,327 0 0 2,912 0 0.000 27.29 0.00 2006 1 3,075 0 0 2,690 0 0.000 27.29 0.00 2007 1 2,842 0 0 2,487 0 0.000 27.29 0.00 2008 1 2,625 0 0 2,297 0 0.000 27.29 0.00 2009 1 2,427 0 0 2,123 0 0.000 27.29 0.00 2010 1 2,242 0 0 1,962 0 0.000 27.29 0.00 2011 1 2,071 0 0 1,813 0 0.000 27.29 0.00 2012 1 1,915 0 0 1,675 0 0.000 27.29 0.00 2013 1 1,769 0 0 1,548 0 0.000 27.29 0.00 2014 1 1,635 0 0 1,430 0 0.000 27.29 0.00 2015 1 1,511 0 0 1,322 0 0.000 27.29 0.00 2016 1 1,396 0 0 1,222 0 0.000 27.29 0.00 2017 1 1,289 0 0 1,128 0 0.000 27.29 0.00 SUB-TOTAL 29,889 0 0 26,153 0 0.000 27.29 0.00 REMAINDER 8,835 0 0 7,731 0 0.000 27.29 0.00 TOTAL 38,724 0 0 33,884 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 38,724 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 42,144 0 0 0 42,144 257 0 41,887 2005 79,457 0 0 0 79,457 485 0 78,972 2006 73,424 0 0 0 73,424 448 0 72,976 2007 67,849 0 0 0 67,849 414 0 67,435 2008 62,697 0 0 0 62,697 382 0 62,315 2009 57,936 0 0 0 57,936 353 0 57,583 2010 53,537 0 0 0 53,537 327 0 53,210 2011 49,472 0 0 0 49,472 302 0 49,170 2012 45,716 0 0 0 45,716 279 0 45,437 2013 42,245 0 0 0 42,245 257 0 41,988 2014 39,037 0 0 0 39,037 238 0 38,799 2015 36,073 0 0 0 36,073 220 0 35,853 2016 33,333 0 0 0 33,333 204 0 33,129 2017 30,803 0 0 0 30,803 188 0 30,615 SUB-TOT 713,723 0 0 0 713,723 4,354 0 709,369 REMAIN 210,958 0 0 0 210,958 1,287 0 209,671 TOTAL 924,681 0 0 0 924,681 5,641 0 919,040
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 4,194 0 100,000 0 104,194 -62,307 -62,307 -54,094 2005 8,388 0 0 0 8,388 70,584 8,277 55,090 2006 8,388 0 0 0 8,388 64,588 72,865 45,633 2007 8,388 0 0 0 8,388 59,047 131,912 37,764 2008 8,388 0 0 0 8,388 53,927 185,839 31,220 2009 8,388 0 0 0 8,388 49,195 235,034 25,782 2010 8,388 0 0 0 8,388 44,822 279,856 21,263 2011 8,388 0 0 0 8,388 40,782 320,638 17,513 2012 8,388 0 0 0 8,388 37,049 357,687 14,403 2013 8,388 0 0 0 8,388 33,600 391,287 11,823 2014 8,388 0 0 0 8,388 30,411 421,698 9,687 2015 8,388 0 0 0 8,388 27,465 449,163 7,920 2016 8,388 0 0 0 8,388 24,741 473,904 6,458 2017 8,388 0 0 0 8,388 22,227 496,131 5,252 SUBTOT 113,238 0 100,000 0 213,238 496,131 235,714 REMAIN 87,871 0 0 0 87,871 121,800 617,931 19,049 TOTAL 201,109 0 100,000 0 301,109 617,931 254,763 LIFE OF EVALUATION IS 25.48 YEARS. FINAL PRODUCTION RATE: 45 BBLS/MO
TENGASCO, INC. TABLE 20 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 BIELMAN FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 24-T15S-R18W PROVED GRASS #5 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 108,257 FINAL - 1.000000 0.875000 27.29 10.00% - 93,097 REMARKS - 15.00% - 81,219 20.00% - 71,759 25.00% - 64,108
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,640 0 0 1,435 0 0.000 27.29 0.00 2004 1 1,498 0 0 1,311 0 0.000 27.29 0.00 2005 1 1,367 0 0 1,196 0 0.000 27.29 0.00 2006 1 1,248 0 0 1,092 0 0.000 27.29 0.00 2007 1 1,140 0 0 997 0 0.000 27.29 0.00 2008 1 1,040 0 0 911 0 0.000 27.29 0.00 2009 1 951 0 0 831 0 0.000 27.29 0.00 2010 1 867 0 0 759 0 0.000 27.29 0.00 2011 1 792 0 0 693 0 0.000 27.29 0.00 2012 1 723 0 0 633 0 0.000 27.29 0.00 2013 1 660 0 0 577 0 0.000 27.29 0.00 2014 1 408 0 0 357 0 0.000 27.29 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 12,334 0 0 10,792 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 12,334 0 0 10,792 0 0.000 27.29 0.00 CUMULATIVE 121,911 0 0 ULTIMATE 134,245 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 39,166 0 0 0 39,166 239 0 38,927 2004 35,759 0 0 0 35,759 218 0 35,541 2005 32,648 0 0 0 32,648 199 0 32,449 2006 29,808 0 0 0 29,808 182 0 29,626 2007 27,214 0 0 0 27,214 166 0 27,048 2008 24,847 0 0 0 24,847 152 0 24,695 2009 22,685 0 0 0 22,685 138 0 22,547 2010 20,711 0 0 0 20,711 126 0 20,585 2011 18,910 0 0 0 18,910 116 0 18,794 2012 17,264 0 0 0 17,264 105 0 17,159 2013 15,763 0 0 0 15,763 96 0 15,667 2014 9,738 0 0 0 9,738 60 0 9,678 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 294,513 0 0 0 294,513 1,797 0 292,716 REMAIN 0 0 0 0 0 0 0 0 TOTAL 294,513 0 0 0 294,513 1,797 0 292,716
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 14,124 0 0 0 14,124 24,803 24,803 23,636 2004 14,124 0 0 0 14,124 21,417 46,220 18,476 2005 14,124 0 0 0 14,124 18,325 64,545 14,311 2006 14,124 0 0 0 14,124 15,502 80,047 10,960 2007 14,124 0 0 0 14,124 12,924 92,971 8,272 2008 14,124 0 0 0 14,124 10,571 103,542 6,126 2009 14,124 0 0 0 14,124 8,423 111,965 4,420 2010 14,124 0 0 0 14,124 6,461 118,426 3,070 2011 14,124 0 0 0 14,124 4,670 123,096 2,010 2012 14,124 0 0 0 14,124 3,035 126,131 1,184 2013 14,124 0 0 0 14,124 1,543 127,674 547 2014 9,416 0 0 0 9,416 262 127,936 85 2015 0 0 0 0 0 0 127,936 0 2016 0 0 0 0 0 0 127,936 0 2017 0 0 0 0 0 0 127,936 0 SUBTOT 164,780 0 0 0 164,780 127,936 93,097 REMAIN 0 0 0 0 0 0 127,936 0 TOTAL 164,780 0 0 0 164,780 127,936 93,097 LIFE OF EVALUATION IS 11.67 YEARS. FINAL PRODUCTION RATE: 50 BBLS/MO
TENGASCO, INC. TABLE 21 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CARPENTER FIELD, EDWARDS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 1-T24S-R17W PROVED HENNING #1 (LNSG-PSLV) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.875000 0.708801 27.29 5.00% - 46,735 FINAL - 0.875000 0.708801 27.29 10.00% - 35,472 REMARKS - 15.00% - 28,278 20.00% - 23,394 25.00% - 19,905
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 506 0 0 358 0 0.000 27.29 0.00 2004 1 485 0 0 344 0 0.000 27.29 0.00 2005 1 466 0 0 331 0 0.000 27.29 0.00 2006 1 447 0 0 317 0 0.000 27.29 0.00 2007 1 430 0 0 304 0 0.000 27.29 0.00 2008 1 412 0 0 292 0 0.000 27.29 0.00 2009 1 396 0 0 281 0 0.000 27.29 0.00 2010 1 380 0 0 269 0 0.000 27.29 0.00 2011 1 364 0 0 259 0 0.000 27.29 0.00 2012 1 351 0 0 248 0 0.000 27.29 0.00 2013 1 336 0 0 238 0 0.000 27.29 0.00 2014 1 322 0 0 229 0 0.000 27.29 0.00 2015 1 310 0 0 219 0 0.000 27.29 0.00 2016 1 298 0 0 211 0 0.000 27.29 0.00 2017 1 285 0 0 203 0 0.000 27.29 0.00 SUB-TOTAL 5,788 0 0 4,103 0 0.000 27.29 0.00 REMAINDER 2,281 0 0 1,616 0 0.000 27.29 0.00 TOTAL 8,069 0 0 5,719 0 0.000 27.29 0.00 CUMULATIVE 17,789 0 0 ULTIMATE 25,858 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 9,780 0 0 0 9,780 60 0 9,720 2004 9,389 0 0 0 9,389 57 0 9,332 2005 9,013 0 0 0 9,013 55 0 8,958 2006 8,653 0 0 0 8,653 53 0 8,600 2007 8,307 0 0 0 8,307 50 0 8,257 2008 7,974 0 0 0 7,974 49 0 7,925 2009 7,656 0 0 0 7,656 47 0 7,609 2010 7,349 0 0 0 7,349 45 0 7,304 2011 7,055 0 0 0 7,055 43 0 7,012 2012 6,773 0 0 0 6,773 41 0 6,732 2013 6,502 0 0 0 6,502 40 0 6,462 2014 6,242 0 0 0 6,242 38 0 6,204 2015 5,993 0 0 0 5,993 36 0 5,957 2016 5,752 0 0 0 5,752 35 0 5,717 2017 5,523 0 0 0 5,523 34 0 5,489 SUB-TOT 111,961 0 0 0 111,961 683 0 111,278 REMAIN 44,123 0 0 0 44,123 269 0 43,854 TOTAL 156,084 0 0 0 156,084 952 0 155,132
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,591 0 0 0 3,591 6,129 6,129 5,837 2004 3,591 0 0 0 3,591 5,741 11,870 4,949 2005 3,591 0 0 0 3,591 5,367 17,237 4,188 2006 3,591 0 0 0 3,591 5,009 22,246 3,539 2007 3,591 0 0 0 3,591 4,666 26,912 2,983 2008 3,591 0 0 0 3,591 4,334 31,246 2,509 2009 3,591 0 0 0 3,591 4,018 35,264 2,106 2010 3,591 0 0 0 3,591 3,713 38,977 1,761 2011 3,591 0 0 0 3,591 3,421 42,398 1,469 2012 3,591 0 0 0 3,591 3,141 45,539 1,221 2013 3,591 0 0 0 3,591 2,871 48,410 1,010 2014 3,591 0 0 0 3,591 2,613 51,023 832 2015 3,591 0 0 0 3,591 2,366 53,389 683 2016 3,591 0 0 0 3,591 2,126 55,515 554 2017 3,591 0 0 0 3,591 1,898 57,413 449 SUBTOT 53,865 0 0 0 53,865 57,413 34,090 REMAIN 35,611 0 0 0 35,611 8,243 65,656 1,382 TOTAL 89,476 0 0 0 89,476 65,656 35,472 LIFE OF EVALUATION IS 24.92 YEARS. FINAL PRODUCTION RATE: 16 BBLS/MO
TENGASCO, INC. TABLE 22 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CARROLL FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 21-T17S-R14W PROVED KEENAN -B- LEASE (ABCK-KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.992754 0.868660 27.29 5.00% - 34,035 FINAL - 0.992754 0.868660 27.29 10.00% - 28,873 REMARKS - 15.00% - 24,891 20.00% - 21,766 25.00% - 19,272
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 1,005 0 0 873 0 0.000 27.29 0.00 2004 2 974 0 0 846 0 0.000 27.29 0.00 2005 2 945 0 0 821 0 0.000 27.29 0.00 2006 2 917 0 0 797 0 0.000 27.29 0.00 2007 2 890 0 0 772 0 0.000 27.29 0.00 2008 2 862 0 0 750 0 0.000 27.29 0.00 2009 2 837 0 0 727 0 0.000 27.29 0.00 2010 2 812 0 0 705 0 0.000 27.29 0.00 2011 2 787 0 0 684 0 0.000 27.29 0.00 2012 2 764 0 0 663 0 0.000 27.29 0.00 2013 2 741 0 0 644 0 0.000 27.29 0.00 2014 2 659 0 0 573 0 0.000 27.29 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 10,193 0 0 8,855 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 10,193 0 0 8,855 0 0.000 27.29 0.00 CUMULATIVE 114,764 0 0 ULTIMATE 124,957 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 23,815 0 0 0 23,815 145 0 23,670 2004 23,101 0 0 0 23,101 141 0 22,960 2005 22,408 0 0 0 22,408 137 0 22,271 2006 21,736 0 0 0 21,736 132 0 21,604 2007 21,083 0 0 0 21,083 129 0 20,954 2008 20,451 0 0 0 20,451 125 0 20,326 2009 19,838 0 0 0 19,838 121 0 19,717 2010 19,242 0 0 0 19,242 117 0 19,125 2011 18,665 0 0 0 18,665 114 0 18,551 2012 18,105 0 0 0 18,105 111 0 17,994 2013 17,562 0 0 0 17,562 107 0 17,455 2014 15,635 0 0 0 15,635 95 0 15,540 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 241,641 0 0 0 241,641 1,474 0 240,167 REMAIN 0 0 0 0 0 0 0 0 TOTAL 241,641 0 0 0 241,641 1,474 0 240,167
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 16,726 0 0 0 16,726 6,944 6,944 6,615 2004 16,726 0 0 0 16,726 6,234 13,178 5,376 2005 16,726 0 0 0 16,726 5,545 18,723 4,329 2006 16,726 0 0 0 16,726 4,878 23,601 3,448 2007 16,726 0 0 0 16,726 4,228 27,829 2,705 2008 16,726 0 0 0 16,726 3,600 31,429 2,086 2009 16,725 0 0 0 16,725 2,992 34,421 1,569 2010 16,726 0 0 0 16,726 2,399 36,820 1,140 2011 16,726 0 0 0 16,726 1,825 38,645 785 2012 16,726 0 0 0 16,726 1,268 39,913 494 2013 16,726 0 0 0 16,726 729 40,642 258 2014 15,332 0 0 0 15,332 208 40,850 68 2015 0 0 0 0 0 0 40,850 0 2016 0 0 0 0 0 0 40,850 0 2017 0 0 0 0 0 0 40,850 0 SUBTOT 199,317 0 0 0 199,317 40,850 28,873 REMAIN 0 0 0 0 0 0 40,850 0 TOTAL 199,317 0 0 0 199,317 40,850 28,873 LIFE OF EVALUATION IS 11.92 YEARS. FINAL PRODUCTION RATE: 59 BBLS/MO
TENGASCO, INC. TABLE 23 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CENTERVIEW FIELD, STAFFORD COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 21-T24S-R13W PROVED BECKERDITE #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.937500 0.807495 27.29 5.00% - 74,223 FINAL - 0.937500 0.807495 27.29 10.00% - 62,903 REMARKS - 15.00% - 54,218 20.00% - 47,427 25.00% - 42,023
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,338 0 0 1,081 0 0.000 27.29 0.00 2004 1 1,258 0 0 1,015 0 0.000 27.29 0.00 2005 1 1,182 0 0 955 0 0.000 27.29 0.00 2006 1 1,112 0 0 898 0 0.000 27.29 0.00 2007 1 1,045 0 0 843 0 0.000 27.29 0.00 2008 1 982 0 0 793 0 0.000 27.29 0.00 2009 1 923 0 0 746 0 0.000 27.29 0.00 2010 1 868 0 0 700 0 0.000 27.29 0.00 2011 1 815 0 0 659 0 0.000 27.29 0.00 2012 1 767 0 0 619 0 0.000 27.29 0.00 2013 1 721 0 0 582 0 0.000 27.29 0.00 2014 1 677 0 0 547 0 0.000 27.29 0.00 2015 1 377 0 0 304 0 0.000 27.29 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 12,065 0 0 9,742 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 12,065 0 0 9,742 0 0.000 27.29 0.00 CUMULATIVE 27,793 0 0 ULTIMATE 39,858 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 29,489 0 0 0 29,489 180 0 29,309 2004 27,719 0 0 0 27,719 169 0 27,550 2005 26,056 0 0 0 26,056 159 0 25,897 2006 24,493 0 0 0 24,493 149 0 24,344 2007 23,023 0 0 0 23,023 141 0 22,882 2008 21,642 0 0 0 21,642 132 0 21,510 2009 20,344 0 0 0 20,344 124 0 20,220 2010 19,122 0 0 0 19,122 117 0 19,005 2011 17,976 0 0 0 17,976 109 0 17,867 2012 16,897 0 0 0 16,897 103 0 16,794 2013 15,883 0 0 0 15,883 97 0 15,786 2014 14,930 0 0 0 14,930 91 0 14,839 2015 8,292 0 0 0 8,292 51 0 8,241 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 265,866 0 0 0 265,866 1,622 0 264,244 REMAIN 0 0 0 0 0 0 0 0 TOTAL 265,866 0 0 0 265,866 1,622 0 264,244
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 13,905 0 0 0 13,905 15,404 15,404 14,676 2004 13,905 0 0 0 13,905 13,645 29,049 11,769 2005 13,905 0 0 0 13,905 11,992 41,041 9,363 2006 13,905 0 0 0 13,905 10,439 51,480 7,378 2007 13,905 0 0 0 13,905 8,977 60,457 5,745 2008 13,905 0 0 0 13,905 7,605 68,062 4,406 2009 13,905 0 0 0 13,905 6,315 74,377 3,312 2010 13,905 0 0 0 13,905 5,100 79,477 2,422 2011 13,905 0 0 0 13,905 3,962 83,439 1,704 2012 13,905 0 0 0 13,905 2,889 86,328 1,126 2013 13,905 0 0 0 13,905 1,881 88,209 664 2014 13,905 0 0 0 13,905 934 89,143 300 2015 8,111 0 0 0 8,111 130 89,273 38 2016 0 0 0 0 0 0 89,273 0 2017 0 0 0 0 0 0 89,273 0 SUBTOT 174,971 0 0 0 174,971 89,273 62,903 REMAIN 0 0 0 0 0 0 89,273 0 TOTAL 174,971 0 0 0 174,971 89,273 62,903 LIFE OF EVALUATION IS 12.58 YEARS. FINAL PRODUCTION RATE: 53 BBLS/MO
TENGASCO, INC. TABLE 24 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 10-T20S-R11W PROVED LANDER #1 PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.915630 0.741803 27.29 5.00% - 151,446 FINAL - 0.915630 0.741803 27.29 10.00% - 117,718 REMARKS - 15.00% - 95,299 20.00% - 79,643 25.00% - 68,233
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,737 0 0 1,288 0 0.000 27.29 0.00 2004 1 1,660 0 0 1,232 0 0.000 27.29 0.00 2005 1 1,587 0 0 1,177 0 0.000 27.29 0.00 2006 1 1,517 0 0 1,126 0 0.000 27.29 0.00 2007 1 1,451 0 0 1,076 0 0.000 27.29 0.00 2008 1 1,387 0 0 1,028 0 0.000 27.29 0.00 2009 1 1,325 0 0 984 0 0.000 27.29 0.00 2010 1 1,268 0 0 940 0 0.000 27.29 0.00 2011 1 1,211 0 0 899 0 0.000 27.29 0.00 2012 1 1,159 0 0 859 0 0.000 27.29 0.00 2013 1 1,107 0 0 822 0 0.000 27.29 0.00 2014 1 1,059 0 0 785 0 0.000 27.29 0.00 2015 1 1,012 0 0 751 0 0.000 27.29 0.00 2016 1 967 0 0 717 0 0.000 27.29 0.00 2017 1 925 0 0 686 0 0.000 27.29 0.00 SUB-TOTAL 19,372 0 0 14,370 0 0.000 27.29 0.00 REMAINDER 5,320 0 0 3,947 0 0.000 27.29 0.00 TOTAL 24,692 0 0 18,317 0 0.000 27.29 0.00 CUMULATIVE 24,095 0 0 ULTIMATE 48,787 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 35,156 0 0 0 35,156 214 0 34,942 2004 33,609 0 0 0 33,609 205 0 33,404 2005 32,131 0 0 0 32,131 196 0 31,935 2006 30,716 0 0 0 30,716 188 0 30,528 2007 29,366 0 0 0 29,366 179 0 29,187 2008 28,073 0 0 0 28,073 171 0 27,902 2009 26,838 0 0 0 26,838 164 0 26,674 2010 25,657 0 0 0 25,657 156 0 25,501 2011 24,528 0 0 0 24,528 150 0 24,378 2012 23,448 0 0 0 23,448 143 0 23,305 2013 22,418 0 0 0 22,418 137 0 22,281 2014 21,430 0 0 0 21,430 131 0 21,299 2015 20,488 0 0 0 20,488 125 0 20,363 2016 19,586 0 0 0 19,586 119 0 19,467 2017 18,725 0 0 0 18,725 114 0 18,611 SUB-TOT 392,169 0 0 0 392,169 2,392 0 389,777 REMAIN 107,690 0 0 0 107,690 657 0 107,033 TOTAL 499,859 0 0 0 499,859 3,049 0 496,810
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 13,361 0 0 0 13,361 21,581 21,581 20,553 2004 13,361 0 0 0 13,361 20,043 41,624 17,280 2005 13,361 0 0 0 13,361 18,574 60,198 14,496 2006 13,360 0 0 0 13,360 17,168 77,366 12,128 2007 13,361 0 0 0 13,361 15,826 93,192 10,121 2008 13,361 0 0 0 13,361 14,541 107,733 8,418 2009 13,361 0 0 0 13,361 13,313 121,046 6,977 2010 13,361 0 0 0 13,361 12,140 133,186 5,759 2011 13,361 0 0 0 13,361 11,017 144,203 4,732 2012 13,361 0 0 0 13,361 9,944 154,147 3,865 2013 13,361 0 0 0 13,361 8,920 163,067 3,140 2014 13,360 0 0 0 13,360 7,939 171,006 2,529 2015 13,361 0 0 0 13,361 7,002 178,008 2,020 2016 13,361 0 0 0 13,361 6,106 184,114 1,594 2017 13,361 0 0 0 13,361 5,250 189,364 1,241 SUBTOT 200,413 0 0 0 200,413 189,364 114,853 REMAIN 91,299 0 0 0 91,299 15,734 205,098 2,865 TOTAL 291,712 0 0 0 291,712 205,098 117,718 LIFE OF EVALUATION IS 21.83 YEARS. FINAL PRODUCTION RATE: 56 BBLS/MO
TENGASCO, INC. TABLE 25 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 10-T20S-R11W PROBABLE LANDER #3 PBUD (ARBUCKLE) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.915630 0.741803 27.29 5.00% - 356,668 FINAL - 0.915630 0.741803 27.29 10.00% - 239,032 REMARKS - 15.00% - 167,567 20.00% - 121,299 25.00% - 89,809
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 3,129 0 0 2,321 0 0.000 27.29 0.00 2005 1 3,790 0 0 2,812 0 0.000 27.29 0.00 2006 1 3,375 0 0 2,503 0 0.000 27.29 0.00 2007 1 3,165 0 0 2,348 0 0.000 27.29 0.00 2008 1 2,968 0 0 2,202 0 0.000 27.29 0.00 2009 1 2,784 0 0 2,065 0 0.000 27.29 0.00 2010 1 2,611 0 0 1,937 0 0.000 27.29 0.00 2011 1 2,449 0 0 1,816 0 0.000 27.29 0.00 2012 1 2,297 0 0 1,704 0 0.000 27.29 0.00 2013 1 2,154 0 0 1,598 0 0.000 27.29 0.00 2014 1 2,020 0 0 1,498 0 0.000 27.29 0.00 2015 1 1,894 0 0 1,406 0 0.000 27.29 0.00 2016 1 1,777 0 0 1,318 0 0.000 27.29 0.00 2017 1 1,666 0 0 1,236 0 0.000 27.29 0.00 SUB-TOTAL 36,079 0 0 26,764 0 0.000 27.29 0.00 REMAINDER 13,902 0 0 10,312 0 0.000 27.29 0.00 TOTAL 49,981 0 0 37,076 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 49,981 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 63,338 0 0 0 63,338 386 0 62,952 2005 76,728 0 0 0 76,728 468 0 76,260 2006 68,320 0 0 0 68,320 417 0 67,903 2007 64,075 0 0 0 64,075 391 0 63,684 2008 60,093 0 0 0 60,093 367 0 59,726 2009 56,359 0 0 0 56,359 343 0 56,016 2010 52,857 0 0 0 52,857 323 0 52,534 2011 49,572 0 0 0 49,572 302 0 49,270 2012 46,492 0 0 0 46,492 284 0 46,208 2013 43,602 0 0 0 43,602 266 0 43,336 2014 40,894 0 0 0 40,894 249 0 40,645 2015 38,352 0 0 0 38,352 234 0 38,118 2016 35,969 0 0 0 35,969 220 0 35,749 2017 33,734 0 0 0 33,734 205 0 33,529 SUB-TOT 730,385 0 0 0 730,385 4,455 0 725,930 REMAIN 281,421 0 0 0 281,421 1,717 0 279,704 TOTAL 1,011,806 0 0 0 1,011,806 6,172 0 1,005,634
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 6,680 0 91,563 0 98,243 -35,291 -35,291 -31,157 2005 13,361 0 0 0 13,361 62,899 27,608 49,204 2006 13,361 0 0 0 13,361 54,542 82,150 38,532 2007 13,361 0 0 0 13,361 50,323 132,473 32,182 2008 13,361 0 0 0 13,361 46,365 178,838 26,840 2009 13,361 0 0 0 13,361 42,655 221,493 22,353 2010 13,361 0 0 0 13,361 39,173 260,666 18,582 2011 13,361 0 0 0 13,361 35,909 296,575 15,420 2012 13,360 0 0 0 13,360 32,848 329,423 12,769 2013 13,361 0 0 0 13,361 29,975 359,398 10,547 2014 13,361 0 0 0 13,361 27,284 386,682 8,691 2015 13,361 0 0 0 13,361 24,757 411,439 7,138 2016 13,361 0 0 0 13,361 22,388 433,827 5,844 2017 13,361 0 0 0 13,361 20,168 453,995 4,766 SUBTOT 180,372 0 91,563 0 271,935 453,995 221,711 REMAIN 167,571 0 0 0 167,571 112,133 566,128 17,321 TOTAL 347,943 0 91,563 0 439,506 566,128 239,032 LIFE OF EVALUATION IS 27.54 YEARS. FINAL PRODUCTION RATE: 60 BBLS/MO
TENGASCO, INC. TABLE 26 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 3-T20S-R11W PROVED ROSE LEASE PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 94,653 0 0 ULTIMATE 94,653 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 27 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CHEYENNE FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 2-T19S-R12W PROVED HAMMEKE #1 (SIMPSON) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.833984 27.29 5.00% - 66,998 FINAL - 1.000000 0.833984 27.29 10.00% - 56,500 REMARKS - 15.00% - 48,808 20.00% - 43,006 25.00% - 38,510
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,290 0 0 1,076 0 0.000 27.29 0.00 2004 1 912 0 0 761 0 0.000 27.29 0.00 2005 1 809 0 0 674 0 0.000 27.29 0.00 2006 1 773 0 0 645 0 0.000 27.29 0.00 2007 1 740 0 0 617 0 0.000 27.29 0.00 2008 1 706 0 0 589 0 0.000 27.29 0.00 2009 1 676 0 0 563 0 0.000 27.29 0.00 2010 1 646 0 0 539 0 0.000 27.29 0.00 2011 1 617 0 0 515 0 0.000 27.29 0.00 2012 1 591 0 0 492 0 0.000 27.29 0.00 2013 1 564 0 0 471 0 0.000 27.29 0.00 2014 1 540 0 0 450 0 0.000 27.29 0.00 2015 1 515 0 0 430 0 0.000 27.29 0.00 2016 1 493 0 0 411 0 0.000 27.29 0.00 2017 1 472 0 0 394 0 0.000 27.29 0.00 SUB-TOTAL 10,344 0 0 8,627 0 0.000 27.29 0.00 REMAINDER 265 0 0 221 0 0.000 27.29 0.00 TOTAL 10,609 0 0 8,848 0 0.000 27.29 0.00 CUMULATIVE 38,684 0 0 ULTIMATE 49,293 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 29,351 0 0 0 29,351 179 0 29,172 2004 20,769 0 0 0 20,769 127 0 20,642 2005 18,410 0 0 0 18,410 112 0 18,298 2006 17,600 0 0 0 17,600 107 0 17,493 2007 16,825 0 0 0 16,825 103 0 16,722 2008 16,085 0 0 0 16,085 98 0 15,987 2009 15,377 0 0 0 15,377 94 0 15,283 2010 14,700 0 0 0 14,700 90 0 14,610 2011 14,054 0 0 0 14,054 85 0 13,969 2012 13,435 0 0 0 13,435 82 0 13,353 2013 12,845 0 0 0 12,845 79 0 12,766 2014 12,279 0 0 0 12,279 75 0 12,204 2015 11,738 0 0 0 11,738 71 0 11,667 2016 11,223 0 0 0 11,223 69 0 11,154 2017 10,728 0 0 0 10,728 65 0 10,663 SUB-TOT 235,419 0 0 0 235,419 1,436 0 233,983 REMAIN 6,039 0 0 0 6,039 37 0 6,002 TOTAL 241,458 0 0 0 241,458 1,473 0 239,985
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 10,152 0 0 0 10,152 19,020 19,020 18,186 2004 10,152 0 0 0 10,152 10,490 29,510 9,080 2005 10,152 0 0 0 10,152 8,146 37,656 6,359 2006 10,152 0 0 0 10,152 7,341 44,997 5,187 2007 10,152 0 0 0 10,152 6,570 51,567 4,203 2008 10,152 0 0 0 10,152 5,835 57,402 3,379 2009 10,152 0 0 0 10,152 5,131 62,533 2,690 2010 10,152 0 0 0 10,152 4,458 66,991 2,116 2011 10,152 0 0 0 10,152 3,817 70,808 1,640 2012 10,152 0 0 0 10,152 3,201 74,009 1,245 2013 10,152 0 0 0 10,152 2,614 76,623 921 2014 10,152 0 0 0 10,152 2,052 78,675 654 2015 10,152 0 0 0 10,152 1,515 80,190 438 2016 10,152 0 0 0 10,152 1,002 81,192 262 2017 10,152 0 0 0 10,152 511 81,703 122 SUBTOT 152,280 0 0 0 152,280 81,703 56,482 REMAIN 5,922 0 0 0 5,922 80 81,783 18 TOTAL 158,202 0 0 0 158,202 81,783 56,500 LIFE OF EVALUATION IS 15.58 YEARS. FINAL PRODUCTION RATE: 37 BBLS/MO
TENGASCO, INC. TABLE 28 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CONVERSE FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 19-T20S-R15W PROVED IANNITTI LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 197,877 FINAL - 1.000000 0.875000 27.29 10.00% - 161,314 REMARKS - 15.00% - 135,122 20.00% - 115,741 25.00% - 100,976
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 6 2,668 0 0 2,334 0 0.000 27.29 0.00 2004 6 2,517 0 0 2,203 0 0.000 27.29 0.00 2005 6 2,378 0 0 2,081 0 0.000 27.29 0.00 2006 6 2,251 0 0 1,969 0 0.000 27.29 0.00 2007 6 2,134 0 0 1,867 0 0.000 27.29 0.00 2008 6 2,025 0 0 1,772 0 0.000 27.29 0.00 2009 6 1,924 0 0 1,684 0 0.000 27.29 0.00 2010 6 1,832 0 0 1,603 0 0.000 27.29 0.00 2011 6 1,745 0 0 1,526 0 0.000 27.29 0.00 2012 6 1,664 0 0 1,457 0 0.000 27.29 0.00 2013 6 1,589 0 0 1,390 0 0.000 27.29 0.00 2014 6 1,519 0 0 1,330 0 0.000 27.29 0.00 2015 6 1,454 0 0 1,272 0 0.000 27.29 0.00 2016 6 1,392 0 0 1,218 0 0.000 27.29 0.00 2017 6 1,335 0 0 1,167 0 0.000 27.29 0.00 SUB-TOTAL 28,427 0 0 24,873 0 0.000 27.29 0.00 REMAINDER 2,710 0 0 2,372 0 0.000 27.29 0.00 TOTAL 31,137 0 0 27,245 0 0.000 27.29 0.00 CUMULATIVE 118,773 0 0 ULTIMATE 149,910 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 63,707 0 0 0 63,707 389 0 63,318 2004 60,101 0 0 0 60,101 366 0 59,735 2005 56,793 0 0 0 56,793 347 0 56,446 2006 53,750 0 0 0 53,750 328 0 53,422 2007 50,945 0 0 0 50,945 310 0 50,635 2008 48,354 0 0 0 48,354 295 0 48,059 2009 45,957 0 0 0 45,957 281 0 45,676 2010 43,733 0 0 0 43,733 266 0 43,467 2011 41,667 0 0 0 41,667 255 0 41,412 2012 39,743 0 0 0 39,743 242 0 39,501 2013 37,950 0 0 0 37,950 231 0 37,719 2014 36,276 0 0 0 36,276 222 0 36,054 2015 34,710 0 0 0 34,710 211 0 34,499 2016 33,243 0 0 0 33,243 203 0 33,040 2017 31,868 0 0 0 31,868 195 0 31,673 SUB-TOT 678,797 0 0 0 678,797 4,141 0 674,656 REMAIN 64,716 0 0 0 64,716 394 0 64,322 TOTAL 743,513 0 0 0 743,513 4,535 0 738,978
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 28,440 0 0 0 28,440 34,878 34,878 33,227 2004 28,440 0 0 0 28,440 31,295 66,173 26,988 2005 28,440 0 0 0 28,440 28,006 94,179 21,863 2006 28,440 0 0 0 28,440 24,982 119,161 17,654 2007 28,440 0 0 0 28,440 22,195 141,356 14,199 2008 28,440 0 0 0 28,440 19,619 160,975 11,361 2009 28,440 0 0 0 28,440 17,236 178,211 9,036 2010 28,440 0 0 0 28,440 15,027 193,238 7,131 2011 28,440 0 0 0 28,440 12,972 206,210 5,574 2012 28,440 0 0 0 28,440 11,061 217,271 4,302 2013 28,440 0 0 0 28,440 9,279 226,550 3,268 2014 28,440 0 0 0 28,440 7,614 234,164 2,427 2015 28,440 0 0 0 28,440 6,059 240,223 1,749 2016 28,440 0 0 0 28,440 4,600 244,823 1,203 2017 28,440 0 0 0 28,440 3,233 248,056 766 SUBTOT 426,600 0 0 0 426,600 248,056 160,748 REMAIN 61,620 0 0 0 61,620 2,702 250,758 566 TOTAL 488,220 0 0 0 488,220 250,758 161,314 LIFE OF EVALUATION IS 17.17 YEARS. FINAL PRODUCTION RATE: 100 BBLS/MO
TENGASCO, INC. TABLE 29 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 CONVERSE FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 19-T20S-R15W PROVED IANNITTI #9 PUD (ARBUCKLE) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 257,798 FINAL - 1.000000 0.875000 27.29 10.00% - 177,869 REMARKS - 15.00% - 127,390 20.00% - 93,759 25.00% - 70,361
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 3,116 0 0 2,727 0 0.000 27.29 0.00 2005 1 2,615 0 0 2,288 0 0.000 27.29 0.00 2006 1 1,978 0 0 1,730 0 0.000 27.29 0.00 2007 1 1,810 0 0 1,585 0 0.000 27.29 0.00 2008 1 1,657 0 0 1,449 0 0.000 27.29 0.00 2009 1 1,517 0 0 1,327 0 0.000 27.29 0.00 2010 1 1,388 0 0 1,215 0 0.000 27.29 0.00 2011 1 1,270 0 0 1,111 0 0.000 27.29 0.00 2012 1 1,163 0 0 1,018 0 0.000 27.29 0.00 2013 1 1,064 0 0 931 0 0.000 27.29 0.00 2014 1 974 0 0 852 0 0.000 27.29 0.00 2015 1 892 0 0 780 0 0.000 27.29 0.00 2016 1 816 0 0 714 0 0.000 27.29 0.00 2017 1 746 0 0 654 0 0.000 27.29 0.00 SUB-TOTAL 21,006 0 0 18,381 0 0.000 27.29 0.00 REMAINDER 3,987 0 0 3,488 0 0.000 27.29 0.00 TOTAL 24,993 0 0 21,869 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 24,993 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 74,411 0 0 0 74,411 454 0 73,957 2005 62,438 0 0 0 62,438 381 0 62,057 2006 47,234 0 0 0 47,234 288 0 46,946 2007 43,230 0 0 0 43,230 264 0 42,966 2008 39,566 0 0 0 39,566 241 0 39,325 2009 36,214 0 0 0 36,214 221 0 35,993 2010 33,144 0 0 0 33,144 202 0 32,942 2011 30,335 0 0 0 30,335 185 0 30,150 2012 27,764 0 0 0 27,764 169 0 27,595 2013 25,411 0 0 0 25,411 155 0 25,256 2014 23,258 0 0 0 23,258 142 0 23,116 2015 21,287 0 0 0 21,287 130 0 21,157 2016 19,482 0 0 0 19,482 119 0 19,363 2017 17,832 0 0 0 17,832 109 0 17,723 SUB-TOT 501,606 0 0 0 501,606 3,060 0 498,546 REMAIN 95,196 0 0 0 95,196 580 0 94,616 TOTAL 596,802 0 0 0 596,802 3,640 0 593,162
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 2,370 0 100,000 0 102,370 -28,413 -28,413 -25,451 2005 4,740 0 0 0 4,740 57,317 28,904 45,019 2006 4,740 0 0 0 4,740 42,206 71,110 29,822 2007 4,740 0 0 0 4,740 38,226 109,336 24,449 2008 4,740 0 0 0 4,740 34,585 143,921 20,025 2009 4,740 0 0 0 4,740 31,253 175,174 16,379 2010 4,740 0 0 0 4,740 28,202 203,376 13,380 2011 4,740 0 0 0 4,740 25,410 228,786 10,913 2012 4,740 0 0 0 4,740 22,855 251,641 8,886 2013 4,740 0 0 0 4,740 20,516 272,157 7,220 2014 4,740 0 0 0 4,740 18,376 290,533 5,854 2015 4,740 0 0 0 4,740 16,417 306,950 4,734 2016 4,740 0 0 0 4,740 14,623 321,573 3,817 2017 4,740 0 0 0 4,740 12,983 334,556 3,069 SUBTOT 63,990 0 100,000 0 163,990 334,556 168,116 REMAIN 36,499 0 0 0 36,499 58,117 392,673 9,753 TOTAL 100,489 0 100,000 0 200,489 392,673 177,869 LIFE OF EVALUATION IS 22.70 YEARS. FINAL PRODUCTION RATE: 30 BBLS/MO
TENGASCO, INC. TABLE 30 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 COOPER FIELD, GRAHAM COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 4-T10S-R21W PROVED DEYOUNG LEASE (ABCK-TOPK) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 12,609 FINAL - 1.000000 0.875000 27.29 10.00% - 11,893 REMARKS - 15.00% - 11,239 20.00% - 10,643 25.00% - 10,097
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 1,720 0 0 1,505 0 0.000 27.29 0.00 2004 2 1,633 0 0 1,429 0 0.000 27.29 0.00 2005 2 1,552 0 0 1,358 0 0.000 27.29 0.00 2006 2 1,113 0 0 973 0 0.000 27.29 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 6,018 0 0 5,265 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 6,018 0 0 5,265 0 0.000 27.29 0.00 CUMULATIVE 60,888 0 0 ULTIMATE 66,906 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 41,060 0 0 0 41,060 250 0 40,810 2004 39,007 0 0 0 39,007 238 0 38,769 2005 37,057 0 0 0 37,057 226 0 36,831 2006 26,571 0 0 0 26,571 163 0 26,408 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 143,695 0 0 0 143,695 877 0 142,818 REMAIN 0 0 0 0 0 0 0 0 TOTAL 143,695 0 0 0 143,695 877 0 142,818
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 34,512 0 0 0 34,512 6,298 6,298 6,011 2004 34,512 0 0 0 34,512 4,257 10,555 3,682 2005 34,512 0 0 0 34,512 2,319 12,874 1,821 2006 25,884 0 0 0 25,884 524 13,398 379 2007 0 0 0 0 0 0 13,398 0 2008 0 0 0 0 0 0 13,398 0 2009 0 0 0 0 0 0 13,398 0 2010 0 0 0 0 0 0 13,398 0 2011 0 0 0 0 0 0 13,398 0 2012 0 0 0 0 0 0 13,398 0 2013 0 0 0 0 0 0 13,398 0 2014 0 0 0 0 0 0 13,398 0 2015 0 0 0 0 0 0 13,398 0 2016 0 0 0 0 0 0 13,398 0 2017 0 0 0 0 0 0 13,398 0 SUBTOT 129,420 0 0 0 129,420 13,398 11,893 REMAIN 0 0 0 0 0 0 13,398 0 TOTAL 129,420 0 0 0 129,420 13,398 11,893 LIFE OF EVALUATION IS 3.75 YEARS. FINAL PRODUCTION RATE: 122 BBLS/MO
TENGASCO, INC. TABLE 31 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 COOPER FIELD, GRAHAM COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 9-T10S-R21W PROVED LEWIS LEASE (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 174,026 FINAL - 1.000000 0.875000 27.29 10.00% - 133,562 REMARKS - 15.00% - 107,355 20.00% - 89,360 25.00% - 76,387
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 1,390 0 0 1,216 0 0.000 27.29 0.00 2004 2 1,316 0 0 1,152 0 0.000 27.29 0.00 2005 2 1,246 0 0 1,090 0 0.000 27.29 0.00 2006 2 1,181 0 0 1,033 0 0.000 27.29 0.00 2007 2 1,117 0 0 978 0 0.000 27.29 0.00 2008 2 1,059 0 0 926 0 0.000 27.29 0.00 2009 2 1,002 0 0 878 0 0.000 27.29 0.00 2010 2 950 0 0 830 0 0.000 27.29 0.00 2011 2 899 0 0 787 0 0.000 27.29 0.00 2012 2 851 0 0 745 0 0.000 27.29 0.00 2013 2 806 0 0 705 0 0.000 27.29 0.00 2014 2 764 0 0 668 0 0.000 27.29 0.00 2015 2 723 0 0 633 0 0.000 27.29 0.00 2016 2 685 0 0 599 0 0.000 27.29 0.00 2017 2 648 0 0 567 0 0.000 27.29 0.00 SUB-TOTAL 14,637 0 0 12,807 0 0.000 27.29 0.00 REMAINDER 4,711 0 0 4,122 0 0.000 27.29 0.00 TOTAL 19,348 0 0 16,929 0 0.000 27.29 0.00 CUMULATIVE 82,485 0 0 ULTIMATE 101,833 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 33,187 0 0 0 33,187 202 0 32,985 2004 31,428 0 0 0 31,428 192 0 31,236 2005 29,763 0 0 0 29,763 182 0 29,581 2006 28,185 0 0 0 28,185 172 0 28,013 2007 26,691 0 0 0 26,691 162 0 26,529 2008 25,276 0 0 0 25,276 155 0 25,121 2009 23,937 0 0 0 23,937 146 0 23,791 2010 22,669 0 0 0 22,669 138 0 22,531 2011 21,466 0 0 0 21,466 131 0 21,335 2012 20,330 0 0 0 20,330 124 0 20,206 2013 19,251 0 0 0 19,251 117 0 19,134 2014 18,232 0 0 0 18,232 112 0 18,120 2015 17,265 0 0 0 17,265 105 0 17,160 2016 16,350 0 0 0 16,350 100 0 16,250 2017 15,483 0 0 0 15,483 94 0 15,389 SUB-TOT 349,513 0 0 0 349,513 2,132 0 347,381 REMAIN 112,487 0 0 0 112,487 686 0 111,801 TOTAL 462,000 0 0 0 462,000 2,818 0 459,182
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 8,880 0 0 0 8,880 24,105 24,105 22,958 2004 8,880 0 0 0 8,880 22,356 46,461 19,274 2005 8,880 0 0 0 8,880 20,701 67,162 16,155 2006 8,880 0 0 0 8,880 19,133 86,295 13,517 2007 8,880 0 0 0 8,880 17,649 103,944 11,287 2008 8,880 0 0 0 8,880 16,241 120,185 9,402 2009 8,880 0 0 0 8,880 14,911 135,096 7,814 2010 8,880 0 0 0 8,880 13,651 148,747 6,476 2011 8,880 0 0 0 8,880 12,455 161,202 5,348 2012 8,880 0 0 0 8,880 11,326 172,528 4,403 2013 8,880 0 0 0 8,880 10,254 182,782 3,608 2014 8,880 0 0 0 8,880 9,240 192,022 2,944 2015 8,880 0 0 0 8,880 8,280 200,302 2,388 2016 8,880 0 0 0 8,880 7,370 207,672 1,924 2017 8,880 0 0 0 8,880 6,509 214,181 1,538 SUBTOT 133,200 0 0 0 133,200 214,181 129,036 REMAIN 85,100 0 0 0 85,100 26,701 240,882 4,526 TOTAL 218,300 0 0 0 218,300 240,882 133,562 LIFE OF EVALUATION IS 24.58 YEARS. FINAL PRODUCTION RATE: 31 BBLS/MO
TENGASCO, INC. TABLE 32 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 DAVIDSON FIELD, RUSSELL COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 33-T15S-R11W PROVED FOSTER LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.847656 27.29 5.00% - 103,114 FINAL - 1.000000 0.847656 27.29 10.00% - 92,137 REMARKS - 15.00% - 82,969 20.00% - 75,248 25.00% - 68,692
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 4 2,577 0 0 2,184 0 0.000 27.29 0.00 2004 4 2,344 0 0 1,988 0 0.000 27.29 0.00 2005 4 2,134 0 0 1,808 0 0.000 27.29 0.00 2006 4 1,942 0 0 1,646 0 0.000 27.29 0.00 2007 4 1,767 0 0 1,498 0 0.000 27.29 0.00 2008 4 1,607 0 0 1,363 0 0.000 27.29 0.00 2009 4 1,464 0 0 1,240 0 0.000 27.29 0.00 2010 4 1,331 0 0 1,129 0 0.000 27.29 0.00 2011 4 105 0 0 89 0 0.000 27.29 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 15,271 0 0 12,945 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 15,271 0 0 12,945 0 0.000 27.29 0.00 CUMULATIVE 153,269 0 0 ULTIMATE 168,540 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 59,603 0 0 0 59,603 364 0 59,239 2004 54,239 0 0 0 54,239 330 0 53,909 2005 49,357 0 0 0 49,357 302 0 49,055 2006 44,915 0 0 0 44,915 273 0 44,642 2007 40,873 0 0 0 40,873 250 0 40,623 2008 37,194 0 0 0 37,194 227 0 36,967 2009 33,847 0 0 0 33,847 206 0 33,641 2010 30,801 0 0 0 30,801 188 0 30,613 2011 2,438 0 0 0 2,438 15 0 2,423 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 353,267 0 0 0 353,267 2,155 0 351,112 REMAIN 0 0 0 0 0 0 0 0 TOTAL 353,267 0 0 0 353,267 2,155 0 351,112
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 29,040 0 0 0 29,040 30,199 30,199 28,788 2004 29,040 0 0 0 29,040 24,869 55,068 21,463 2005 29,040 0 0 0 29,040 20,015 75,083 15,640 2006 29,040 0 0 0 29,040 15,602 90,685 11,039 2007 29,040 0 0 0 29,040 11,583 102,268 7,423 2008 29,040 0 0 0 29,040 7,927 110,195 4,602 2009 29,040 0 0 0 29,040 4,601 114,796 2,424 2010 29,040 0 0 0 29,040 1,573 116,369 756 2011 2,420 0 0 0 2,420 3 116,372 2 2012 0 0 0 0 0 0 116,372 0 2013 0 0 0 0 0 0 116,372 0 2014 0 0 0 0 0 0 116,372 0 2015 0 0 0 0 0 0 116,372 0 2016 0 0 0 0 0 0 116,372 0 2017 0 0 0 0 0 0 116,372 0 SUBTOT 234,740 0 0 0 234,740 116,372 92,137 REMAIN 0 0 0 0 0 0 116,372 0 TOTAL 234,740 0 0 0 234,740 116,372 92,137 LIFE OF EVALUATION IS 8.08 YEARS. FINAL PRODUCTION RATE: 105 BBLS/MO
TENGASCO, INC. TABLE 33 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 DISTRICT 57 FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 28-T12S-R20W PROVED FLAX #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 95,846 FINAL - 1.000000 0.875000 27.29 10.00% - 68,187 REMARKS - 15.00% - 52,301 20.00% - 42,243 25.00% - 35,380
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 722 0 0 632 0 0.000 27.29 0.00 2004 1 703 0 0 615 0 0.000 27.29 0.00 2005 1 683 0 0 598 0 0.000 27.29 0.00 2006 1 665 0 0 582 0 0.000 27.29 0.00 2007 1 648 0 0 566 0 0.000 27.29 0.00 2008 1 629 0 0 551 0 0.000 27.29 0.00 2009 1 613 0 0 536 0 0.000 27.29 0.00 2010 1 596 0 0 522 0 0.000 27.29 0.00 2011 1 580 0 0 507 0 0.000 27.29 0.00 2012 1 565 0 0 494 0 0.000 27.29 0.00 2013 1 549 0 0 481 0 0.000 27.29 0.00 2014 1 534 0 0 467 0 0.000 27.29 0.00 2015 1 520 0 0 455 0 0.000 27.29 0.00 2016 1 506 0 0 443 0 0.000 27.29 0.00 2017 1 492 0 0 431 0 0.000 27.29 0.00 SUB-TOTAL 9,005 0 0 7,880 0 0.000 27.29 0.00 REMAINDER 7,145 0 0 6,251 0 0.000 27.29 0.00 TOTAL 16,150 0 0 14,131 0 0.000 27.29 0.00 CUMULATIVE 46,663 0 0 ULTIMATE 62,813 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 17,242 0 0 0 17,242 105 0 17,137 2004 16,777 0 0 0 16,777 103 0 16,674 2005 16,324 0 0 0 16,324 99 0 16,225 2006 15,882 0 0 0 15,882 97 0 15,785 2007 15,455 0 0 0 15,455 94 0 15,361 2008 15,036 0 0 0 15,036 92 0 14,944 2009 14,631 0 0 0 14,631 89 0 14,542 2010 14,236 0 0 0 14,236 87 0 14,149 2011 13,852 0 0 0 13,852 85 0 13,767 2012 13,477 0 0 0 13,477 82 0 13,395 2013 13,114 0 0 0 13,114 80 0 13,034 2014 12,759 0 0 0 12,759 78 0 12,681 2015 12,415 0 0 0 12,415 75 0 12,340 2016 12,080 0 0 0 12,080 74 0 12,006 2017 11,754 0 0 0 11,754 72 0 11,682 SUB-TOT 215,034 0 0 0 215,034 1,312 0 213,722 REMAIN 170,609 0 0 0 170,609 1,040 0 169,569 TOTAL 385,643 0 0 0 385,643 2,352 0 383,291
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,888 0 0 0 6,888 10,249 10,249 9,759 2004 6,888 0 0 0 6,888 9,786 20,035 8,435 2005 6,888 0 0 0 6,888 9,337 29,372 7,285 2006 6,888 0 0 0 6,888 8,897 38,269 6,284 2007 6,888 0 0 0 6,888 8,473 46,742 5,417 2008 6,888 0 0 0 6,888 8,056 54,798 4,662 2009 6,888 0 0 0 6,888 7,654 62,452 4,010 2010 6,888 0 0 0 6,888 7,261 69,713 3,443 2011 6,888 0 0 0 6,888 6,879 76,592 2,953 2012 6,888 0 0 0 6,888 6,507 83,099 2,529 2013 6,888 0 0 0 6,888 6,146 89,245 2,162 2014 6,888 0 0 0 6,888 5,793 95,038 1,845 2015 6,888 0 0 0 6,888 5,452 100,490 1,571 2016 6,888 0 0 0 6,888 5,118 105,608 1,336 2017 6,888 0 0 0 6,888 4,794 110,402 1,132 SUBTOT 103,320 0 0 0 103,320 110,402 62,823 REMAIN 129,724 0 0 0 129,724 39,845 150,247 5,364 TOTAL 233,044 0 0 0 233,044 150,247 68,187 LIFE OF EVALUATION IS 33.83 YEARS. FINAL PRODUCTION RATE: 24 BBLS/MO
TENGASCO, INC. TABLE 34 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 14-T22S-R15W PROVED BARSTOW #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.937500 5.00% - 0 FINAL - 0.937500 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 75,289 0 0 ULTIMATE 75,289 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 35 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 15-T22S-R15W PROVED LOVETT #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.937000 5.00% - 0 FINAL - 0.937000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 107,986 0 0 ULTIMATE 107,986 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 36 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 ELLIS NW FIELD, TREGO COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 23-T12S-R21W PROVED BAUGHER #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.765630 27.29 5.00% - 28,382 FINAL - 1.000000 0.765630 27.29 10.00% - 25,211 REMARKS - 15.00% - 22,584 20.00% - 20,387 25.00% - 18,534
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 989 0 0 757 0 0.000 27.29 0.00 2004 1 930 0 0 712 0 0.000 27.29 0.00 2005 1 875 0 0 670 0 0.000 27.29 0.00 2006 1 822 0 0 629 0 0.000 27.29 0.00 2007 1 773 0 0 592 0 0.000 27.29 0.00 2008 1 727 0 0 557 0 0.000 27.29 0.00 2009 1 683 0 0 523 0 0.000 27.29 0.00 2010 1 643 0 0 492 0 0.000 27.29 0.00 2011 1 205 0 0 157 0 0.000 27.29 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 6,647 0 0 5,089 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 6,647 0 0 5,089 0 0.000 27.29 0.00 CUMULATIVE 76,718 0 0 ULTIMATE 83,365 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 20,668 0 0 0 20,668 126 0 20,542 2004 19,433 0 0 0 19,433 119 0 19,314 2005 18,272 0 0 0 18,272 111 0 18,161 2006 17,179 0 0 0 17,179 105 0 17,074 2007 16,152 0 0 0 16,152 98 0 16,054 2008 15,187 0 0 0 15,187 93 0 15,094 2009 14,279 0 0 0 14,279 87 0 14,192 2010 13,425 0 0 0 13,425 82 0 13,343 2011 4,295 0 0 0 4,295 26 0 4,269 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 138,890 0 0 0 138,890 847 0 138,043 REMAIN 0 0 0 0 0 0 0 0 TOTAL 138,890 0 0 0 138,890 847 0 138,043
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 12,696 0 0 0 12,696 7,846 7,846 7,478 2004 12,696 0 0 0 12,696 6,618 14,464 5,710 2005 12,696 0 0 0 12,696 5,465 19,929 4,270 2006 12,696 0 0 0 12,696 4,378 24,307 3,097 2007 12,696 0 0 0 12,696 3,358 27,665 2,151 2008 12,696 0 0 0 12,696 2,398 30,063 1,392 2009 12,696 0 0 0 12,696 1,496 31,559 787 2010 12,696 0 0 0 12,696 647 32,206 310 2011 4,232 0 0 0 4,232 37 32,243 16 2012 0 0 0 0 0 0 32,243 0 2013 0 0 0 0 0 0 32,243 0 2014 0 0 0 0 0 0 32,243 0 2015 0 0 0 0 0 0 32,243 0 2016 0 0 0 0 0 0 32,243 0 2017 0 0 0 0 0 0 32,243 0 SUBTOT 105,800 0 0 0 105,800 32,243 25,211 REMAIN 0 0 0 0 0 0 32,243 0 TOTAL 105,800 0 0 0 105,800 32,243 25,211 LIFE OF EVALUATION IS 8.33 YEARS. FINAL PRODUCTION RATE: 51 BBLS/MO
TENGASCO, INC. TABLE 37 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 FICKEN FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 23-T17S-R18W PROVED SCHWINDT FARMS #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 19,824 0 0 ULTIMATE 19,824 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 38 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 GATES NORTH FIELD, STAFFORD COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 22-T21S-R13W PROVED HOFFMAN #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.687500 5.00% - 0 FINAL - 0.687500 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 56,111 0 0 ULTIMATE 56,111 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 39 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 GATES NORTH FIELD, STAFFORD COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 22-T21S-R13W PROVED SCHULZ LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.687500 0.554449 27.29 5.00% - 58,437 FINAL - 0.687500 0.554449 27.29 10.00% - 50,048 REMARKS - 15.00% - 43,485 20.00% - 38,268 25.00% - 34,061
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 2,375 0 0 1,317 0 0.000 27.29 0.00 2004 2 2,280 0 0 1,264 0 0.000 27.29 0.00 2005 2 2,189 0 0 1,214 0 0.000 27.29 0.00 2006 2 2,102 0 0 1,165 0 0.000 27.29 0.00 2007 2 2,017 0 0 1,118 0 0.000 27.29 0.00 2008 2 1,937 0 0 1,074 0 0.000 27.29 0.00 2009 2 1,859 0 0 1,031 0 0.000 27.29 0.00 2010 2 1,785 0 0 990 0 0.000 27.29 0.00 2011 2 1,713 0 0 950 0 0.000 27.29 0.00 2012 2 1,645 0 0 912 0 0.000 27.29 0.00 2013 2 1,579 0 0 875 0 0.000 27.29 0.00 2014 2 385 0 0 214 0 0.000 27.29 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 21,866 0 0 12,124 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 21,866 0 0 12,124 0 0.000 27.29 0.00 CUMULATIVE 266,028 0 0 ULTIMATE 287,894 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 35,939 0 0 0 35,939 219 0 35,720 2004 34,501 0 0 0 34,501 211 0 34,290 2005 33,121 0 0 0 33,121 202 0 32,919 2006 31,797 0 0 0 31,797 194 0 31,603 2007 30,524 0 0 0 30,524 186 0 30,338 2008 29,304 0 0 0 29,304 179 0 29,125 2009 28,131 0 0 0 28,131 171 0 27,960 2010 27,006 0 0 0 27,006 165 0 26,841 2011 25,926 0 0 0 25,926 158 0 25,768 2012 24,889 0 0 0 24,889 152 0 24,737 2013 23,893 0 0 0 23,893 146 0 23,747 2014 5,823 0 0 0 5,823 35 0 5,788 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 330,854 0 0 0 330,854 2,018 0 328,836 REMAIN 0 0 0 0 0 0 0 0 TOTAL 330,854 0 0 0 330,854 2,018 0 328,836
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 23,067 0 0 0 23,067 12,653 12,653 12,055 2004 23,067 0 0 0 23,067 11,223 23,876 9,679 2005 23,067 0 0 0 23,067 9,852 33,728 7,693 2006 23,067 0 0 0 23,067 8,536 42,264 6,034 2007 23,067 0 0 0 23,067 7,271 49,535 4,653 2008 23,067 0 0 0 23,067 6,058 55,593 3,510 2009 23,067 0 0 0 23,067 4,893 60,486 2,568 2010 23,067 0 0 0 23,067 3,774 64,260 1,793 2011 23,067 0 0 0 23,067 2,701 66,961 1,163 2012 23,067 0 0 0 23,067 1,670 68,631 651 2013 23,067 0 0 0 23,067 680 69,311 242 2014 5,767 0 0 0 5,767 21 69,332 7 2015 0 0 0 0 0 0 69,332 0 2016 0 0 0 0 0 0 69,332 0 2017 0 0 0 0 0 0 69,332 0 SUBTOT 259,504 0 0 0 259,504 69,332 50,048 REMAIN 0 0 0 0 0 0 69,332 0 TOTAL 259,504 0 0 0 259,504 69,332 50,048 LIFE OF EVALUATION IS 11.25 YEARS. FINAL PRODUCTION RATE: 128 BBLS/MO
TENGASCO, INC. TABLE 40 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 GIESICK FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 19-T17S-R17W PROVED GIESICK #2 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 180,569 FINAL - 1.000000 0.875000 4.13 10.00% - 117,745 REMARKS - 15.00% - 86,409 20.00% - 68,132 25.00% - 56,245
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 5 0 0 4.153 0.00 4.13 2004 1 0 0 5 0 0 4.028 0.00 4.13 2005 1 0 0 5 0 0 3.907 0.00 4.13 2006 1 0 0 5 0 0 3.790 0.00 4.13 2007 1 0 0 4 0 0 3.676 0.00 4.13 2008 1 0 0 5 0 0 3.566 0.00 4.13 2009 1 0 0 4 0 0 3.459 0.00 4.13 2010 1 0 0 4 0 0 3.355 0.00 4.13 2011 1 0 0 4 0 0 3.255 0.00 4.13 2012 1 0 0 4 0 0 3.157 0.00 4.13 2013 1 0 0 4 0 0 3.062 0.00 4.13 2014 1 0 0 4 0 0 2.970 0.00 4.13 2015 1 0 0 3 0 0 2.881 0.00 4.13 2016 1 0 0 4 0 0 2.795 0.00 4.13 2017 1 0 0 3 0 0 2.711 0.00 4.13 SUB-TOTAL 0 0 63 0 0 50.765 0.00 4.13 REMAINDER 0 0 55 0 0 44.150 0.00 4.13 TOTAL 0 0 118 0 0 94.915 0.00 4.13 CUMULATIVE 0 0 438 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 556 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 17,150 0 17,150 0 305 16,845 2004 0 0 16,636 0 16,636 0 296 16,340 2005 0 0 16,136 0 16,136 0 288 15,848 2006 0 0 15,652 0 15,652 0 278 15,374 2007 0 0 15,183 0 15,183 0 270 14,913 2008 0 0 14,727 0 14,727 0 263 14,464 2009 0 0 14,286 0 14,286 0 254 14,032 2010 0 0 13,857 0 13,857 0 247 13,610 2011 0 0 13,441 0 13,441 0 239 13,202 2012 0 0 13,038 0 13,038 0 232 12,806 2013 0 0 12,647 0 12,647 0 225 12,422 2014 0 0 12,267 0 12,267 0 218 12,049 2015 0 0 11,900 0 11,900 0 212 11,688 2016 0 0 11,542 0 11,542 0 206 11,336 2017 0 0 11,196 0 11,196 0 199 10,997 SUB-TOT 0 0 209,658 0 209,658 0 3,732 205,926 REMAIN 0 0 182,342 0 182,342 0 3,246 179,096 TOTAL 0 0 392,000 0 392,000 0 6,978 385,022
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,313 0 0 0 1,313 15,532 15,532 14,788 2004 1,313 0 0 0 1,313 15,027 30,559 12,950 2005 1,312 0 0 0 1,312 14,536 45,095 11,340 2006 1,310 0 0 0 1,310 14,064 59,159 9,932 2007 1,310 0 0 0 1,310 13,603 72,762 8,696 2008 1,310 0 0 0 1,310 13,154 85,916 7,612 2009 1,308 0 0 0 1,308 12,724 98,640 6,665 2010 1,308 0 0 0 1,308 12,302 110,942 5,833 2011 1,307 0 0 0 1,307 11,895 122,837 5,106 2012 1,306 0 0 0 1,306 11,500 134,337 4,468 2013 1,306 0 0 0 1,306 11,116 145,453 3,909 2014 1,305 0 0 0 1,305 10,744 156,197 3,421 2015 1,304 0 0 0 1,304 10,384 166,581 2,992 2016 1,304 0 0 0 1,304 10,032 176,613 2,618 2017 1,303 0 0 0 1,303 9,694 186,307 2,289 SUBTOT 19,619 0 0 0 19,619 186,307 102,619 REMAIN 29,845 0 0 0 29,845 149,251 335,558 15,126 TOTAL 49,464 0 0 0 49,464 335,558 117,745 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 41 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
GOTTSCHALK FIELD, ELLIS COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 36-T15S-R18W PROVED WERTH #1 (OREAD & TOPEKA) PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 180 ULTIMATE 0 0 180
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 42 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 HERMAN FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 18-T16S-R14W PROVED H. KARST LEASE (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.812500 0.702051 27.29 5.00% - 1,415 FINAL - 0.812500 0.702051 27.29 10.00% - 1,370 REMARKS - 15.00% - 1,329 20.00% - 1,289 25.00% - 1,251
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 999 0 0 702 0 0.000 27.29 0.00 2004 2 960 0 0 673 0 0.000 27.29 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 1,959 0 0 1,375 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 1,959 0 0 1,375 0 0.000 27.29 0.00 CUMULATIVE 32,570 0 0 ULTIMATE 34,529 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 19,149 0 0 0 19,149 117 0 19,032 2004 18,382 0 0 0 18,382 112 0 18,270 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 37,531 0 0 0 37,531 229 0 37,302 REMAIN 0 0 0 0 0 0 0 0 TOTAL 37,531 0 0 0 37,531 229 0 37,302
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 17,921 0 0 0 17,921 1,111 1,111 1,064 2004 17,920 0 0 0 17,920 350 1,461 306 2005 0 0 0 0 0 0 1,461 0 2006 0 0 0 0 0 0 1,461 0 2007 0 0 0 0 0 0 1,461 0 2008 0 0 0 0 0 0 1,461 0 2009 0 0 0 0 0 0 1,461 0 2010 0 0 0 0 0 0 1,461 0 2011 0 0 0 0 0 0 1,461 0 2012 0 0 0 0 0 0 1,461 0 2013 0 0 0 0 0 0 1,461 0 2014 0 0 0 0 0 0 1,461 0 2015 0 0 0 0 0 0 1,461 0 2016 0 0 0 0 0 0 1,461 0 2017 0 0 0 0 0 0 1,461 0 SUBTOT 35,841 0 0 0 35,841 1,461 1,370 REMAIN 0 0 0 0 0 0 1,461 0 TOTAL 35,841 0 0 0 35,841 1,461 1,370 LIFE OF EVALUATION IS 2.00 YEARS. FINAL PRODUCTION RATE: 78 BBLS/MO
TENGASCO, INC. TABLE 43 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 HOBROCK FIELD, OSBORNE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 3-T10S-R15W PROVED HOBROCK #4 (PENNSYLVANIAN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.593750 0.481947 27.29 5.00% - 26,456 FINAL - 0.593750 0.481947 27.29 10.00% - 21,534 REMARKS - 15.00% - 18,008 20.00% - 15,400 25.00% - 13,414
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 547 0 0 264 0 0.000 27.29 0.00 2004 1 514 0 0 247 0 0.000 27.29 0.00 2005 1 483 0 0 233 0 0.000 27.29 0.00 2006 1 454 0 0 219 0 0.000 27.29 0.00 2007 1 427 0 0 206 0 0.000 27.29 0.00 2008 1 402 0 0 193 0 0.000 27.29 0.00 2009 1 377 0 0 182 0 0.000 27.29 0.00 2010 1 355 0 0 171 0 0.000 27.29 0.00 2011 1 333 0 0 161 0 0.000 27.29 0.00 2012 1 314 0 0 151 0 0.000 27.29 0.00 2013 1 294 0 0 142 0 0.000 27.29 0.00 2014 1 277 0 0 133 0 0.000 27.29 0.00 2015 1 260 0 0 126 0 0.000 27.29 0.00 2016 1 245 0 0 118 0 0.000 27.29 0.00 2017 1 230 0 0 110 0 0.000 27.29 0.00 SUB-TOTAL 5,512 0 0 2,656 0 0.000 27.29 0.00 REMAINDER 403 0 0 195 0 0.000 27.29 0.00 TOTAL 5,915 0 0 2,851 0 0.000 27.29 0.00 CUMULATIVE 58,038 0 0 ULTIMATE 63,953 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 7,193 0 0 0 7,193 44 0 7,149 2004 6,762 0 0 0 6,762 41 0 6,721 2005 6,355 0 0 0 6,355 39 0 6,316 2006 5,975 0 0 0 5,975 36 0 5,939 2007 5,616 0 0 0 5,616 35 0 5,581 2008 5,279 0 0 0 5,279 32 0 5,247 2009 4,962 0 0 0 4,962 30 0 4,932 2010 4,665 0 0 0 4,665 29 0 4,636 2011 4,384 0 0 0 4,384 26 0 4,358 2012 4,122 0 0 0 4,122 25 0 4,097 2013 3,874 0 0 0 3,874 24 0 3,850 2014 3,642 0 0 0 3,642 22 0 3,620 2015 3,423 0 0 0 3,423 21 0 3,402 2016 3,218 0 0 0 3,218 20 0 3,198 2017 3,025 0 0 0 3,025 18 0 3,007 SUB-TOT 72,495 0 0 0 72,495 442 0 72,053 REMAIN 5,300 0 0 0 5,300 33 0 5,267 TOTAL 77,795 0 0 0 77,795 475 0 77,320
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,586 0 0 0 2,586 4,563 4,563 4,347 2004 2,587 0 0 0 2,587 4,134 8,697 3,564 2005 2,586 0 0 0 2,586 3,730 12,427 2,912 2006 2,587 0 0 0 2,587 3,352 15,779 2,369 2007 2,586 0 0 0 2,586 2,995 18,774 1,916 2008 2,586 0 0 0 2,586 2,661 21,435 1,541 2009 2,587 0 0 0 2,587 2,345 23,780 1,229 2010 2,586 0 0 0 2,586 2,050 25,830 973 2011 2,586 0 0 0 2,586 1,772 27,602 761 2012 2,587 0 0 0 2,587 1,510 29,112 587 2013 2,586 0 0 0 2,586 1,264 30,376 446 2014 2,587 0 0 0 2,587 1,033 31,409 329 2015 2,586 0 0 0 2,586 816 32,225 236 2016 2,586 0 0 0 2,586 612 32,837 160 2017 2,587 0 0 0 2,587 420 33,257 99 SUBTOT 38,796 0 0 0 38,796 33,257 21,469 REMAIN 4,957 0 0 0 4,957 310 33,567 65 TOTAL 43,753 0 0 0 43,753 33,567 21,534 LIFE OF EVALUATION IS 16.92 YEARS. FINAL PRODUCTION RATE: 17 BBLS/MO
TENGASCO, INC. TABLE 44 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 HOBROCK FIELD, OSBORNE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 10-T10S-R15W PROVED HOGAN LEASE (PENNSYLVANIAN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.593750 0.480972 27.29 5.00% - 70,508 FINAL - 0.593750 0.480972 27.29 10.00% - 63,903 REMARKS - 15.00% - 58,235 20.00% - 53,345 25.00% - 49,104
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 2,786 0 0 1,340 0 0.000 27.29 0.00 2004 3 2,456 0 0 1,181 0 0.000 27.29 0.00 2005 3 2,168 0 0 1,043 0 0.000 27.29 0.00 2006 3 1,911 0 0 919 0 0.000 27.29 0.00 2007 3 1,686 0 0 811 0 0.000 27.29 0.00 2008 3 831 0 0 400 0 0.000 27.29 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 11,838 0 0 5,694 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 11,838 0 0 5,694 0 0.000 27.29 0.00 CUMULATIVE 196,208 0 0 ULTIMATE 208,046 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 36,562 0 0 0 36,562 223 0 36,339 2004 32,249 0 0 0 32,249 197 0 32,052 2005 28,445 0 0 0 28,445 173 0 28,272 2006 25,089 0 0 0 25,089 153 0 24,936 2007 22,130 0 0 0 22,130 135 0 21,995 2008 10,907 0 0 0 10,907 67 0 10,840 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 155,382 0 0 0 155,382 948 0 154,434 REMAIN 0 0 0 0 0 0 0 0 TOTAL 155,382 0 0 0 155,382 948 0 154,434
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 13,744 0 0 0 13,744 22,595 22,595 21,542 2004 13,744 0 0 0 13,744 18,308 40,903 15,803 2005 13,744 0 0 0 13,744 14,528 55,431 11,353 2006 13,745 0 0 0 13,745 11,191 66,622 7,919 2007 13,744 0 0 0 13,744 8,251 74,873 5,288 2008 7,466 0 0 0 7,466 3,374 78,247 1,998 2009 0 0 0 0 0 0 78,247 0 2010 0 0 0 0 0 0 78,247 0 2011 0 0 0 0 0 0 78,247 0 2012 0 0 0 0 0 0 78,247 0 2013 0 0 0 0 0 0 78,247 0 2014 0 0 0 0 0 0 78,247 0 2015 0 0 0 0 0 0 78,247 0 2016 0 0 0 0 0 0 78,247 0 2017 0 0 0 0 0 0 78,247 0 SUBTOT 76,187 0 0 0 76,187 78,247 63,903 REMAIN 0 0 0 0 0 0 78,247 0 TOTAL 76,187 0 0 0 76,187 78,247 63,903 LIFE OF EVALUATION IS 5.54 YEARS. FINAL PRODUCTION RATE: 124 BBLS/MO
TENGASCO, INC. TABLE 45 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 IRVIN FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 8-T14S-R19W PROVED KINDERKNECHT -B- LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 67 FINAL - 1.000000 0.875000 27.29 10.00% - 66 REMARKS - 15.00% - 66 20.00% - 66 25.00% - 65
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 501 0 0 438 0 0.000 27.29 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 501 0 0 438 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 501 0 0 438 0 0.000 27.29 0.00 CUMULATIVE 137,056 0 0 ULTIMATE 137,557 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 11,964 0 0 0 11,964 73 0 11,891 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 11,964 0 0 0 11,964 73 0 11,891 REMAIN 0 0 0 0 0 0 0 0 TOTAL 11,964 0 0 0 11,964 73 0 11,891
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 11,824 0 0 0 11,824 67 67 66 2004 0 0 0 0 0 0 67 0 2005 0 0 0 0 0 0 67 0 2006 0 0 0 0 0 0 67 0 2007 0 0 0 0 0 0 67 0 2008 0 0 0 0 0 0 67 0 2009 0 0 0 0 0 0 67 0 2010 0 0 0 0 0 0 67 0 2011 0 0 0 0 0 0 67 0 2012 0 0 0 0 0 0 67 0 2013 0 0 0 0 0 0 67 0 2014 0 0 0 0 0 0 67 0 2015 0 0 0 0 0 0 67 0 2016 0 0 0 0 0 0 67 0 2017 0 0 0 0 0 0 67 0 SUBTOT 11,824 0 0 0 11,824 67 66 REMAIN 0 0 0 0 0 0 67 0 TOTAL 11,824 0 0 0 11,824 67 66 LIFE OF EVALUATION IS 0.33 YEARS. FINAL PRODUCTION RATE: 125 BBLS/MO
TENGASCO, INC. TABLE 46 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 KRAUS FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 22-T14S-R19W PROVED KRAUS -A- LEASE PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820310 27.29 5.00% - 851,515 FINAL - 1.000000 0.820310 27.29 10.00% - 615,354 REMARKS - 15.00% - 478,078 20.00% - 389,952 25.00% - 329,055
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 5,287 0 0 4,337 0 0.000 27.29 0.00 2004 3 5,023 0 0 4,120 0 0.000 27.29 0.00 2005 3 4,772 0 0 3,915 0 0.000 27.29 0.00 2006 3 4,533 0 0 3,718 0 0.000 27.29 0.00 2007 3 4,306 0 0 3,533 0 0.000 27.29 0.00 2008 3 4,092 0 0 3,356 0 0.000 27.29 0.00 2009 3 3,886 0 0 3,188 0 0.000 27.29 0.00 2010 3 3,693 0 0 3,029 0 0.000 27.29 0.00 2011 3 3,507 0 0 2,877 0 0.000 27.29 0.00 2012 3 3,332 0 0 2,734 0 0.000 27.29 0.00 2013 3 3,166 0 0 2,597 0 0.000 27.29 0.00 2014 3 3,008 0 0 2,467 0 0.000 27.29 0.00 2015 3 2,857 0 0 2,343 0 0.000 27.29 0.00 2016 3 2,714 0 0 2,227 0 0.000 27.29 0.00 2017 3 2,578 0 0 2,115 0 0.000 27.29 0.00 SUB-TOTAL 56,754 0 0 46,556 0 0.000 27.29 0.00 REMAINDER 32,729 0 0 26,848 0 0.000 27.29 0.00 TOTAL 89,483 0 0 73,404 0 0.000 27.29 0.00 CUMULATIVE 346,204 0 0 ULTIMATE 435,687 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 118,362 0 0 0 118,362 722 0 117,640 2004 112,443 0 0 0 112,443 686 0 111,757 2005 106,821 0 0 0 106,821 652 0 106,169 2006 101,481 0 0 0 101,481 619 0 100,862 2007 96,406 0 0 0 96,406 588 0 95,818 2008 91,586 0 0 0 91,586 558 0 91,028 2009 87,006 0 0 0 87,006 531 0 86,475 2010 82,657 0 0 0 82,657 504 0 82,153 2011 78,523 0 0 0 78,523 479 0 78,044 2012 74,597 0 0 0 74,597 455 0 74,142 2013 70,868 0 0 0 70,868 433 0 70,435 2014 67,324 0 0 0 67,324 410 0 66,914 2015 63,958 0 0 0 63,958 390 0 63,568 2016 60,760 0 0 0 60,760 371 0 60,389 2017 57,722 0 0 0 57,722 352 0 57,370 SUB-TOT 1,270,514 0 0 0 1,270,514 7,750 0 1,262,764 REMAIN 732,674 0 0 0 732,674 4,469 0 728,205 TOTAL 2,003,188 0 0 0 2,003,188 12,219 0 1,990,969
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 18,540 0 0 0 18,540 99,100 99,100 94,372 2004 18,540 0 0 0 18,540 93,217 192,317 80,356 2005 18,540 0 0 0 18,540 87,629 279,946 68,380 2006 18,540 0 0 0 18,540 82,322 362,268 58,149 2007 18,540 0 0 0 18,540 77,278 439,546 49,413 2008 18,540 0 0 0 18,540 72,488 512,034 41,957 2009 18,540 0 0 0 18,540 67,935 579,969 35,594 2010 18,540 0 0 0 18,540 63,613 643,582 30,171 2011 18,540 0 0 0 18,540 59,504 703,086 25,548 2012 18,540 0 0 0 18,540 55,602 758,688 21,609 2013 18,540 0 0 0 18,540 51,895 810,583 18,257 2014 18,540 0 0 0 18,540 48,374 858,957 15,406 2015 18,540 0 0 0 18,540 45,028 903,985 12,980 2016 18,540 0 0 0 18,540 41,849 945,834 10,921 2017 18,540 0 0 0 18,540 38,830 984,664 9,173 SUBTOT 278,100 0 0 0 278,100 984,664 572,286 REMAIN 398,610 0 0 0 398,610 329,595 1,314,259 43,068 TOTAL 676,710 0 0 0 676,710 1,314,259 615,354 LIFE OF EVALUATION IS 36.50 YEARS. FINAL PRODUCTION RATE: 70 BBLS/MO
TENGASCO, INC. TABLE 47 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 KRAUS FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 16-T14S-R19W PROVED KRAUS -B- LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 109,508 FINAL - 1.000000 0.875000 27.29 10.00% - 88,098 REMARKS - 15.00% - 73,176 20.00% - 62,351 25.00% - 54,220
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 1,203 0 0 1,053 0 0.000 27.29 0.00 2004 2 1,120 0 0 979 0 0.000 27.29 0.00 2005 2 1,044 0 0 914 0 0.000 27.29 0.00 2006 2 977 0 0 855 0 0.000 27.29 0.00 2007 2 916 0 0 801 0 0.000 27.29 0.00 2008 2 859 0 0 752 0 0.000 27.29 0.00 2009 2 809 0 0 708 0 0.000 27.29 0.00 2010 2 762 0 0 667 0 0.000 27.29 0.00 2011 2 720 0 0 630 0 0.000 27.29 0.00 2012 2 681 0 0 596 0 0.000 27.29 0.00 2013 2 645 0 0 564 0 0.000 27.29 0.00 2014 2 611 0 0 535 0 0.000 27.29 0.00 2015 2 581 0 0 508 0 0.000 27.29 0.00 2016 2 552 0 0 483 0 0.000 27.29 0.00 2017 2 526 0 0 461 0 0.000 27.29 0.00 SUB-TOTAL 12,006 0 0 10,506 0 0.000 27.29 0.00 REMAINDER 2,121 0 0 1,855 0 0.000 27.29 0.00 TOTAL 14,127 0 0 12,361 0 0.000 27.29 0.00 CUMULATIVE 98,630 0 0 ULTIMATE 112,757 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 28,730 0 0 0 28,730 175 0 28,555 2004 26,736 0 0 0 26,736 163 0 26,573 2005 24,943 0 0 0 24,943 152 0 24,791 2006 23,326 0 0 0 23,326 143 0 23,183 2007 21,859 0 0 0 21,859 133 0 21,726 2008 20,527 0 0 0 20,527 125 0 20,402 2009 19,314 0 0 0 19,314 118 0 19,196 2010 18,204 0 0 0 18,204 111 0 18,093 2011 17,189 0 0 0 17,189 105 0 17,084 2012 16,254 0 0 0 16,254 99 0 16,155 2013 15,395 0 0 0 15,395 94 0 15,301 2014 14,603 0 0 0 14,603 89 0 14,514 2015 13,868 0 0 0 13,868 85 0 13,783 2016 13,190 0 0 0 13,190 80 0 13,110 2017 12,559 0 0 0 12,559 77 0 12,482 SUB-TOT 286,697 0 0 0 286,697 1,749 0 284,948 REMAIN 50,636 0 0 0 50,636 309 0 50,327 TOTAL 337,333 0 0 0 337,333 2,058 0 335,275
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 9,888 0 0 0 9,888 18,667 18,667 17,784 2004 9,888 0 0 0 9,888 16,685 35,352 14,389 2005 9,888 0 0 0 9,888 14,903 50,255 11,634 2006 9,888 0 0 0 9,888 13,295 63,550 9,395 2007 9,888 0 0 0 9,888 11,838 75,388 7,573 2008 9,888 0 0 0 9,888 10,514 85,902 6,088 2009 9,888 0 0 0 9,888 9,308 95,210 4,880 2010 9,888 0 0 0 9,888 8,205 103,415 3,893 2011 9,888 0 0 0 9,888 7,196 110,611 3,091 2012 9,888 0 0 0 9,888 6,267 116,878 2,437 2013 9,888 0 0 0 9,888 5,413 122,291 1,906 2014 9,888 0 0 0 9,888 4,626 126,917 1,474 2015 9,888 0 0 0 9,888 3,895 130,812 1,124 2016 9,888 0 0 0 9,888 3,222 134,034 842 2017 9,888 0 0 0 9,888 2,594 136,628 614 SUBTOT 148,320 0 0 0 148,320 136,628 87,124 REMAIN 45,320 0 0 0 45,320 5,007 141,635 974 TOTAL 193,640 0 0 0 193,640 141,635 88,098 LIFE OF EVALUATION IS 19.58 YEARS. FINAL PRODUCTION RATE: 35 BBLS/MO
TENGASCO, INC. TABLE 48 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 KRAUS FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 27-T14S-R19W PROVED KRAUS -I- LEASE (ABCK-KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 27.29 5.00% - 128,733 FINAL - 1.000000 0.820313 27.29 10.00% - 108,867 REMARKS - 15.00% - 93,755 20.00% - 82,014 25.00% - 72,710
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 2,206 0 0 1,809 0 0.000 27.29 0.00 2004 2 2,045 0 0 1,678 0 0.000 27.29 0.00 2005 2 1,902 0 0 1,560 0 0.000 27.29 0.00 2006 2 1,773 0 0 1,455 0 0.000 27.29 0.00 2007 2 1,657 0 0 1,359 0 0.000 27.29 0.00 2008 2 1,552 0 0 1,273 0 0.000 27.29 0.00 2009 2 1,456 0 0 1,194 0 0.000 27.29 0.00 2010 2 1,369 0 0 1,124 0 0.000 27.29 0.00 2011 2 1,290 0 0 1,058 0 0.000 27.29 0.00 2012 2 1,218 0 0 999 0 0.000 27.29 0.00 2013 2 1,151 0 0 944 0 0.000 27.29 0.00 2014 2 1,089 0 0 894 0 0.000 27.29 0.00 2015 2 1,033 0 0 847 0 0.000 27.29 0.00 2016 2 497 0 0 407 0 0.000 27.29 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 20,238 0 0 16,601 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 20,238 0 0 16,601 0 0.000 27.29 0.00 CUMULATIVE 208,702 0 0 ULTIMATE 228,940 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 49,375 0 0 0 49,375 301 0 49,074 2004 45,787 0 0 0 45,787 279 0 45,508 2005 42,577 0 0 0 42,577 260 0 42,317 2006 39,692 0 0 0 39,692 242 0 39,450 2007 37,092 0 0 0 37,092 227 0 36,865 2008 34,738 0 0 0 34,738 211 0 34,527 2009 32,602 0 0 0 32,602 199 0 32,403 2010 30,657 0 0 0 30,657 187 0 30,470 2011 28,881 0 0 0 28,881 177 0 28,704 2012 27,255 0 0 0 27,255 166 0 27,089 2013 25,763 0 0 0 25,763 157 0 25,606 2014 24,389 0 0 0 24,389 149 0 24,240 2015 23,123 0 0 0 23,123 141 0 22,982 2016 11,117 0 0 0 11,117 68 0 11,049 2017 0 0 0 0 0 0 0 0 SUB-TOT 453,048 0 0 0 453,048 2,764 0 450,284 REMAIN 0 0 0 0 0 0 0 0 TOTAL 453,048 0 0 0 453,048 2,764 0 450,284
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 21,840 0 0 0 21,840 27,234 27,234 25,951 2004 21,840 0 0 0 21,840 23,668 50,902 20,417 2005 21,840 0 0 0 21,840 20,477 71,379 15,990 2006 21,840 0 0 0 21,840 17,610 88,989 12,448 2007 21,840 0 0 0 21,840 15,025 104,014 9,615 2008 21,840 0 0 0 21,840 12,687 116,701 7,350 2009 21,840 0 0 0 21,840 10,563 127,264 5,540 2010 21,840 0 0 0 21,840 8,630 135,894 4,098 2011 21,840 0 0 0 21,840 6,864 142,758 2,952 2012 21,840 0 0 0 21,840 5,249 148,007 2,044 2013 21,840 0 0 0 21,840 3,766 151,773 1,328 2014 21,840 0 0 0 21,840 2,400 154,173 767 2015 21,840 0 0 0 21,840 1,142 155,315 332 2016 10,920 0 0 0 10,920 129 155,444 35 2017 0 0 0 0 0 0 155,444 0 SUBTOT 294,840 0 0 0 294,840 155,444 108,867 REMAIN 0 0 0 0 0 0 155,444 0 TOTAL 294,840 0 0 0 294,840 155,444 108,867 LIFE OF EVALUATION IS 13.50 YEARS. FINAL PRODUCTION RATE: 82 BBLS/MO
TENGASCO, INC. TABLE 49 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 LEIKER EAST FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 14-T15S-R18W PROVED LEIKER #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.416670 0.364590 27.29 5.00% - 36,077 FINAL - 0.416670 0.364590 27.29 10.00% - 28,470 REMARKS - 15.00% - 23,288 20.00% - 19,602 25.00% - 16,879
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 878 0 0 320 0 0.000 27.29 0.00 2004 1 835 0 0 304 0 0.000 27.29 0.00 2005 1 793 0 0 290 0 0.000 27.29 0.00 2006 1 755 0 0 275 0 0.000 27.29 0.00 2007 1 718 0 0 262 0 0.000 27.29 0.00 2008 1 683 0 0 249 0 0.000 27.29 0.00 2009 1 649 0 0 236 0 0.000 27.29 0.00 2010 1 618 0 0 226 0 0.000 27.29 0.00 2011 1 587 0 0 214 0 0.000 27.29 0.00 2012 1 559 0 0 203 0 0.000 27.29 0.00 2013 1 531 0 0 194 0 0.000 27.29 0.00 2014 1 505 0 0 184 0 0.000 27.29 0.00 2015 1 480 0 0 175 0 0.000 27.29 0.00 2016 1 457 0 0 167 0 0.000 27.29 0.00 2017 1 434 0 0 158 0 0.000 27.29 0.00 SUB-TOTAL 9,482 0 0 3,457 0 0.000 27.29 0.00 REMAINDER 1,928 0 0 703 0 0.000 27.29 0.00 TOTAL 11,410 0 0 4,160 0 0.000 27.29 0.00 CUMULATIVE 26,941 0 0 ULTIMATE 38,351 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 8,733 0 0 0 8,733 53 0 8,680 2004 8,306 0 0 0 8,306 51 0 8,255 2005 7,899 0 0 0 7,899 48 0 7,851 2006 7,511 0 0 0 7,511 46 0 7,465 2007 7,144 0 0 0 7,144 44 0 7,100 2008 6,793 0 0 0 6,793 41 0 6,752 2009 6,461 0 0 0 6,461 39 0 6,422 2010 6,144 0 0 0 6,144 38 0 6,106 2011 5,842 0 0 0 5,842 35 0 5,807 2012 5,557 0 0 0 5,557 34 0 5,523 2013 5,284 0 0 0 5,284 33 0 5,251 2014 5,026 0 0 0 5,026 30 0 4,996 2015 4,779 0 0 0 4,779 29 0 4,750 2016 4,545 0 0 0 4,545 28 0 4,517 2017 4,322 0 0 0 4,322 27 0 4,295 SUB-TOT 94,346 0 0 0 94,346 576 0 93,770 REMAIN 19,179 0 0 0 19,179 117 0 19,062 TOTAL 113,525 0 0 0 113,525 693 0 112,832
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,225 0 0 0 3,225 5,455 5,455 5,196 2004 3,225 0 0 0 3,225 5,030 10,485 4,336 2005 3,225 0 0 0 3,225 4,626 15,111 3,611 2006 3,225 0 0 0 3,225 4,240 19,351 2,995 2007 3,225 0 0 0 3,225 3,875 23,226 2,479 2008 3,225 0 0 0 3,225 3,527 26,753 2,042 2009 3,225 0 0 0 3,225 3,197 29,950 1,675 2010 3,225 0 0 0 3,225 2,881 32,831 1,367 2011 3,225 0 0 0 3,225 2,582 35,413 1,109 2012 3,225 0 0 0 3,225 2,298 37,711 894 2013 3,225 0 0 0 3,225 2,026 39,737 713 2014 3,225 0 0 0 3,225 1,771 41,508 564 2015 3,225 0 0 0 3,225 1,525 43,033 440 2016 3,225 0 0 0 3,225 1,292 44,325 337 2017 3,225 0 0 0 3,225 1,070 45,395 253 SUBTOT 48,375 0 0 0 48,375 45,395 28,011 REMAIN 16,663 0 0 0 16,663 2,399 47,794 459 TOTAL 65,038 0 0 0 65,038 47,794 28,470 LIFE OF EVALUATION IS 20.17 YEARS. FINAL PRODUCTION RATE: 27 BBLS/MO
TENGASCO, INC. TABLE 50 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 LEONHARDT SOUTHEAST FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 28-T14S-R18W PROVED KRAUS LEASE (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.792969 27.29 5.00% - 8,719 FINAL - 1.000000 0.792969 27.29 10.00% - 8,125 REMARKS - 15.00% - 7,594 20.00% - 7,118 25.00% - 6,690
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 899 0 0 713 0 0.000 27.29 0.00 2004 2 851 0 0 675 0 0.000 27.29 0.00 2005 2 808 0 0 640 0 0.000 27.29 0.00 2006 2 767 0 0 609 0 0.000 27.29 0.00 2007 2 491 0 0 389 0 0.000 27.29 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 3,816 0 0 3,026 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 3,816 0 0 3,026 0 0.000 27.29 0.00 CUMULATIVE 52,987 0 0 ULTIMATE 56,803 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 19,451 0 0 0 19,451 119 0 19,332 2004 18,422 0 0 0 18,422 112 0 18,310 2005 17,477 0 0 0 17,477 107 0 17,370 2006 16,607 0 0 0 16,607 101 0 16,506 2007 10,621 0 0 0 10,621 65 0 10,556 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 82,578 0 0 0 82,578 504 0 82,074 REMAIN 0 0 0 0 0 0 0 0 TOTAL 82,578 0 0 0 82,578 504 0 82,074
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 15,576 0 0 0 15,576 3,756 3,756 3,583 2004 15,576 0 0 0 15,576 2,734 6,490 2,363 2005 15,576 0 0 0 15,576 1,794 8,284 1,405 2006 15,576 0 0 0 15,576 930 9,214 661 2007 10,384 0 0 0 10,384 172 9,386 113 2008 0 0 0 0 0 0 9,386 0 2009 0 0 0 0 0 0 9,386 0 2010 0 0 0 0 0 0 9,386 0 2011 0 0 0 0 0 0 9,386 0 2012 0 0 0 0 0 0 9,386 0 2013 0 0 0 0 0 0 9,386 0 2014 0 0 0 0 0 0 9,386 0 2015 0 0 0 0 0 0 9,386 0 2016 0 0 0 0 0 0 9,386 0 2017 0 0 0 0 0 0 9,386 0 SUBTOT 72,688 0 0 0 72,688 9,386 8,125 REMAIN 0 0 0 0 0 0 9,386 0 TOTAL 72,688 0 0 0 72,688 9,386 8,125 LIFE OF EVALUATION IS 4.67 YEARS. FINAL PRODUCTION RATE: 60 BBLS/MO
TENGASCO, INC. TABLE 51 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
LIEBENTHAL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 23-T16S-R18W PROVED DECHANT -B- #2 (KANSAS CITY) PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 45 ULTIMATE 0 0 45
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 52 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
LIEBENTHAL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 23-T16S-R18W PROVED GRAHAM #1 (KC-LANSING) PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 128 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 128 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 53 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
LIEBENTHAL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 26-T16S-R18W PROVED LEGLEITER -B- #1 (KSSC-LNSG) PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 6,528 FINAL - 1.000000 0.875000 4.13 10.00% - 5,324 REMARKS - 15.00% - 4,453 20.00% - 3,805 25.00% - 3,310
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 1 0 0 0.737 0.00 4.13 2004 1 0 0 1 0 0 0.715 0.00 4.13 2005 1 0 0 1 0 0 0.694 0.00 4.13 2006 1 0 0 1 0 0 0.673 0.00 4.13 2007 1 0 0 0 0 0 0.653 0.00 4.13 2008 1 0 0 1 0 0 0.633 0.00 4.13 2009 1 0 0 1 0 0 0.614 0.00 4.13 2010 1 0 0 1 0 0 0.596 0.00 4.13 2011 1 0 0 0 0 0 0.578 0.00 4.13 2012 1 0 0 1 0 0 0.560 0.00 4.13 2013 1 0 0 1 0 0 0.544 0.00 4.13 2014 1 0 0 0 0 0 0.527 0.00 4.13 2015 1 0 0 1 0 0 0.511 0.00 4.13 2016 1 0 0 1 0 0 0.496 0.00 4.13 2017 1 0 0 0 0 0 0.481 0.00 4.13 SUB-TOTAL 0 0 11 0 0 9.012 0.00 4.13 REMAINDER 0 0 1 0 0 0.274 0.00 4.13 TOTAL 0 0 12 0 0 9.286 0.00 4.13 CUMULATIVE 0 0 31 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 43 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 3,045 0 3,045 0 54 2,991 2004 0 0 2,953 0 2,953 0 53 2,900 2005 0 0 2,864 0 2,864 0 51 2,813 2006 0 0 2,779 0 2,779 0 49 2,730 2007 0 0 2,695 0 2,695 0 48 2,647 2008 0 0 2,615 0 2,615 0 47 2,568 2009 0 0 2,536 0 2,536 0 45 2,491 2010 0 0 2,460 0 2,460 0 44 2,416 2011 0 0 2,386 0 2,386 0 42 2,344 2012 0 0 2,314 0 2,314 0 41 2,273 2013 0 0 2,245 0 2,245 0 40 2,205 2014 0 0 2,178 0 2,178 0 39 2,139 2015 0 0 2,113 0 2,113 0 38 2,075 2016 0 0 2,049 0 2,049 0 36 2,013 2017 0 0 1,987 0 1,987 0 36 1,951 SUB-TOT 0 0 37,219 0 37,219 0 663 36,556 REMAIN 0 0 1,132 0 1,132 0 20 1,112 TOTAL 0 0 38,351 0 38,351 0 683 37,668
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,889 0 0 0 1,889 1,102 1,102 1,050 2004 1,889 0 0 0 1,889 1,011 2,113 871 2005 1,889 0 0 0 1,889 924 3,037 721 2006 1,889 0 0 0 1,889 841 3,878 595 2007 1,889 0 0 0 1,889 758 4,636 485 2008 1,888 0 0 0 1,888 680 5,316 393 2009 1,888 0 0 0 1,888 603 5,919 316 2010 1,889 0 0 0 1,889 527 6,446 250 2011 1,888 0 0 0 1,888 456 6,902 196 2012 1,888 0 0 0 1,888 385 7,287 150 2013 1,888 0 0 0 1,888 317 7,604 112 2014 1,887 0 0 0 1,887 252 7,856 80 2015 1,888 0 0 0 1,888 187 8,043 54 2016 1,887 0 0 0 1,887 126 8,169 33 2017 1,888 0 0 0 1,888 63 8,232 15 SUBTOT 28,324 0 0 0 28,324 8,232 5,321 REMAIN 1,100 0 0 0 1,100 12 8,244 3 TOTAL 29,424 0 0 0 29,424 8,244 5,324 LIFE OF EVALUATION IS 15.58 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 54 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
LIEBENTHAL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 24-T16S-R18W PROVED LEGLEITER -C- #1 (PLEASONTON) PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 15 ULTIMATE 0 0 15
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 55 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
LIEBENTHAL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 24-T16S-R18W PROVED LEGLEITER -C- #2 (PLEASONTON) PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 3 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 3 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 56 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 LITTLE RIO FIELD, RICE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 19-T19S-R6W PROVED WHITEMAN-HOLLAND LEASE (KSSC-LNSG-MSSP) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 27.29 5.00% - 171,375 FINAL - 1.000000 0.820313 27.29 10.00% - 135,168 REMARKS - 15.00% - 110,474 20.00% - 92,905 25.00% - 79,929
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 2,044 0 0 1,677 0 0.000 27.29 0.00 2004 3 1,958 0 0 1,606 0 0.000 27.29 0.00 2005 3 1,876 0 0 1,538 0 0.000 27.29 0.00 2006 3 1,797 0 0 1,475 0 0.000 27.29 0.00 2007 3 1,721 0 0 1,412 0 0.000 27.29 0.00 2008 3 1,649 0 0 1,353 0 0.000 27.29 0.00 2009 3 1,580 0 0 1,296 0 0.000 27.29 0.00 2010 3 1,514 0 0 1,241 0 0.000 27.29 0.00 2011 3 1,450 0 0 1,190 0 0.000 27.29 0.00 2012 3 1,389 0 0 1,139 0 0.000 27.29 0.00 2013 3 1,331 0 0 1,092 0 0.000 27.29 0.00 2014 3 1,275 0 0 1,046 0 0.000 27.29 0.00 2015 3 1,221 0 0 1,002 0 0.000 27.29 0.00 2016 3 1,170 0 0 959 0 0.000 27.29 0.00 2017 3 1,121 0 0 920 0 0.000 27.29 0.00 SUB-TOTAL 23,096 0 0 18,946 0 0.000 27.29 0.00 REMAINDER 4,788 0 0 3,928 0 0.000 27.29 0.00 TOTAL 27,884 0 0 22,874 0 0.000 27.29 0.00 CUMULATIVE 62,161 0 0 ULTIMATE 90,045 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 45,754 0 0 0 45,754 279 0 45,475 2004 43,832 0 0 0 43,832 267 0 43,565 2005 41,992 0 0 0 41,992 257 0 41,735 2006 40,228 0 0 0 40,228 245 0 39,983 2007 38,538 0 0 0 38,538 235 0 38,303 2008 36,920 0 0 0 36,920 225 0 36,695 2009 35,369 0 0 0 35,369 216 0 35,153 2010 33,883 0 0 0 33,883 207 0 33,676 2011 32,460 0 0 0 32,460 198 0 32,262 2012 31,097 0 0 0 31,097 189 0 30,908 2013 29,791 0 0 0 29,791 182 0 29,609 2014 28,540 0 0 0 28,540 174 0 28,366 2015 27,341 0 0 0 27,341 167 0 27,174 2016 26,193 0 0 0 26,193 160 0 26,033 2017 25,093 0 0 0 25,093 153 0 24,940 SUB-TOT 517,031 0 0 0 517,031 3,154 0 513,877 REMAIN 107,198 0 0 0 107,198 654 0 106,544 TOTAL 624,229 0 0 0 624,229 3,808 0 620,421
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 19,836 0 0 0 19,836 25,639 25,639 24,419 2004 19,836 0 0 0 19,836 23,729 49,368 20,458 2005 19,836 0 0 0 19,836 21,899 71,267 17,091 2006 19,836 0 0 0 19,836 20,147 91,414 14,234 2007 19,836 0 0 0 19,836 18,467 109,881 11,810 2008 19,836 0 0 0 19,836 16,859 126,740 9,761 2009 19,836 0 0 0 19,836 15,317 142,057 8,027 2010 19,836 0 0 0 19,836 13,840 155,897 6,567 2011 19,836 0 0 0 19,836 12,426 168,323 5,337 2012 19,836 0 0 0 19,836 11,072 179,395 4,305 2013 19,836 0 0 0 19,836 9,773 189,168 3,439 2014 19,836 0 0 0 19,836 8,530 197,698 2,719 2015 19,836 0 0 0 19,836 7,338 205,036 2,117 2016 19,836 0 0 0 19,836 6,197 211,233 1,618 2017 19,836 0 0 0 19,836 5,104 216,337 1,207 SUBTOT 297,540 0 0 0 297,540 216,337 133,109 REMAIN 95,874 0 0 0 95,874 10,670 227,007 2,059 TOTAL 393,414 0 0 0 393,414 227,007 135,168 LIFE OF EVALUATION IS 19.83 YEARS. FINAL PRODUCTION RATE: 74 BBLS/MO
TENGASCO, INC. TABLE 57 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 MARCOTTE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 11-T10S-R20W PROVED CROFFOOT LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.861328 27.29 5.00% - 147,806 FINAL - 1.000000 0.861328 27.29 10.00% - 127,373 REMARKS - 15.00% - 111,228 20.00% - 98,288 25.00% - 87,775
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 4 3,933 0 0 3,388 0 0.000 27.29 0.00 2004 4 3,764 0 0 3,241 0 0.000 27.29 0.00 2005 4 3,602 0 0 3,103 0 0.000 27.29 0.00 2006 4 3,447 0 0 2,969 0 0.000 27.29 0.00 2007 4 3,299 0 0 2,841 0 0.000 27.29 0.00 2008 4 3,157 0 0 2,720 0 0.000 27.29 0.00 2009 4 3,021 0 0 2,602 0 0.000 27.29 0.00 2010 4 2,891 0 0 2,490 0 0.000 27.29 0.00 2011 4 2,767 0 0 2,384 0 0.000 27.29 0.00 2012 4 2,648 0 0 2,280 0 0.000 27.29 0.00 2013 4 1,911 0 0 1,646 0 0.000 27.29 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 34,440 0 0 29,664 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 34,440 0 0 29,664 0 0.000 27.29 0.00 CUMULATIVE 226,899 0 0 ULTIMATE 261,339 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 92,446 0 0 0 92,446 564 0 91,882 2004 88,471 0 0 0 88,471 540 0 87,931 2005 84,667 0 0 0 84,667 516 0 84,151 2006 81,026 0 0 0 81,026 494 0 80,532 2007 77,542 0 0 0 77,542 473 0 77,069 2008 74,208 0 0 0 74,208 453 0 73,755 2009 71,016 0 0 0 71,016 433 0 70,583 2010 67,963 0 0 0 67,963 415 0 67,548 2011 65,041 0 0 0 65,041 397 0 64,644 2012 62,244 0 0 0 62,244 379 0 61,865 2013 44,920 0 0 0 44,920 274 0 44,646 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 809,544 0 0 0 809,544 4,938 0 804,606 REMAIN 0 0 0 0 0 0 0 0 TOTAL 809,544 0 0 0 809,544 4,938 0 804,606
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 58,656 0 0 0 58,656 33,226 33,226 31,657 2004 58,656 0 0 0 58,656 29,275 62,501 25,250 2005 58,656 0 0 0 58,656 25,495 87,996 19,909 2006 58,656 0 0 0 58,656 21,876 109,872 15,465 2007 58,656 0 0 0 58,656 18,413 128,285 11,785 2008 58,656 0 0 0 58,656 15,099 143,384 8,750 2009 58,656 0 0 0 58,656 11,927 155,311 6,259 2010 58,656 0 0 0 58,656 8,892 164,203 4,227 2011 58,656 0 0 0 58,656 5,988 170,191 2,579 2012 58,656 0 0 0 58,656 3,209 173,400 1,256 2013 43,992 0 0 0 43,992 654 174,054 236 2014 0 0 0 0 0 0 174,054 0 2015 0 0 0 0 0 0 174,054 0 2016 0 0 0 0 0 0 174,054 0 2017 0 0 0 0 0 0 174,054 0 SUBTOT 630,552 0 0 0 630,552 174,054 127,373 REMAIN 0 0 0 0 0 0 174,054 0 TOTAL 630,552 0 0 0 630,552 174,054 127,373 LIFE OF EVALUATION IS 10.75 YEARS. FINAL PRODUCTION RATE: 209 BBLS/MO
TENGASCO, INC. TABLE 58 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 MARCOTTE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 11-T10S-R20W PROVED CROFFOOT -A- LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.860369 27.29 5.00% - 71,294 FINAL - 1.000000 0.860369 27.29 10.00% - 56,536 REMARKS - 15.00% - 46,378 20.00% - 39,100 25.00% - 33,698
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 846 0 0 728 0 0.000 27.29 0.00 2004 3 810 0 0 697 0 0.000 27.29 0.00 2005 3 776 0 0 668 0 0.000 27.29 0.00 2006 3 744 0 0 639 0 0.000 27.29 0.00 2007 3 712 0 0 613 0 0.000 27.29 0.00 2008 3 682 0 0 587 0 0.000 27.29 0.00 2009 3 654 0 0 563 0 0.000 27.29 0.00 2010 3 627 0 0 539 0 0.000 27.29 0.00 2011 3 600 0 0 516 0 0.000 27.29 0.00 2012 3 574 0 0 494 0 0.000 27.29 0.00 2013 3 551 0 0 474 0 0.000 27.29 0.00 2014 3 528 0 0 454 0 0.000 27.29 0.00 2015 3 505 0 0 435 0 0.000 27.29 0.00 2016 3 484 0 0 416 0 0.000 27.29 0.00 2017 3 464 0 0 399 0 0.000 27.29 0.00 SUB-TOTAL 9,557 0 0 8,222 0 0.000 27.29 0.00 REMAINDER 1,732 0 0 1,491 0 0.000 27.29 0.00 TOTAL 11,289 0 0 9,713 0 0.000 27.29 0.00 CUMULATIVE 219,342 0 0 ULTIMATE 230,631 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 19,857 0 0 0 19,857 121 0 19,736 2004 19,023 0 0 0 19,023 116 0 18,907 2005 18,225 0 0 0 18,225 111 0 18,114 2006 17,458 0 0 0 17,458 107 0 17,351 2007 16,726 0 0 0 16,726 102 0 16,624 2008 16,023 0 0 0 16,023 98 0 15,925 2009 15,350 0 0 0 15,350 93 0 15,257 2010 14,705 0 0 0 14,705 90 0 14,615 2011 14,088 0 0 0 14,088 86 0 14,002 2012 13,496 0 0 0 13,496 82 0 13,414 2013 12,930 0 0 0 12,930 79 0 12,851 2014 12,386 0 0 0 12,386 76 0 12,310 2015 11,866 0 0 0 11,866 72 0 11,794 2016 11,367 0 0 0 11,367 69 0 11,298 2017 10,891 0 0 0 10,891 67 0 10,824 SUB-TOT 224,391 0 0 0 224,391 1,369 0 223,022 REMAIN 40,665 0 0 0 40,665 248 0 40,417 TOTAL 265,056 0 0 0 265,056 1,617 0 263,439
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 8,856 0 0 0 8,856 10,880 10,880 10,362 2004 8,856 0 0 0 8,856 10,051 20,931 8,666 2005 8,856 0 0 0 8,856 9,258 30,189 7,226 2006 8,856 0 0 0 8,856 8,495 38,684 6,001 2007 8,856 0 0 0 8,856 7,768 46,452 4,969 2008 8,856 0 0 0 8,856 7,069 53,521 4,092 2009 8,856 0 0 0 8,856 6,401 59,922 3,355 2010 8,856 0 0 0 8,856 5,759 65,681 2,733 2011 8,856 0 0 0 8,856 5,146 70,827 2,210 2012 8,856 0 0 0 8,856 4,558 75,385 1,772 2013 8,856 0 0 0 8,856 3,995 79,380 1,406 2014 8,856 0 0 0 8,856 3,454 82,834 1,101 2015 8,856 0 0 0 8,856 2,938 85,772 848 2016 8,856 0 0 0 8,856 2,442 88,214 638 2017 8,856 0 0 0 8,856 1,968 90,182 465 SUBTOT 132,840 0 0 0 132,840 90,182 55,844 REMAIN 36,900 0 0 0 36,900 3,517 93,699 692 TOTAL 169,740 0 0 0 169,740 93,699 56,536 LIFE OF EVALUATION IS 19.17 YEARS. FINAL PRODUCTION RATE: 32 BBLS/MO
TENGASCO, INC. TABLE 59 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 MARCOTTE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 11-T10S-R20W PROVED CROFFOOT -B- LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 27.29 5.00% - 615,338 FINAL - 1.000000 0.820313 27.29 10.00% - 483,203 REMARKS - 15.00% - 393,705 20.00% - 330,364 25.00% - 283,773
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 6 7,337 0 0 6,019 0 0.000 27.29 0.00 2004 6 7,044 0 0 5,778 0 0.000 27.29 0.00 2005 6 6,762 0 0 5,547 0 0.000 27.29 0.00 2006 6 6,491 0 0 5,325 0 0.000 27.29 0.00 2007 6 6,232 0 0 5,112 0 0.000 27.29 0.00 2008 6 5,983 0 0 4,908 0 0.000 27.29 0.00 2009 6 5,743 0 0 4,711 0 0.000 27.29 0.00 2010 6 5,514 0 0 4,523 0 0.000 27.29 0.00 2011 6 5,293 0 0 4,342 0 0.000 27.29 0.00 2012 6 5,081 0 0 4,168 0 0.000 27.29 0.00 2013 6 4,878 0 0 4,001 0 0.000 27.29 0.00 2014 6 4,683 0 0 3,842 0 0.000 27.29 0.00 2015 6 4,495 0 0 3,688 0 0.000 27.29 0.00 2016 6 4,316 0 0 3,540 0 0.000 27.29 0.00 2017 6 4,143 0 0 3,398 0 0.000 27.29 0.00 SUB-TOTAL 83,995 0 0 68,902 0 0.000 27.29 0.00 REMAINDER 19,182 0 0 15,735 0 0.000 27.29 0.00 TOTAL 103,177 0 0 84,637 0 0.000 27.29 0.00 CUMULATIVE 509,871 0 0 ULTIMATE 613,048 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 164,254 0 0 0 164,254 1,002 0 163,252 2004 157,683 0 0 0 157,683 962 0 156,721 2005 151,376 0 0 0 151,376 923 0 150,453 2006 145,321 0 0 0 145,321 887 0 144,434 2007 139,508 0 0 0 139,508 851 0 138,657 2008 133,928 0 0 0 133,928 817 0 133,111 2009 128,571 0 0 0 128,571 784 0 127,787 2010 123,428 0 0 0 123,428 753 0 122,675 2011 118,490 0 0 0 118,490 723 0 117,767 2012 113,752 0 0 0 113,752 693 0 113,059 2013 109,201 0 0 0 109,201 667 0 108,534 2014 104,833 0 0 0 104,833 639 0 104,194 2015 100,640 0 0 0 100,640 614 0 100,026 2016 96,614 0 0 0 96,614 589 0 96,025 2017 92,749 0 0 0 92,749 566 0 92,183 SUB-TOT 1,880,348 0 0 0 1,880,348 11,470 0 1,868,878 REMAIN 429,408 0 0 0 429,408 2,620 0 426,788 TOTAL 2,309,756 0 0 0 2,309,756 14,090 0 2,295,666
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 72,864 0 0 0 72,864 90,388 90,388 86,085 2004 72,864 0 0 0 72,864 83,857 174,245 72,296 2005 72,864 0 0 0 72,864 77,589 251,834 60,554 2006 72,864 0 0 0 72,864 71,570 323,404 50,562 2007 72,864 0 0 0 72,864 65,793 389,197 42,077 2008 72,864 0 0 0 72,864 60,247 449,444 34,879 2009 72,864 0 0 0 72,864 54,923 504,367 28,784 2010 72,864 0 0 0 72,864 49,811 554,178 23,632 2011 72,864 0 0 0 72,864 44,903 599,081 19,285 2012 72,864 0 0 0 72,864 40,195 639,276 15,627 2013 72,864 0 0 0 72,864 35,670 674,946 12,555 2014 72,864 0 0 0 72,864 31,330 706,276 9,983 2015 72,864 0 0 0 72,864 27,162 733,438 7,835 2016 72,864 0 0 0 72,864 23,161 756,599 6,049 2017 72,864 0 0 0 72,864 19,319 775,918 4,568 SUBTOT 1,092,960 0 0 0 1,092,960 775,918 474,771 REMAIN 382,536 0 0 0 382,536 44,252 820,170 8,432 TOTAL 1,475,496 0 0 0 1,475,496 820,170 483,203 LIFE OF EVALUATION IS 20.25 YEARS. FINAL PRODUCTION RATE: 273 BBLS/MO
TENGASCO, INC. TABLE 60 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 MARCOTTE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 11-T10S-R20W PROVED CROFFOOT -C- LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.806641 27.29 5.00% - 142,804 FINAL - 1.000000 0.806641 27.29 10.00% - 111,546 REMARKS - 15.00% - 90,579 20.00% - 75,842 25.00% - 65,055
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 1,609 0 0 1,298 0 0.000 27.29 0.00 2004 2 1,542 0 0 1,244 0 0.000 27.29 0.00 2005 2 1,477 0 0 1,191 0 0.000 27.29 0.00 2006 2 1,415 0 0 1,141 0 0.000 27.29 0.00 2007 2 1,355 0 0 1,094 0 0.000 27.29 0.00 2008 2 1,299 0 0 1,047 0 0.000 27.29 0.00 2009 2 1,244 0 0 1,003 0 0.000 27.29 0.00 2010 2 1,191 0 0 962 0 0.000 27.29 0.00 2011 2 1,142 0 0 921 0 0.000 27.29 0.00 2012 2 1,094 0 0 882 0 0.000 27.29 0.00 2013 2 1,047 0 0 845 0 0.000 27.29 0.00 2014 2 1,004 0 0 810 0 0.000 27.29 0.00 2015 2 962 0 0 775 0 0.000 27.29 0.00 2016 2 921 0 0 744 0 0.000 27.29 0.00 2017 2 883 0 0 711 0 0.000 27.29 0.00 SUB-TOTAL 18,185 0 0 14,668 0 0.000 27.29 0.00 REMAINDER 4,624 0 0 3,731 0 0.000 27.29 0.00 TOTAL 22,809 0 0 18,399 0 0.000 27.29 0.00 CUMULATIVE 124,563 0 0 ULTIMATE 147,372 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 35,424 0 0 0 35,424 216 0 35,208 2004 33,937 0 0 0 33,937 207 0 33,730 2005 32,511 0 0 0 32,511 198 0 32,313 2006 31,146 0 0 0 31,146 190 0 30,956 2007 29,837 0 0 0 29,837 182 0 29,655 2008 28,585 0 0 0 28,585 175 0 28,410 2009 27,384 0 0 0 27,384 167 0 27,217 2010 26,233 0 0 0 26,233 160 0 26,073 2011 25,132 0 0 0 25,132 153 0 24,979 2012 24,077 0 0 0 24,077 147 0 23,930 2013 23,065 0 0 0 23,065 141 0 22,924 2014 22,096 0 0 0 22,096 135 0 21,961 2015 21,169 0 0 0 21,169 129 0 21,040 2016 20,279 0 0 0 20,279 123 0 20,156 2017 19,428 0 0 0 19,428 119 0 19,309 SUB-TOT 400,303 0 0 0 400,303 2,442 0 397,861 REMAIN 101,803 0 0 0 101,803 621 0 101,182 TOTAL 502,106 0 0 0 502,106 3,063 0 499,043
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 14,568 0 0 0 14,568 20,640 20,640 19,657 2004 14,568 0 0 0 14,568 19,162 39,802 16,521 2005 14,568 0 0 0 14,568 17,745 57,547 13,848 2006 14,568 0 0 0 14,568 16,388 73,935 11,578 2007 14,568 0 0 0 14,568 15,087 89,022 9,648 2008 14,568 0 0 0 14,568 13,842 102,864 8,014 2009 14,568 0 0 0 14,568 12,649 115,513 6,629 2010 14,568 0 0 0 14,568 11,505 127,018 5,458 2011 14,568 0 0 0 14,568 10,411 137,429 4,471 2012 14,568 0 0 0 14,568 9,362 146,791 3,640 2013 14,568 0 0 0 14,568 8,356 155,147 2,941 2014 14,568 0 0 0 14,568 7,393 162,540 2,355 2015 14,568 0 0 0 14,568 6,472 169,012 1,867 2016 14,568 0 0 0 14,568 5,588 174,600 1,459 2017 14,568 0 0 0 14,568 4,741 179,341 1,121 SUBTOT 218,520 0 0 0 218,520 179,341 109,207 REMAIN 88,622 0 0 0 88,622 12,560 191,901 2,339 TOTAL 307,142 0 0 0 307,142 191,901 111,546 LIFE OF EVALUATION IS 21.08 YEARS. FINAL PRODUCTION RATE: 56 BBLS/MO
TENGASCO, INC. TABLE 61 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 MARCOTTE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 17-T10S-R19W PROVED DICK LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 354,865 FINAL - 1.000000 0.875000 27.29 10.00% - 297,848 REMARKS - 15.00% - 256,758 20.00% - 225,951 25.00% - 202,066
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 4,857 0 0 4,250 0 0.000 27.29 0.00 2004 3 3,815 0 0 3,338 0 0.000 27.29 0.00 2005 3 3,199 0 0 2,799 0 0.000 27.29 0.00 2006 3 2,783 0 0 2,435 0 0.000 27.29 0.00 2007 3 2,481 0 0 2,171 0 0.000 27.29 0.00 2008 3 2,250 0 0 1,969 0 0.000 27.29 0.00 2009 3 2,066 0 0 1,808 0 0.000 27.29 0.00 2010 3 1,915 0 0 1,676 0 0.000 27.29 0.00 2011 3 1,790 0 0 1,566 0 0.000 27.29 0.00 2012 3 1,683 0 0 1,472 0 0.000 27.29 0.00 2013 3 1,590 0 0 1,392 0 0.000 27.29 0.00 2014 3 1,510 0 0 1,321 0 0.000 27.29 0.00 2015 3 1,439 0 0 1,259 0 0.000 27.29 0.00 2016 3 1,376 0 0 1,203 0 0.000 27.29 0.00 2017 3 1,318 0 0 1,154 0 0.000 27.29 0.00 SUB-TOTAL 34,072 0 0 29,813 0 0.000 27.29 0.00 REMAINDER 5,311 0 0 4,647 0 0.000 27.29 0.00 TOTAL 39,383 0 0 34,460 0 0.000 27.29 0.00 CUMULATIVE 102,647 0 0 ULTIMATE 142,030 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 115,984 0 0 0 115,984 708 0 115,276 2004 91,098 0 0 0 91,098 555 0 90,543 2005 76,377 0 0 0 76,377 466 0 75,911 2006 66,463 0 0 0 66,463 406 0 66,057 2007 59,250 0 0 0 59,250 361 0 58,889 2008 53,724 0 0 0 53,724 328 0 53,396 2009 49,329 0 0 0 49,329 301 0 49,028 2010 45,737 0 0 0 45,737 279 0 45,458 2011 42,735 0 0 0 42,735 260 0 42,475 2012 40,181 0 0 0 40,181 245 0 39,936 2013 37,978 0 0 0 37,978 232 0 37,746 2014 36,054 0 0 0 36,054 220 0 35,834 2015 34,357 0 0 0 34,357 210 0 34,147 2016 32,846 0 0 0 32,846 200 0 32,646 2017 31,490 0 0 0 31,490 192 0 31,298 SUB-TOT 813,603 0 0 0 813,603 4,963 0 808,640 REMAIN 126,820 0 0 0 126,820 774 0 126,046 TOTAL 940,423 0 0 0 940,423 5,737 0 934,686
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 25,488 0 0 0 25,488 89,788 89,788 85,723 2004 25,488 0 0 0 25,488 65,055 154,843 56,180 2005 25,488 0 0 0 25,488 50,423 205,266 39,401 2006 25,488 0 0 0 25,488 40,569 245,835 28,690 2007 25,488 0 0 0 25,488 33,401 279,236 21,379 2008 25,488 0 0 0 25,488 27,908 307,144 16,168 2009 25,488 0 0 0 25,488 23,540 330,684 12,344 2010 25,488 0 0 0 25,488 19,970 350,654 9,479 2011 25,488 0 0 0 25,488 16,987 367,641 7,299 2012 25,488 0 0 0 25,488 14,448 382,089 5,619 2013 25,488 0 0 0 25,488 12,258 394,347 4,316 2014 25,488 0 0 0 25,488 10,346 404,693 3,298 2015 25,488 0 0 0 25,488 8,659 413,352 2,498 2016 25,488 0 0 0 25,488 7,158 420,510 1,870 2017 25,488 0 0 0 25,488 5,810 426,320 1,375 SUBTOT 382,320 0 0 0 382,320 426,320 295,639 REMAIN 114,696 0 0 0 114,696 11,350 437,670 2,209 TOTAL 497,016 0 0 0 497,016 437,670 297,848 LIFE OF EVALUATION IS 19.50 YEARS. FINAL PRODUCTION RATE: 90 BBLS/MO
TENGASCO, INC. TABLE 62 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 MCHALE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 17-T9S-R18W PROVED HARRISON -A- LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 938,819 FINAL - 1.000000 0.875000 27.29 10.00% - 695,076 REMARKS - 15.00% - 547,395 20.00% - 450,169 25.00% - 381,912
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 4 5,962 0 0 5,217 0 0.000 27.29 0.00 2004 4 5,634 0 0 4,929 0 0.000 27.29 0.00 2005 4 5,324 0 0 4,659 0 0.000 27.29 0.00 2006 4 5,031 0 0 4,402 0 0.000 27.29 0.00 2007 4 4,754 0 0 4,160 0 0.000 27.29 0.00 2008 4 4,493 0 0 3,932 0 0.000 27.29 0.00 2009 4 4,246 0 0 3,715 0 0.000 27.29 0.00 2010 4 4,013 0 0 3,510 0 0.000 27.29 0.00 2011 4 3,791 0 0 3,318 0 0.000 27.29 0.00 2012 4 3,583 0 0 3,135 0 0.000 27.29 0.00 2013 4 3,386 0 0 2,963 0 0.000 27.29 0.00 2014 4 3,200 0 0 2,800 0 0.000 27.29 0.00 2015 4 3,024 0 0 2,646 0 0.000 27.29 0.00 2016 4 2,858 0 0 2,500 0 0.000 27.29 0.00 2017 4 2,700 0 0 2,363 0 0.000 27.29 0.00 SUB-TOTAL 61,999 0 0 54,249 0 0.000 27.29 0.00 REMAINDER 28,578 0 0 25,006 0 0.000 27.29 0.00 TOTAL 90,577 0 0 79,255 0 0.000 27.29 0.00 CUMULATIVE 257,624 0 0 ULTIMATE 348,201 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 142,360 0 0 0 142,360 868 0 141,492 2004 134,530 0 0 0 134,530 821 0 133,709 2005 127,131 0 0 0 127,131 776 0 126,355 2006 120,139 0 0 0 120,139 732 0 119,407 2007 113,531 0 0 0 113,531 693 0 112,838 2008 107,287 0 0 0 107,287 654 0 106,633 2009 101,386 0 0 0 101,386 619 0 100,767 2010 95,809 0 0 0 95,809 584 0 95,225 2011 90,541 0 0 0 90,541 553 0 89,988 2012 85,560 0 0 0 85,560 521 0 85,039 2013 80,855 0 0 0 80,855 494 0 80,361 2014 76,408 0 0 0 76,408 466 0 75,942 2015 72,205 0 0 0 72,205 440 0 71,765 2016 68,234 0 0 0 68,234 416 0 67,818 2017 64,481 0 0 0 64,481 394 0 64,087 SUB-TOT 1,480,457 0 0 0 1,480,457 9,031 0 1,471,426 REMAIN 682,413 0 0 0 682,413 4,163 0 678,250 TOTAL 2,162,870 0 0 0 2,162,870 13,194 0 2,149,676
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 23,952 0 0 0 23,952 117,540 117,540 111,939 2004 23,952 0 0 0 23,952 109,757 227,297 94,620 2005 23,952 0 0 0 23,952 102,403 329,700 79,913 2006 23,952 0 0 0 23,952 95,455 425,155 67,431 2007 23,952 0 0 0 23,952 88,886 514,041 56,839 2008 23,952 0 0 0 23,952 82,681 596,722 47,860 2009 23,952 0 0 0 23,952 76,815 673,537 40,250 2010 23,952 0 0 0 23,952 71,273 744,810 33,806 2011 23,952 0 0 0 23,952 66,036 810,846 28,354 2012 23,952 0 0 0 23,952 61,087 871,933 23,744 2013 23,952 0 0 0 23,952 56,409 928,342 19,847 2014 23,952 0 0 0 23,952 51,990 980,332 16,558 2015 23,952 0 0 0 23,952 47,813 1,028,145 13,785 2016 23,952 0 0 0 23,952 43,866 1,072,011 11,449 2017 23,952 0 0 0 23,952 40,135 1,112,146 9,482 SUBTOT 359,280 0 0 0 359,280 1,112,146 655,877 REMAIN 405,188 0 0 0 405,188 273,062 1,385,208 39,199 TOTAL 764,468 0 0 0 764,468 1,385,208 695,076 LIFE OF EVALUATION IS 31.92 YEARS. FINAL PRODUCTION RATE: 84 BBLS/MO
TENGASCO, INC. TABLE 63 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 MCHALE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 17-T9S-R18W PROVED HILGERS -B- LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 101,064 FINAL - 1.000000 0.875000 27.29 10.00% - 82,222 REMARKS - 15.00% - 68,805 20.00% - 58,920 25.00% - 51,413
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 1,393 0 0 1,219 0 0.000 27.29 0.00 2004 3 1,308 0 0 1,144 0 0.000 27.29 0.00 2005 3 1,232 0 0 1,078 0 0.000 27.29 0.00 2006 3 1,164 0 0 1,019 0 0.000 27.29 0.00 2007 3 1,104 0 0 966 0 0.000 27.29 0.00 2008 3 1,049 0 0 918 0 0.000 27.29 0.00 2009 3 1,000 0 0 874 0 0.000 27.29 0.00 2010 3 954 0 0 836 0 0.000 27.29 0.00 2011 3 914 0 0 799 0 0.000 27.29 0.00 2012 3 876 0 0 767 0 0.000 27.29 0.00 2013 3 841 0 0 735 0 0.000 27.29 0.00 2014 3 807 0 0 707 0 0.000 27.29 0.00 2015 3 775 0 0 678 0 0.000 27.29 0.00 2016 3 744 0 0 650 0 0.000 27.29 0.00 2017 3 714 0 0 625 0 0.000 27.29 0.00 SUB-TOTAL 14,875 0 0 13,015 0 0.000 27.29 0.00 REMAINDER 1,557 0 0 1,363 0 0.000 27.29 0.00 TOTAL 16,432 0 0 14,378 0 0.000 27.29 0.00 CUMULATIVE 218,060 0 0 ULTIMATE 234,492 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 33,271 0 0 0 33,271 203 0 33,068 2004 31,224 0 0 0 31,224 190 0 31,034 2005 29,413 0 0 0 29,413 180 0 29,233 2006 27,801 0 0 0 27,801 169 0 27,632 2007 26,355 0 0 0 26,355 161 0 26,194 2008 25,054 0 0 0 25,054 153 0 24,901 2009 23,872 0 0 0 23,872 146 0 23,726 2010 22,799 0 0 0 22,799 139 0 22,660 2011 21,817 0 0 0 21,817 133 0 21,684 2012 20,916 0 0 0 20,916 127 0 20,789 2013 20,076 0 0 0 20,076 123 0 19,953 2014 19,274 0 0 0 19,274 117 0 19,157 2015 18,502 0 0 0 18,502 113 0 18,389 2016 17,762 0 0 0 17,762 109 0 17,653 2017 17,052 0 0 0 17,052 104 0 16,948 SUB-TOT 355,188 0 0 0 355,188 2,167 0 353,021 REMAIN 37,182 0 0 0 37,182 226 0 36,956 TOTAL 392,370 0 0 0 392,370 2,393 0 389,977
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 15,084 0 0 0 15,084 17,984 17,984 17,134 2004 15,084 0 0 0 15,084 15,950 33,934 13,756 2005 15,084 0 0 0 15,084 14,149 48,083 11,047 2006 15,084 0 0 0 15,084 12,548 60,631 8,867 2007 15,084 0 0 0 15,084 11,110 71,741 7,108 2008 15,084 0 0 0 15,084 9,817 81,558 5,685 2009 15,084 0 0 0 15,084 8,642 90,200 4,530 2010 15,084 0 0 0 15,084 7,576 97,776 3,595 2011 15,084 0 0 0 15,084 6,600 104,376 2,836 2012 15,084 0 0 0 15,084 5,705 110,081 2,218 2013 15,084 0 0 0 15,084 4,869 114,950 1,715 2014 15,084 0 0 0 15,084 4,073 119,023 1,298 2015 15,084 0 0 0 15,084 3,305 122,328 954 2016 15,084 0 0 0 15,084 2,569 124,897 672 2017 15,084 0 0 0 15,084 1,864 126,761 441 SUBTOT 226,260 0 0 0 226,260 126,761 81,856 REMAIN 35,196 0 0 0 35,196 1,760 128,521 366 TOTAL 261,456 0 0 0 261,456 128,521 82,222 LIFE OF EVALUATION IS 17.33 YEARS. FINAL PRODUCTION RATE: 53 BBLS/MO
TENGASCO, INC. TABLE 64 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 MCHALE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 16-T9S-R18W PROVED KABA #2 (ARBUCKLE-LANSING-T) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 23,365 0 0 ULTIMATE 23,365 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 65 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 OMLOR FIELD, STAFFORD COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 11-T22S-R14W PROVED MILLER #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.875000 0.708801 27.29 5.00% - 41,408 FINAL - 0.875000 0.708801 27.29 10.00% - 35,039 REMARKS - 15.00% - 30,179 20.00% - 26,395 25.00% - 23,392
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 691 0 0 490 0 0.000 27.29 0.00 2004 1 635 0 0 450 0 0.000 27.29 0.00 2005 1 585 0 0 415 0 0.000 27.29 0.00 2006 1 538 0 0 381 0 0.000 27.29 0.00 2007 1 495 0 0 351 0 0.000 27.29 0.00 2008 1 455 0 0 322 0 0.000 27.29 0.00 2009 1 419 0 0 297 0 0.000 27.29 0.00 2010 1 385 0 0 273 0 0.000 27.29 0.00 2011 1 355 0 0 252 0 0.000 27.29 0.00 2012 1 326 0 0 231 0 0.000 27.29 0.00 2013 1 300 0 0 213 0 0.000 27.29 0.00 2014 1 276 0 0 195 0 0.000 27.29 0.00 2015 1 254 0 0 180 0 0.000 27.29 0.00 2016 1 24 0 0 17 0 0.000 27.29 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 5,738 0 0 4,067 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 5,738 0 0 4,067 0 0.000 27.29 0.00 CUMULATIVE 34,002 0 0 ULTIMATE 39,740 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 13,362 0 0 0 13,362 82 0 13,280 2004 12,294 0 0 0 12,294 74 0 12,220 2005 11,309 0 0 0 11,309 69 0 11,240 2006 10,405 0 0 0 10,405 64 0 10,341 2007 9,573 0 0 0 9,573 58 0 9,515 2008 8,807 0 0 0 8,807 54 0 8,753 2009 8,102 0 0 0 8,102 49 0 8,053 2010 7,454 0 0 0 7,454 46 0 7,408 2011 6,858 0 0 0 6,858 42 0 6,816 2012 6,309 0 0 0 6,309 38 0 6,271 2013 5,805 0 0 0 5,805 36 0 5,769 2014 5,340 0 0 0 5,340 32 0 5,308 2015 4,912 0 0 0 4,912 30 0 4,882 2016 461 0 0 0 461 3 0 458 2017 0 0 0 0 0 0 0 0 SUB-TOT 110,991 0 0 0 110,991 677 0 110,314 REMAIN 0 0 0 0 0 0 0 0 TOTAL 110,991 0 0 0 110,991 677 0 110,314
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,610 0 0 0 4,610 8,670 8,670 8,261 2004 4,609 0 0 0 4,609 7,611 16,281 6,565 2005 4,610 0 0 0 4,610 6,630 22,911 5,177 2006 4,609 0 0 0 4,609 5,732 28,643 4,052 2007 4,610 0 0 0 4,610 4,905 33,548 3,138 2008 4,609 0 0 0 4,609 4,144 37,692 2,401 2009 4,610 0 0 0 4,610 3,443 41,135 1,806 2010 4,609 0 0 0 4,609 2,799 43,934 1,329 2011 4,610 0 0 0 4,610 2,206 46,140 949 2012 4,609 0 0 0 4,609 1,662 47,802 647 2013 4,610 0 0 0 4,610 1,159 48,961 409 2014 4,609 0 0 0 4,609 699 49,660 224 2015 4,610 0 0 0 4,610 272 49,932 79 2016 452 0 0 0 452 6 49,938 2 2017 0 0 0 0 0 0 49,938 0 SUBTOT 60,376 0 0 0 60,376 49,938 35,039 REMAIN 0 0 0 0 0 0 49,938 0 TOTAL 60,376 0 0 0 60,376 49,938 35,039 LIFE OF EVALUATION IS 13.10 YEARS. FINAL PRODUCTION RATE: 20 BBLS/MO
TENGASCO, INC. TABLE 66 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 OMLOR FIELD, STAFFORD COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 11-T22S-R14W PROVED WILLIAMS #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.875000 0.715210 27.29 5.00% - 89,039 FINAL - 0.875000 0.715210 27.29 10.00% - 72,808 REMARKS - 15.00% - 61,144 20.00% - 52,487 25.00% - 45,873
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,094 0 0 782 0 0.000 27.29 0.00 2004 1 1,006 0 0 720 0 0.000 27.29 0.00 2005 1 926 0 0 662 0 0.000 27.29 0.00 2006 1 851 0 0 609 0 0.000 27.29 0.00 2007 1 784 0 0 561 0 0.000 27.29 0.00 2008 1 721 0 0 515 0 0.000 27.29 0.00 2009 1 663 0 0 475 0 0.000 27.29 0.00 2010 1 610 0 0 436 0 0.000 27.29 0.00 2011 1 562 0 0 401 0 0.000 27.29 0.00 2012 1 516 0 0 370 0 0.000 27.29 0.00 2013 1 475 0 0 340 0 0.000 27.29 0.00 2014 1 437 0 0 312 0 0.000 27.29 0.00 2015 1 402 0 0 288 0 0.000 27.29 0.00 2016 1 370 0 0 264 0 0.000 27.29 0.00 2017 1 341 0 0 244 0 0.000 27.29 0.00 SUB-TOTAL 9,758 0 0 6,979 0 0.000 27.29 0.00 REMAINDER 692 0 0 495 0 0.000 27.29 0.00 TOTAL 10,450 0 0 7,474 0 0.000 27.29 0.00 CUMULATIVE 114,978 0 0 ULTIMATE 125,428 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 21,348 0 0 0 21,348 130 0 21,218 2004 19,641 0 0 0 19,641 120 0 19,521 2005 18,069 0 0 0 18,069 110 0 17,959 2006 16,623 0 0 0 16,623 102 0 16,521 2007 15,294 0 0 0 15,294 93 0 15,201 2008 14,070 0 0 0 14,070 86 0 13,984 2009 12,945 0 0 0 12,945 79 0 12,866 2010 11,909 0 0 0 11,909 72 0 11,837 2011 10,956 0 0 0 10,956 67 0 10,889 2012 10,080 0 0 0 10,080 62 0 10,018 2013 9,273 0 0 0 9,273 56 0 9,217 2014 8,532 0 0 0 8,532 52 0 8,480 2015 7,849 0 0 0 7,849 48 0 7,801 2016 7,221 0 0 0 7,221 44 0 7,177 2017 6,644 0 0 0 6,644 41 0 6,603 SUB-TOT 190,454 0 0 0 190,454 1,162 0 189,292 REMAIN 13,507 0 0 0 13,507 82 0 13,425 TOTAL 203,961 0 0 0 203,961 1,244 0 202,717
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 5,208 0 0 0 5,208 16,010 16,010 15,252 2004 5,208 0 0 0 5,208 14,313 30,323 12,344 2005 5,208 0 0 0 5,208 12,751 43,074 9,955 2006 5,208 0 0 0 5,208 11,313 54,387 7,995 2007 5,208 0 0 0 5,208 9,993 64,380 6,393 2008 5,208 0 0 0 5,208 8,776 73,156 5,082 2009 5,208 0 0 0 5,208 7,658 80,814 4,015 2010 5,208 0 0 0 5,208 6,629 87,443 3,146 2011 5,208 0 0 0 5,208 5,681 93,124 2,441 2012 5,208 0 0 0 5,208 4,810 97,934 1,871 2013 5,208 0 0 0 5,208 4,009 101,943 1,412 2014 5,208 0 0 0 5,208 3,272 105,215 1,043 2015 5,208 0 0 0 5,208 2,593 107,808 749 2016 5,208 0 0 0 5,208 1,969 109,777 515 2017 5,208 0 0 0 5,208 1,395 111,172 330 SUBTOT 78,120 0 0 0 78,120 111,172 72,543 REMAIN 12,152 0 0 0 12,152 1,273 112,445 265 TOTAL 90,272 0 0 0 90,272 112,445 72,808 LIFE OF EVALUATION IS 17.33 YEARS. FINAL PRODUCTION RATE: 22 BBLS/MO
TENGASCO, INC. TABLE 67 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
OTIS-ALBERT FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 2-T18S-R16W PROVED HARTMAN -C- #1 (PENNSYLVANIAN) PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0 ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 73 ULTIMATE 0 0 73 COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0 DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 68 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 21-T9S-R18W PROVED STAHL LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.843750 27.29 5.00% - 640,574 FINAL - 1.000000 0.843750 27.29 10.00% - 476,630 REMARKS - 15.00% - 375,402 20.00% - 308,227 25.00% - 260,963
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 4 5,285 0 0 4,459 0 0.000 27.29 0.00 2004 4 5,084 0 0 4,290 0 0.000 27.29 0.00 2005 4 4,891 0 0 4,127 0 0.000 27.29 0.00 2006 4 4,705 0 0 3,970 0 0.000 27.29 0.00 2007 4 4,526 0 0 3,819 0 0.000 27.29 0.00 2008 4 4,355 0 0 3,674 0 0.000 27.29 0.00 2009 4 4,189 0 0 3,534 0 0.000 27.29 0.00 2010 4 4,029 0 0 3,400 0 0.000 27.29 0.00 2011 4 3,877 0 0 3,271 0 0.000 27.29 0.00 2012 4 3,729 0 0 3,146 0 0.000 27.29 0.00 2013 4 3,587 0 0 3,027 0 0.000 27.29 0.00 2014 4 3,452 0 0 2,912 0 0.000 27.29 0.00 2015 4 3,320 0 0 2,801 0 0.000 27.29 0.00 2016 4 3,194 0 0 2,695 0 0.000 27.29 0.00 2017 4 3,072 0 0 2,593 0 0.000 27.29 0.00 SUB-TOTAL 61,295 0 0 51,718 0 0.000 27.29 0.00 REMAINDER 30,319 0 0 25,581 0 0.000 27.29 0.00 TOTAL 91,614 0 0 77,299 0 0.000 27.29 0.00 CUMULATIVE 138,112 0 0 ULTIMATE 229,726 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 121,691 0 0 0 121,691 742 0 120,949 2004 117,067 0 0 0 117,067 714 0 116,353 2005 112,619 0 0 0 112,619 687 0 111,932 2006 108,339 0 0 0 108,339 661 0 107,678 2007 104,222 0 0 0 104,222 636 0 103,586 2008 100,262 0 0 0 100,262 612 0 99,650 2009 96,451 0 0 0 96,451 588 0 95,863 2010 92,787 0 0 0 92,787 566 0 92,221 2011 89,261 0 0 0 89,261 544 0 88,717 2012 85,868 0 0 0 85,868 524 0 85,344 2013 82,606 0 0 0 82,606 504 0 82,102 2014 79,467 0 0 0 79,467 485 0 78,982 2015 76,447 0 0 0 76,447 466 0 75,981 2016 73,542 0 0 0 73,542 449 0 73,093 2017 70,747 0 0 0 70,747 431 0 70,316 SUB-TOT 1,411,376 0 0 0 1,411,376 8,609 0 1,402,767 REMAIN 698,118 0 0 0 698,118 4,259 0 693,859 TOTAL 2,109,494 0 0 0 2,109,494 12,868 0 2,096,626
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 42,048 0 0 0 42,048 78,901 78,901 75,136 2004 42,048 0 0 0 42,048 74,305 153,206 64,053 2005 42,048 0 0 0 42,048 69,884 223,090 54,532 2006 42,048 0 0 0 42,048 65,630 288,720 46,359 2007 42,048 0 0 0 42,048 61,538 350,258 39,349 2008 42,048 0 0 0 42,048 57,602 407,860 33,342 2009 42,048 0 0 0 42,048 53,815 461,675 28,197 2010 42,048 0 0 0 42,048 50,173 511,848 23,797 2011 42,048 0 0 0 42,048 46,669 558,517 20,038 2012 42,048 0 0 0 42,048 43,296 601,813 16,828 2013 42,048 0 0 0 42,048 40,054 641,867 14,093 2014 42,048 0 0 0 42,048 36,934 678,801 11,763 2015 42,048 0 0 0 42,048 33,933 712,734 9,783 2016 42,048 0 0 0 42,048 31,045 743,779 8,103 2017 42,048 0 0 0 42,048 28,268 772,047 6,679 SUBTOT 630,720 0 0 0 630,720 772,047 452,052 REMAIN 536,112 0 0 0 536,112 157,747 929,794 24,578 TOTAL 1,166,832 0 0 0 1,166,832 929,794 476,630 LIFE OF EVALUATION IS 27.75 YEARS. FINAL PRODUCTION RATE: 153 BBLS/MO
TENGASCO, INC. TABLE 69 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 21-T9S-R18W PROVED STAHL #7 PUD (ARBUCKLE) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.843750 27.29 5.00% - 394,468 FINAL - 1.000000 0.843750 27.29 10.00% - 253,480 REMARKS - 15.00% - 173,973 20.00% - 124,875 25.00% - 92,408
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 3,426 0 0 2,891 0 0.000 27.29 0.00 2005 1 3,228 0 0 2,723 0 0.000 27.29 0.00 2006 1 2,608 0 0 2,201 0 0.000 27.29 0.00 2007 1 2,484 0 0 2,096 0 0.000 27.29 0.00 2008 1 2,367 0 0 1,997 0 0.000 27.29 0.00 2009 1 2,256 0 0 1,903 0 0.000 27.29 0.00 2010 1 2,149 0 0 1,813 0 0.000 27.29 0.00 2011 1 2,047 0 0 1,728 0 0.000 27.29 0.00 2012 1 1,951 0 0 1,646 0 0.000 27.29 0.00 2013 1 1,859 0 0 1,568 0 0.000 27.29 0.00 2014 1 1,771 0 0 1,494 0 0.000 27.29 0.00 2015 1 1,687 0 0 1,424 0 0.000 27.29 0.00 2016 1 1,608 0 0 1,357 0 0.000 27.29 0.00 2017 1 1,532 0 0 1,292 0 0.000 27.29 0.00 SUB-TOTAL 30,973 0 0 26,133 0 0.000 27.29 0.00 REMAINDER 16,013 0 0 13,511 0 0.000 27.29 0.00 TOTAL 46,986 0 0 39,644 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 46,986 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 78,886 0 0 0 78,886 481 0 78,405 2005 74,333 0 0 0 74,333 454 0 73,879 2006 60,040 0 0 0 60,040 366 0 59,674 2007 57,205 0 0 0 57,205 349 0 56,856 2008 54,505 0 0 0 54,505 332 0 54,173 2009 51,933 0 0 0 51,933 317 0 51,616 2010 49,482 0 0 0 49,482 302 0 49,180 2011 47,146 0 0 0 47,146 288 0 46,858 2012 44,920 0 0 0 44,920 274 0 44,646 2013 42,801 0 0 0 42,801 261 0 42,540 2014 40,780 0 0 0 40,780 248 0 40,532 2015 38,855 0 0 0 38,855 237 0 38,618 2016 37,022 0 0 0 37,022 226 0 36,796 2017 35,274 0 0 0 35,274 215 0 35,059 SUB-TOT 713,182 0 0 0 713,182 4,350 0 708,832 REMAIN 368,715 0 0 0 368,715 2,250 0 366,465 TOTAL 1,081,897 0 0 0 1,081,897 6,600 0 1,075,297
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 5,256 0 100,000 0 105,256 -26,851 -26,851 -24,152 2005 10,512 0 0 0 10,512 63,367 36,516 49,740 2006 10,512 0 0 0 10,512 49,162 85,678 34,725 2007 10,512 0 0 0 10,512 46,344 132,022 29,632 2008 10,512 0 0 0 10,512 43,661 175,683 25,270 2009 10,512 0 0 0 10,512 41,104 216,787 21,536 2010 10,512 0 0 0 10,512 38,668 255,455 18,339 2011 10,512 0 0 0 10,512 36,346 291,801 15,604 2012 10,512 0 0 0 10,512 34,134 325,935 13,266 2013 10,512 0 0 0 10,512 32,028 357,963 11,267 2014 10,512 0 0 0 10,512 30,020 387,983 9,560 2015 10,512 0 0 0 10,512 28,106 416,089 8,102 2016 10,512 0 0 0 10,512 26,284 442,373 6,858 2017 10,512 0 0 0 10,512 24,547 466,920 5,799 SUBTOT 141,912 0 100,000 0 241,912 466,920 225,546 REMAIN 158,588 0 0 0 158,588 207,877 674,797 27,934 TOTAL 300,500 0 100,000 0 400,500 674,797 253,480 LIFE OF EVALUATION IS 30.09 YEARS. FINAL PRODUCTION RATE: 60 BBLS/MO
TENGASCO, INC. TABLE 70 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 13-T20S-R16W PROVED O'SCHULTZ #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.937500 5.00% - 0 FINAL - 0.937500 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 46,727 0 0 ULTIMATE 46,727 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 71 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 24-T20S-R16W PROVED OETKIN LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.937500 0.794678 27.29 5.00% - 2,175 FINAL - 0.937500 0.794678 27.29 10.00% - 2,124 REMARKS - 15.00% - 2,076 20.00% - 2,030 25.00% - 1,985
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 1,641 0 0 1,304 0 0.000 27.29 0.00 2004 2 654 0 0 520 0 0.000 27.29 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 2,295 0 0 1,824 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 2,295 0 0 1,824 0 0.000 27.29 0.00 CUMULATIVE 120,974 0 0 ULTIMATE 123,269 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 35,582 0 0 0 35,582 217 0 35,365 2004 14,188 0 0 0 14,188 87 0 14,101 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 49,770 0 0 0 49,770 304 0 49,466 REMAIN 0 0 0 0 0 0 0 0 TOTAL 49,770 0 0 0 49,770 304 0 49,466
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 33,345 0 0 0 33,345 2,020 2,020 1,940 2004 13,894 0 0 0 13,894 207 2,227 184 2005 0 0 0 0 0 0 2,227 0 2006 0 0 0 0 0 0 2,227 0 2007 0 0 0 0 0 0 2,227 0 2008 0 0 0 0 0 0 2,227 0 2009 0 0 0 0 0 0 2,227 0 2010 0 0 0 0 0 0 2,227 0 2011 0 0 0 0 0 0 2,227 0 2012 0 0 0 0 0 0 2,227 0 2013 0 0 0 0 0 0 2,227 0 2014 0 0 0 0 0 0 2,227 0 2015 0 0 0 0 0 0 2,227 0 2016 0 0 0 0 0 0 2,227 0 2017 0 0 0 0 0 0 2,227 0 SUBTOT 47,239 0 0 0 47,239 2,227 2,124 REMAIN 0 0 0 0 0 0 2,227 0 TOTAL 47,239 0 0 0 47,239 2,227 2,124 LIFE OF EVALUATION IS 1.42 YEARS. FINAL PRODUCTION RATE: 130 BBLS/MO
TENGASCO, INC. TABLE 72 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 24-T20S-R16W PROBABLE OETKIN #8 PBUD (ARBUCKLE) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.937500 0.794678 27.29 5.00% - 39,600 FINAL - 0.937500 0.794678 27.29 10.00% - 20,893 REMARKS - 15.00% - 8,495 20.00% - 193 25.00% - -5,389
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 2,029 0 0 1,612 0 0.000 27.29 0.00 2005 1 1,910 0 0 1,518 0 0.000 27.29 0.00 2006 1 1,536 0 0 1,221 0 0.000 27.29 0.00 2007 1 1,457 0 0 1,158 0 0.000 27.29 0.00 2008 1 1,381 0 0 1,097 0 0.000 27.29 0.00 2009 1 1,309 0 0 1,040 0 0.000 27.29 0.00 2010 1 1,241 0 0 987 0 0.000 27.29 0.00 2011 1 1,176 0 0 934 0 0.000 27.29 0.00 2012 1 1,116 0 0 887 0 0.000 27.29 0.00 2013 1 1,057 0 0 840 0 0.000 27.29 0.00 2014 1 1,003 0 0 797 0 0.000 27.29 0.00 2015 1 950 0 0 755 0 0.000 27.29 0.00 2016 1 901 0 0 716 0 0.000 27.29 0.00 2017 1 854 0 0 678 0 0.000 27.29 0.00 SUB-TOTAL 17,920 0 0 14,240 0 0.000 27.29 0.00 REMAINDER 1,070 0 0 851 0 0.000 27.29 0.00 TOTAL 18,990 0 0 15,091 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 18,990 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 43,992 0 0 0 43,992 268 0 43,724 2005 41,434 0 0 0 41,434 253 0 41,181 2006 33,320 0 0 0 33,320 203 0 33,117 2007 31,587 0 0 0 31,587 193 0 31,394 2008 29,946 0 0 0 29,946 183 0 29,763 2009 28,389 0 0 0 28,389 173 0 28,216 2010 26,913 0 0 0 26,913 164 0 26,749 2011 25,515 0 0 0 25,515 156 0 25,359 2012 24,188 0 0 0 24,188 147 0 24,041 2013 22,931 0 0 0 22,931 140 0 22,791 2014 21,739 0 0 0 21,739 133 0 21,606 2015 20,609 0 0 0 20,609 125 0 20,484 2016 19,538 0 0 0 19,538 120 0 19,418 2017 18,522 0 0 0 18,522 113 0 18,409 SUB-TOT 388,623 0 0 0 388,623 2,371 0 386,252 REMAIN 23,207 0 0 0 23,207 141 0 23,066 TOTAL 411,830 0 0 0 411,830 2,512 0 409,318
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 8,336 0 93,750 0 102,086 -58,362 -58,362 -50,587 2005 16,673 0 0 0 16,673 24,508 -33,854 19,292 2006 16,672 0 0 0 16,672 16,445 -17,409 11,621 2007 16,673 0 0 0 16,673 14,721 -2,688 9,416 2008 16,672 0 0 0 16,672 13,091 10,403 7,581 2009 16,673 0 0 0 16,673 11,543 21,946 6,051 2010 16,672 0 0 0 16,672 10,077 32,023 4,783 2011 16,673 0 0 0 16,673 8,686 40,709 3,732 2012 16,672 0 0 0 16,672 7,369 48,078 2,866 2013 16,673 0 0 0 16,673 6,118 54,196 2,155 2014 16,672 0 0 0 16,672 4,934 59,130 1,573 2015 16,673 0 0 0 16,673 3,811 62,941 1,101 2016 16,672 0 0 0 16,672 2,746 65,687 718 2017 16,673 0 0 0 16,673 1,736 67,423 412 SUBTOT 225,079 0 93,750 0 318,829 67,423 20,714 REMAIN 22,230 0 0 0 22,230 836 68,259 179 TOTAL 247,309 0 93,750 0 341,059 68,259 20,893 LIFE OF EVALUATION IS 16.33 YEARS. FINAL PRODUCTION RATE: 65 BBLS/MO
TENGASCO, INC. TABLE 73 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 12-T10S-R18W PROVED ANDERSON -A- #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 30,999 FINAL - 1.000000 0.875000 27.29 10.00% - 23,889 REMARKS - 15.00% - 19,104 20.00% - 15,762 25.00% - 13,345
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 308 0 0 270 0 0.000 27.29 0.00 2004 1 301 0 0 263 0 0.000 27.29 0.00 2005 1 293 0 0 256 0 0.000 27.29 0.00 2006 1 286 0 0 250 0 0.000 27.29 0.00 2007 1 279 0 0 244 0 0.000 27.29 0.00 2008 1 272 0 0 238 0 0.000 27.29 0.00 2009 1 265 0 0 232 0 0.000 27.29 0.00 2010 1 259 0 0 227 0 0.000 27.29 0.00 2011 1 252 0 0 221 0 0.000 27.29 0.00 2012 1 246 0 0 215 0 0.000 27.29 0.00 2013 1 240 0 0 210 0 0.000 27.29 0.00 2014 1 235 0 0 205 0 0.000 27.29 0.00 2015 1 228 0 0 200 0 0.000 27.29 0.00 2016 1 223 0 0 195 0 0.000 27.29 0.00 2017 1 217 0 0 190 0 0.000 27.29 0.00 SUB-TOTAL 3,904 0 0 3,416 0 0.000 27.29 0.00 REMAINDER 32 0 0 28 0 0.000 27.29 0.00 TOTAL 3,936 0 0 3,444 0 0.000 27.29 0.00 CUMULATIVE 12,670 0 0 ULTIMATE 16,606 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 7,358 0 0 0 7,358 45 0 7,313 2004 7,177 0 0 0 7,177 44 0 7,133 2005 7,000 0 0 0 7,000 42 0 6,958 2006 6,827 0 0 0 6,827 42 0 6,785 2007 6,659 0 0 0 6,659 41 0 6,618 2008 6,496 0 0 0 6,496 39 0 6,457 2009 6,335 0 0 0 6,335 39 0 6,296 2010 6,179 0 0 0 6,179 38 0 6,141 2011 6,027 0 0 0 6,027 36 0 5,991 2012 5,878 0 0 0 5,878 36 0 5,842 2013 5,734 0 0 0 5,734 35 0 5,699 2014 5,592 0 0 0 5,592 34 0 5,558 2015 5,454 0 0 0 5,454 34 0 5,420 2016 5,320 0 0 0 5,320 32 0 5,288 2017 5,190 0 0 0 5,190 32 0 5,158 SUB-TOT 93,226 0 0 0 93,226 569 0 92,657 REMAIN 761 0 0 0 761 4 0 757 TOTAL 93,987 0 0 0 93,987 573 0 93,414
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,396 0 0 0 3,396 3,917 3,917 3,730 2004 3,396 0 0 0 3,396 3,737 7,654 3,221 2005 3,396 0 0 0 3,396 3,562 11,216 2,779 2006 3,396 0 0 0 3,396 3,389 14,605 2,394 2007 3,396 0 0 0 3,396 3,222 17,827 2,060 2008 3,396 0 0 0 3,396 3,061 20,888 1,771 2009 3,396 0 0 0 3,396 2,900 23,788 1,519 2010 3,396 0 0 0 3,396 2,745 26,533 1,302 2011 3,396 0 0 0 3,396 2,595 29,128 1,114 2012 3,396 0 0 0 3,396 2,446 31,574 951 2013 3,396 0 0 0 3,396 2,303 33,877 810 2014 3,396 0 0 0 3,396 2,162 36,039 688 2015 3,396 0 0 0 3,396 2,024 38,063 584 2016 3,396 0 0 0 3,396 1,892 39,955 494 2017 3,396 0 0 0 3,396 1,762 41,717 416 SUBTOT 50,940 0 0 0 50,940 41,717 23,833 REMAIN 505 0 0 0 505 252 41,969 56 TOTAL 51,445 0 0 0 51,445 41,969 23,889 LIFE OF EVALUATION IS 15.15 YEARS. FINAL PRODUCTION RATE: 18 BBLS/MO
TENGASCO, INC. TABLE 74 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 12-T10S-R18W PROVED BARDOT #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 25,414 0 0 ULTIMATE 25,414 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 75 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 18-T10S-R17W PROVED GARVERT -A- #1 (KANSAS CITY) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 293,020 FINAL - 1.000000 0.875000 27.29 10.00% - 191,111 REMARKS - 15.00% - 140,322 20.00% - 110,697 25.00% - 91,423
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,098 0 0 961 0 0.000 27.29 0.00 2004 1 1,062 0 0 929 0 0.000 27.29 0.00 2005 1 1,027 0 0 899 0 0.000 27.29 0.00 2006 1 995 0 0 870 0 0.000 27.29 0.00 2007 1 961 0 0 842 0 0.000 27.29 0.00 2008 1 931 0 0 814 0 0.000 27.29 0.00 2009 1 900 0 0 788 0 0.000 27.29 0.00 2010 1 872 0 0 762 0 0.000 27.29 0.00 2011 1 842 0 0 737 0 0.000 27.29 0.00 2012 1 816 0 0 714 0 0.000 27.29 0.00 2013 1 789 0 0 690 0 0.000 27.29 0.00 2014 1 763 0 0 668 0 0.000 27.29 0.00 2015 1 738 0 0 646 0 0.000 27.29 0.00 2016 1 715 0 0 625 0 0.000 27.29 0.00 2017 1 691 0 0 605 0 0.000 27.29 0.00 SUB-TOTAL 13,200 0 0 11,550 0 0.000 27.29 0.00 REMAINDER 10,953 0 0 9,584 0 0.000 27.29 0.00 TOTAL 24,153 0 0 21,134 0 0.000 27.29 0.00 CUMULATIVE 31,198 0 0 ULTIMATE 55,351 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 26,213 0 0 0 26,213 160 0 26,053 2004 25,362 0 0 0 25,362 155 0 25,207 2005 24,537 0 0 0 24,537 149 0 24,388 2006 23,739 0 0 0 23,739 145 0 23,594 2007 22,968 0 0 0 22,968 140 0 22,828 2008 22,222 0 0 0 22,222 136 0 22,086 2009 21,499 0 0 0 21,499 131 0 21,368 2010 20,801 0 0 0 20,801 127 0 20,674 2011 20,125 0 0 0 20,125 123 0 20,002 2012 19,470 0 0 0 19,470 118 0 19,352 2013 18,838 0 0 0 18,838 115 0 18,723 2014 18,226 0 0 0 18,226 111 0 18,115 2015 17,633 0 0 0 17,633 108 0 17,525 2016 17,060 0 0 0 17,060 104 0 16,956 2017 16,506 0 0 0 16,506 101 0 16,405 SUB-TOT 315,199 0 0 0 315,199 1,923 0 313,276 REMAIN 261,550 0 0 0 261,550 1,595 0 259,955 TOTAL 576,749 0 0 0 576,749 3,518 0 573,231
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 744 0 0 0 744 25,309 25,309 24,096 2004 744 0 0 0 744 24,463 49,772 21,083 2005 744 0 0 0 744 23,644 73,416 18,446 2006 744 0 0 0 744 22,850 96,266 16,137 2007 744 0 0 0 744 22,084 118,350 14,117 2008 744 0 0 0 744 21,342 139,692 12,350 2009 744 0 0 0 744 20,624 160,316 10,803 2010 744 0 0 0 744 19,930 180,246 9,451 2011 744 0 0 0 744 19,258 199,504 8,266 2012 744 0 0 0 744 18,608 218,112 7,229 2013 744 0 0 0 744 17,979 236,091 6,324 2014 744 0 0 0 744 17,371 253,462 5,530 2015 744 0 0 0 744 16,781 270,243 4,836 2016 744 0 0 0 744 16,212 286,455 4,230 2017 744 0 0 0 744 15,661 302,116 3,698 SUBTOT 11,160 0 0 0 11,160 302,116 166,596 REMAIN 17,112 0 0 0 17,112 242,843 544,959 24,515 TOTAL 28,272 0 0 0 28,272 544,959 191,111 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 27 BBLS/MO
TENGASCO, INC. TABLE 76 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 13-T10S-R18W PROVED GARVERT -B- #1 (CNGL-LNSG-PLSN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 147,544 FINAL - 1.000000 0.875000 27.29 10.00% - 95,748 REMARKS - 15.00% - 70,051 20.00% - 55,123 25.00% - 45,444
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 592 0 0 518 0 0.000 27.29 0.00 2004 1 576 0 0 504 0 0.000 27.29 0.00 2005 1 560 0 0 490 0 0.000 27.29 0.00 2006 1 545 0 0 477 0 0.000 27.29 0.00 2007 1 530 0 0 464 0 0.000 27.29 0.00 2008 1 516 0 0 451 0 0.000 27.29 0.00 2009 1 502 0 0 439 0 0.000 27.29 0.00 2010 1 488 0 0 427 0 0.000 27.29 0.00 2011 1 475 0 0 416 0 0.000 27.29 0.00 2012 1 462 0 0 405 0 0.000 27.29 0.00 2013 1 450 0 0 393 0 0.000 27.29 0.00 2014 1 437 0 0 383 0 0.000 27.29 0.00 2015 1 426 0 0 372 0 0.000 27.29 0.00 2016 1 414 0 0 363 0 0.000 27.29 0.00 2017 1 403 0 0 352 0 0.000 27.29 0.00 SUB-TOTAL 7,376 0 0 6,454 0 0.000 27.29 0.00 REMAINDER 6,775 0 0 5,928 0 0.000 27.29 0.00 TOTAL 14,151 0 0 12,382 0 0.000 27.29 0.00 CUMULATIVE 46,815 0 0 ULTIMATE 60,966 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 14,132 0 0 0 14,132 86 0 14,046 2004 13,749 0 0 0 13,749 84 0 13,665 2005 13,377 0 0 0 13,377 82 0 13,295 2006 13,014 0 0 0 13,014 79 0 12,935 2007 12,662 0 0 0 12,662 77 0 12,585 2008 12,318 0 0 0 12,318 75 0 12,243 2009 11,985 0 0 0 11,985 74 0 11,911 2010 11,659 0 0 0 11,659 71 0 11,588 2011 11,344 0 0 0 11,344 69 0 11,275 2012 11,036 0 0 0 11,036 67 0 10,969 2013 10,738 0 0 0 10,738 66 0 10,672 2014 10,446 0 0 0 10,446 63 0 10,383 2015 10,163 0 0 0 10,163 62 0 10,101 2016 9,888 0 0 0 9,888 61 0 9,827 2017 9,619 0 0 0 9,619 58 0 9,561 SUB-TOT 176,130 0 0 0 176,130 1,074 0 175,056 REMAIN 161,771 0 0 0 161,771 987 0 160,784 TOTAL 337,901 0 0 0 337,901 2,061 0 335,840
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,572 0 0 0 1,572 12,474 12,474 11,876 2004 1,572 0 0 0 1,572 12,093 24,567 10,422 2005 1,572 0 0 0 1,572 11,723 36,290 9,145 2006 1,572 0 0 0 1,572 11,363 47,653 8,025 2007 1,572 0 0 0 1,572 11,013 58,666 7,040 2008 1,572 0 0 0 1,572 10,671 69,337 6,175 2009 1,572 0 0 0 1,572 10,339 79,676 5,415 2010 1,572 0 0 0 1,572 10,016 89,692 4,749 2011 1,572 0 0 0 1,572 9,703 99,395 4,165 2012 1,572 0 0 0 1,572 9,397 108,792 3,651 2013 1,572 0 0 0 1,572 9,100 117,892 3,200 2014 1,572 0 0 0 1,572 8,811 126,703 2,806 2015 1,572 0 0 0 1,572 8,529 135,232 2,458 2016 1,572 0 0 0 1,572 8,255 143,487 2,153 2017 1,572 0 0 0 1,572 7,989 151,476 1,887 SUBTOT 23,580 0 0 0 23,580 151,476 83,167 REMAIN 36,156 0 0 0 36,156 124,628 276,104 12,581 TOTAL 59,736 0 0 0 59,736 276,104 95,748 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 18 BBLS/MO
TENGASCO, INC. TABLE 77 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 12-T10S-R18W PROVED HARRISON -C- LEASE (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 64,691 FINAL - 1.000000 0.875000 27.29 10.00% - 52,111 REMARKS - 15.00% - 43,235 20.00% - 36,752 25.00% - 31,867
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 760 0 0 665 0 0.000 27.29 0.00 2004 2 723 0 0 632 0 0.000 27.29 0.00 2005 2 686 0 0 601 0 0.000 27.29 0.00 2006 2 652 0 0 570 0 0.000 27.29 0.00 2007 2 619 0 0 542 0 0.000 27.29 0.00 2008 2 588 0 0 515 0 0.000 27.29 0.00 2009 2 559 0 0 489 0 0.000 27.29 0.00 2010 2 531 0 0 464 0 0.000 27.29 0.00 2011 2 505 0 0 442 0 0.000 27.29 0.00 2012 2 479 0 0 419 0 0.000 27.29 0.00 2013 2 455 0 0 398 0 0.000 27.29 0.00 2014 2 433 0 0 379 0 0.000 27.29 0.00 2015 2 410 0 0 359 0 0.000 27.29 0.00 2016 2 391 0 0 342 0 0.000 27.29 0.00 2017 2 371 0 0 324 0 0.000 27.29 0.00 SUB-TOTAL 8,162 0 0 7,141 0 0.000 27.29 0.00 REMAINDER 900 0 0 788 0 0.000 27.29 0.00 TOTAL 9,062 0 0 7,929 0 0.000 27.29 0.00 CUMULATIVE 26,952 0 0 ULTIMATE 36,014 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 18,156 0 0 0 18,156 111 0 18,045 2004 17,248 0 0 0 17,248 105 0 17,143 2005 16,385 0 0 0 16,385 100 0 16,285 2006 15,567 0 0 0 15,567 95 0 15,472 2007 14,788 0 0 0 14,788 90 0 14,698 2008 14,048 0 0 0 14,048 86 0 13,962 2009 13,347 0 0 0 13,347 81 0 13,266 2010 12,678 0 0 0 12,678 78 0 12,600 2011 12,045 0 0 0 12,045 73 0 11,972 2012 11,443 0 0 0 11,443 70 0 11,373 2013 10,871 0 0 0 10,871 66 0 10,805 2014 10,327 0 0 0 10,327 63 0 10,264 2015 9,810 0 0 0 9,810 60 0 9,750 2016 9,321 0 0 0 9,321 57 0 9,264 2017 8,854 0 0 0 8,854 54 0 8,800 SUB-TOT 194,888 0 0 0 194,888 1,189 0 193,699 REMAIN 21,506 0 0 0 21,506 131 0 21,375 TOTAL 216,394 0 0 0 216,394 1,320 0 215,074
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,464 0 0 0 7,464 10,581 10,581 10,078 2004 7,464 0 0 0 7,464 9,679 20,260 8,346 2005 7,464 0 0 0 7,464 8,821 29,081 6,885 2006 7,464 0 0 0 7,464 8,008 37,089 5,658 2007 7,464 0 0 0 7,464 7,234 44,323 4,628 2008 7,464 0 0 0 7,464 6,498 50,821 3,762 2009 7,464 0 0 0 7,464 5,802 56,623 3,041 2010 7,464 0 0 0 7,464 5,136 61,759 2,437 2011 7,464 0 0 0 7,464 4,508 66,267 1,937 2012 7,464 0 0 0 7,464 3,909 70,176 1,520 2013 7,464 0 0 0 7,464 3,341 73,517 1,177 2014 7,464 0 0 0 7,464 2,800 76,317 892 2015 7,464 0 0 0 7,464 2,286 78,603 660 2016 7,464 0 0 0 7,464 1,800 80,403 470 2017 7,464 0 0 0 7,464 1,336 81,739 317 SUBTOT 111,960 0 0 0 111,960 81,739 51,808 REMAIN 19,904 0 0 0 19,904 1,471 83,210 303 TOTAL 131,864 0 0 0 131,864 83,210 52,111 LIFE OF EVALUATION IS 17.67 YEARS. FINAL PRODUCTION RATE: 26 BBLS/MO
TENGASCO, INC. TABLE 78 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 13-T10S-R18W PROVED JACO LEASE (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 462,327 FINAL - 1.000000 0.875000 27.29 10.00% - 337,020 REMARKS - 15.00% - 262,887 20.00% - 214,853 25.00% - 181,494
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 4 2,869 0 0 2,510 0 0.000 27.29 0.00 2004 4 2,731 0 0 2,390 0 0.000 27.29 0.00 2005 4 2,600 0 0 2,275 0 0.000 27.29 0.00 2006 4 2,475 0 0 2,166 0 0.000 27.29 0.00 2007 4 2,357 0 0 2,062 0 0.000 27.29 0.00 2008 4 2,243 0 0 1,963 0 0.000 27.29 0.00 2009 4 2,136 0 0 1,868 0 0.000 27.29 0.00 2010 4 2,033 0 0 1,779 0 0.000 27.29 0.00 2011 4 1,935 0 0 1,694 0 0.000 27.29 0.00 2012 4 1,843 0 0 1,612 0 0.000 27.29 0.00 2013 4 1,754 0 0 1,535 0 0.000 27.29 0.00 2014 4 1,670 0 0 1,462 0 0.000 27.29 0.00 2015 4 1,590 0 0 1,391 0 0.000 27.29 0.00 2016 4 1,514 0 0 1,324 0 0.000 27.29 0.00 2017 4 1,441 0 0 1,261 0 0.000 27.29 0.00 SUB-TOTAL 31,191 0 0 27,292 0 0.000 27.29 0.00 REMAINDER 17,168 0 0 15,022 0 0.000 27.29 0.00 TOTAL 48,359 0 0 42,314 0 0.000 27.29 0.00 CUMULATIVE 119,712 0 0 ULTIMATE 168,071 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 68,505 0 0 0 68,505 418 0 68,087 2004 65,216 0 0 0 65,216 398 0 64,818 2005 62,087 0 0 0 62,087 378 0 61,709 2006 59,106 0 0 0 59,106 361 0 58,745 2007 56,269 0 0 0 56,269 343 0 55,926 2008 53,568 0 0 0 53,568 327 0 53,241 2009 50,997 0 0 0 50,997 311 0 50,686 2010 48,548 0 0 0 48,548 296 0 48,252 2011 46,219 0 0 0 46,219 282 0 45,937 2012 44,000 0 0 0 44,000 269 0 43,731 2013 41,888 0 0 0 41,888 255 0 41,633 2014 39,878 0 0 0 39,878 243 0 39,635 2015 37,963 0 0 0 37,963 232 0 37,731 2016 36,141 0 0 0 36,141 220 0 35,921 2017 34,407 0 0 0 34,407 210 0 34,197 SUB-TOT 744,792 0 0 0 744,792 4,543 0 740,249 REMAIN 409,960 0 0 0 409,960 2,501 0 407,459 TOTAL 1,154,752 0 0 0 1,154,752 7,044 0 1,147,708
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 13,296 0 0 0 13,296 54,791 54,791 52,177 2004 13,296 0 0 0 13,296 51,522 106,313 44,414 2005 13,296 0 0 0 13,296 48,413 154,726 37,778 2006 13,296 0 0 0 13,296 45,449 200,175 32,104 2007 13,296 0 0 0 13,296 42,630 242,805 27,259 2008 13,296 0 0 0 13,296 39,945 282,750 23,120 2009 13,296 0 0 0 13,296 37,390 320,140 19,591 2010 13,296 0 0 0 13,296 34,956 355,096 16,580 2011 13,296 0 0 0 13,296 32,641 387,737 14,014 2012 13,296 0 0 0 13,296 30,435 418,172 11,828 2013 13,296 0 0 0 13,296 28,337 446,509 9,970 2014 13,296 0 0 0 13,296 26,339 472,848 8,388 2015 13,296 0 0 0 13,296 24,435 497,283 7,044 2016 13,296 0 0 0 13,296 22,625 519,908 5,905 2017 13,296 0 0 0 13,296 20,901 540,809 4,938 SUBTOT 199,440 0 0 0 199,440 540,809 315,110 REMAIN 248,192 0 0 0 248,192 159,267 700,076 21,910 TOTAL 447,632 0 0 0 447,632 700,076 337,020 LIFE OF EVALUATION IS 33.67 YEARS. FINAL PRODUCTION RATE: 47 BBLS/MO
TENGASCO, INC. TABLE 79 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 12-T10S-R18W PROVED ROSS LEASE (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 199,232 FINAL - 1.000000 0.875000 27.29 10.00% - 154,644 REMARKS - 15.00% - 125,330 20.00% - 104,961 25.00% - 90,136
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 1,544 0 0 1,351 0 0.000 27.29 0.00 2004 2 1,443 0 0 1,262 0 0.000 27.29 0.00 2005 2 1,349 0 0 1,181 0 0.000 27.29 0.00 2006 2 1,262 0 0 1,104 0 0.000 27.29 0.00 2007 2 1,180 0 0 1,032 0 0.000 27.29 0.00 2008 2 1,103 0 0 965 0 0.000 27.29 0.00 2009 2 1,031 0 0 903 0 0.000 27.29 0.00 2010 2 964 0 0 844 0 0.000 27.29 0.00 2011 2 902 0 0 789 0 0.000 27.29 0.00 2012 2 843 0 0 737 0 0.000 27.29 0.00 2013 2 788 0 0 690 0 0.000 27.29 0.00 2014 2 737 0 0 645 0 0.000 27.29 0.00 2015 2 689 0 0 603 0 0.000 27.29 0.00 2016 2 644 0 0 563 0 0.000 27.29 0.00 2017 2 603 0 0 527 0 0.000 27.29 0.00 SUB-TOTAL 15,082 0 0 13,196 0 0.000 27.29 0.00 REMAINDER 3,959 0 0 3,465 0 0.000 27.29 0.00 TOTAL 19,041 0 0 16,661 0 0.000 27.29 0.00 CUMULATIVE 72,552 0 0 ULTIMATE 91,593 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 36,858 0 0 0 36,858 225 0 36,633 2004 34,462 0 0 0 34,462 210 0 34,252 2005 32,222 0 0 0 32,222 197 0 32,025 2006 30,128 0 0 0 30,128 183 0 29,945 2007 28,170 0 0 0 28,170 172 0 27,998 2008 26,338 0 0 0 26,338 161 0 26,177 2009 24,627 0 0 0 24,627 150 0 24,477 2010 23,025 0 0 0 23,025 141 0 22,884 2011 21,529 0 0 0 21,529 131 0 21,398 2012 20,130 0 0 0 20,130 123 0 20,007 2013 18,821 0 0 0 18,821 114 0 18,707 2014 17,598 0 0 0 17,598 108 0 17,490 2015 16,454 0 0 0 16,454 100 0 16,354 2016 15,385 0 0 0 15,385 94 0 15,291 2017 14,384 0 0 0 14,384 88 0 14,296 SUB-TOT 360,131 0 0 0 360,131 2,197 0 357,934 REMAIN 94,542 0 0 0 94,542 577 0 93,965 TOTAL 454,673 0 0 0 454,673 2,774 0 451,899
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,488 0 0 0 7,488 29,145 29,145 27,760 2004 7,488 0 0 0 7,488 26,764 55,909 23,076 2005 7,488 0 0 0 7,488 24,537 80,446 19,151 2006 7,488 0 0 0 7,488 22,457 102,903 15,866 2007 7,488 0 0 0 7,488 20,510 123,413 13,118 2008 7,488 0 0 0 7,488 18,689 142,102 10,820 2009 7,488 0 0 0 7,488 16,989 159,091 8,904 2010 7,488 0 0 0 7,488 15,396 174,487 7,304 2011 7,488 0 0 0 7,488 13,910 188,397 5,974 2012 7,488 0 0 0 7,488 12,519 200,916 4,867 2013 7,488 0 0 0 7,488 11,219 212,135 3,948 2014 7,488 0 0 0 7,488 10,002 222,137 3,187 2015 7,488 0 0 0 7,488 8,866 231,003 2,557 2016 7,488 0 0 0 7,488 7,803 238,806 2,037 2017 7,488 0 0 0 7,488 6,808 245,614 1,609 SUBTOT 112,320 0 0 0 112,320 245,614 150,178 REMAIN 68,016 0 0 0 68,016 25,949 271,563 4,466 TOTAL 180,336 0 0 0 180,336 271,563 154,644 LIFE OF EVALUATION IS 24.08 YEARS. FINAL PRODUCTION RATE: 26 BBLS/MO
TENGASCO, INC. TABLE 80 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002
PLEASANT FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 10-T16S-R17W PROVED BASGALL -C- #4 (DOVER) PRODUCING REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 13 ULTIMATE 0 0 13
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 81 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLEASANT FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 22-T13S-R20W PROVED HONAS #3 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820310 27.29 5.00% - 1,651 FINAL - 1.000000 0.820310 27.29 10.00% - 1,583 REMARKS - 15.00% - 1,520 20.00% - 1,461 25.00% - 1,405
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 384 0 0 315 0 0.000 27.29 0.00 2004 1 361 0 0 296 0 0.000 27.29 0.00 2005 1 228 0 0 188 0 0.000 27.29 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 973 0 0 799 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 973 0 0 799 0 0.000 27.29 0.00 CUMULATIVE 66,108 0 0 ULTIMATE 67,081 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 8,596 0 0 0 8,596 52 0 8,544 2004 8,081 0 0 0 8,081 50 0 8,031 2005 5,116 0 0 0 5,116 31 0 5,085 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 21,793 0 0 0 21,793 133 0 21,660 REMAIN 0 0 0 0 0 0 0 0 TOTAL 21,793 0 0 0 21,793 133 0 21,660
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,476 0 0 0 7,476 1,068 1,068 1,021 2004 7,476 0 0 0 7,476 555 1,623 481 2005 4,984 0 0 0 4,984 101 1,724 81 2006 0 0 0 0 0 0 1,724 0 2007 0 0 0 0 0 0 1,724 0 2008 0 0 0 0 0 0 1,724 0 2009 0 0 0 0 0 0 1,724 0 2010 0 0 0 0 0 0 1,724 0 2011 0 0 0 0 0 0 1,724 0 2012 0 0 0 0 0 0 1,724 0 2013 0 0 0 0 0 0 1,724 0 2014 0 0 0 0 0 0 1,724 0 2015 0 0 0 0 0 0 1,724 0 2016 0 0 0 0 0 0 1,724 0 2017 0 0 0 0 0 0 1,724 0 SUBTOT 19,936 0 0 0 19,936 1,724 1,583 REMAIN 0 0 0 0 0 0 1,724 0 TOTAL 19,936 0 0 0 19,936 1,724 1,583 LIFE OF EVALUATION IS 2.67 YEARS. FINAL PRODUCTION RATE: 28 BBLS/MO
TENGASCO, INC. TABLE 82 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 10-T16S-R17W PROVED URBAN -K- #5 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 81,744 FINAL - 1.000000 0.875000 27.29 10.00% - 58,649 REMARKS - 15.00% - 45,076 20.00% - 36,414 25.00% - 30,495
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 447 0 0 391 0 0.000 27.29 0.00 2004 1 429 0 0 375 0 0.000 27.29 0.00 2005 1 412 0 0 361 0 0.000 27.29 0.00 2006 1 395 0 0 346 0 0.000 27.29 0.00 2007 1 379 0 0 332 0 0.000 27.29 0.00 2008 1 365 0 0 318 0 0.000 27.29 0.00 2009 1 349 0 0 306 0 0.000 27.29 0.00 2010 1 336 0 0 294 0 0.000 27.29 0.00 2011 1 323 0 0 282 0 0.000 27.29 0.00 2012 1 309 0 0 271 0 0.000 27.29 0.00 2013 1 297 0 0 260 0 0.000 27.29 0.00 2014 1 285 0 0 249 0 0.000 27.29 0.00 2015 1 274 0 0 240 0 0.000 27.29 0.00 2016 1 263 0 0 230 0 0.000 27.29 0.00 2017 1 252 0 0 221 0 0.000 27.29 0.00 SUB-TOTAL 5,115 0 0 4,476 0 0.000 27.29 0.00 REMAINDER 1,940 0 0 1,697 0 0.000 27.29 0.00 TOTAL 7,055 0 0 6,173 0 0.000 27.29 0.00 CUMULATIVE 24,417 0 0 ULTIMATE 31,472 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 10,669 0 0 0 10,669 65 0 10,604 2004 10,243 0 0 0 10,243 63 0 10,180 2005 9,833 0 0 0 9,833 60 0 9,773 2006 9,440 0 0 0 9,440 57 0 9,383 2007 9,062 0 0 0 9,062 55 0 9,007 2008 8,699 0 0 0 8,699 53 0 8,646 2009 8,352 0 0 0 8,352 51 0 8,301 2010 8,018 0 0 0 8,018 49 0 7,969 2011 7,696 0 0 0 7,696 47 0 7,649 2012 7,389 0 0 0 7,389 45 0 7,344 2013 7,094 0 0 0 7,094 44 0 7,050 2014 6,809 0 0 0 6,809 41 0 6,768 2015 6,538 0 0 0 6,538 40 0 6,498 2016 6,275 0 0 0 6,275 38 0 6,237 2017 6,025 0 0 0 6,025 37 0 5,988 SUB-TOT 122,142 0 0 0 122,142 745 0 121,397 REMAIN 46,323 0 0 0 46,323 283 0 46,040 TOTAL 168,465 0 0 0 168,465 1,028 0 167,437
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,740 0 0 0 1,740 8,864 8,864 8,440 2004 1,740 0 0 0 1,740 8,440 17,304 7,275 2005 1,740 0 0 0 1,740 8,033 25,337 6,268 2006 1,740 0 0 0 1,740 7,643 32,980 5,398 2007 1,740 0 0 0 1,740 7,267 40,247 4,646 2008 1,740 0 0 0 1,740 6,906 47,153 3,997 2009 1,740 0 0 0 1,740 6,561 53,714 3,437 2010 1,740 0 0 0 1,740 6,229 59,943 2,954 2011 1,740 0 0 0 1,740 5,909 65,852 2,537 2012 1,740 0 0 0 1,740 5,604 71,456 2,178 2013 1,740 0 0 0 1,740 5,310 76,766 1,868 2014 1,740 0 0 0 1,740 5,028 81,794 1,601 2015 1,740 0 0 0 1,740 4,758 86,552 1,371 2016 1,740 0 0 0 1,740 4,497 91,049 1,173 2017 1,740 0 0 0 1,740 4,248 95,297 1,004 SUBTOT 26,100 0 0 0 26,100 95,297 54,147 REMAIN 16,461 0 0 0 16,461 29,579 124,876 4,502 TOTAL 42,561 0 0 0 42,561 124,876 58,649 LIFE OF EVALUATION IS 24.46 YEARS. FINAL PRODUCTION RATE: 14 BBLS/MO
TENGASCO, INC. TABLE 83 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 10-T16S-R17W PROVED URBAN -K- #5 BP (DOVER) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 119,225 FINAL - 1.000000 0.875000 4.13 10.00% - 99,520 REMARKS - 15.00% - 83,451 20.00% - 70,281 25.00% - 59,434
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 21 0 0 17.074 0.00 4.13 2006 1 0 0 10 0 0 8.099 0.00 4.13 2007 1 0 0 9 0 0 6.821 0.00 4.13 2008 1 0 0 7 0 0 5.745 0.00 4.13 2009 1 0 0 3 0 0 2.530 0.00 4.13 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 50 0 0 40.269 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 50 0 0 40.269 0.00 4.13 CUMULATIVE 0 0 0 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 50 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 70,515 0 70,515 0 1,255 69,260 2006 0 0 33,448 0 33,448 0 596 32,852 2007 0 0 28,170 0 28,170 0 501 27,669 2008 0 0 23,725 0 23,725 0 422 23,303 2009 0 0 10,447 0 10,447 0 186 10,261 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 166,305 0 166,305 0 2,960 163,345 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 166,305 0 166,305 0 2,960 163,345
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,740 0 12,000 0 13,740 55,520 55,520 43,393 2006 1,740 0 0 0 1,740 31,112 86,632 21,998 2007 1,740 0 0 0 1,740 25,929 112,561 16,595 2008 1,740 0 0 0 1,740 21,563 134,124 12,494 2009 872 0 0 0 872 9,389 143,513 5,040 2010 0 0 0 0 0 0 143,513 0 2011 0 0 0 0 0 0 143,513 0 2012 0 0 0 0 0 0 143,513 0 2013 0 0 0 0 0 0 143,513 0 2014 0 0 0 0 0 0 143,513 0 2015 0 0 0 0 0 0 143,513 0 2016 0 0 0 0 0 0 143,513 0 2017 0 0 0 0 0 0 143,513 0 SUBTOT 7,832 0 12,000 0 19,832 143,513 99,520 REMAIN 0 0 0 0 0 0 143,513 0 TOTAL 7,832 0 12,000 0 19,832 143,513 99,520 LIFE OF EVALUATION IS 6.50 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 84 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 10-T16S-R17W PROVED URBAN #1, 2 & 5 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 310,809 FINAL - 1.000000 0.875000 27.29 10.00% - 234,981 REMARKS - 15.00% - 187,311 20.00% - 155,187 25.00% - 132,293
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 2,167 0 0 1,896 0 0.000 27.29 0.00 2004 3 2,041 0 0 1,786 0 0.000 27.29 0.00 2005 3 1,922 0 0 1,682 0 0.000 27.29 0.00 2006 3 1,811 0 0 1,585 0 0.000 27.29 0.00 2007 3 1,706 0 0 1,492 0 0.000 27.29 0.00 2008 3 1,607 0 0 1,407 0 0.000 27.29 0.00 2009 3 1,514 0 0 1,324 0 0.000 27.29 0.00 2010 3 1,426 0 0 1,248 0 0.000 27.29 0.00 2011 3 1,344 0 0 1,175 0 0.000 27.29 0.00 2012 3 1,265 0 0 1,108 0 0.000 27.29 0.00 2013 3 1,192 0 0 1,043 0 0.000 27.29 0.00 2014 3 1,123 0 0 982 0 0.000 27.29 0.00 2015 3 1,058 0 0 926 0 0.000 27.29 0.00 2016 3 996 0 0 872 0 0.000 27.29 0.00 2017 3 939 0 0 821 0 0.000 27.29 0.00 SUB-TOTAL 22,111 0 0 19,347 0 0.000 27.29 0.00 REMAINDER 8,234 0 0 7,205 0 0.000 27.29 0.00 TOTAL 30,345 0 0 26,552 0 0.000 27.29 0.00 CUMULATIVE 79,145 0 0 ULTIMATE 109,490 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 51,736 0 0 0 51,736 316 0 51,420 2004 48,736 0 0 0 48,736 297 0 48,439 2005 45,909 0 0 0 45,909 280 0 45,629 2006 43,246 0 0 0 43,246 264 0 42,982 2007 40,738 0 0 0 40,738 248 0 40,490 2008 38,375 0 0 0 38,375 234 0 38,141 2009 36,150 0 0 0 36,150 221 0 35,929 2010 34,053 0 0 0 34,053 208 0 33,845 2011 32,077 0 0 0 32,077 195 0 31,882 2012 30,217 0 0 0 30,217 185 0 30,032 2013 28,465 0 0 0 28,465 173 0 28,292 2014 26,814 0 0 0 26,814 164 0 26,650 2015 25,258 0 0 0 25,258 154 0 25,104 2016 23,794 0 0 0 23,794 145 0 23,649 2017 22,413 0 0 0 22,413 137 0 22,276 SUB-TOT 527,981 0 0 0 527,981 3,221 0 524,760 REMAIN 196,611 0 0 0 196,611 1,199 0 195,412 TOTAL 724,592 0 0 0 724,592 4,420 0 720,172
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 9,936 0 0 0 9,936 41,484 41,484 39,509 2004 9,936 0 0 0 9,936 38,503 79,987 33,195 2005 9,936 0 0 0 9,936 35,693 115,680 27,855 2006 9,936 0 0 0 9,936 33,046 148,726 23,346 2007 9,936 0 0 0 9,936 30,554 179,280 19,539 2008 9,936 0 0 0 9,936 28,205 207,485 16,328 2009 9,936 0 0 0 9,936 25,993 233,478 13,621 2010 9,936 0 0 0 9,936 23,909 257,387 11,341 2011 9,936 0 0 0 9,936 21,946 279,333 9,424 2012 9,936 0 0 0 9,936 20,096 299,429 7,811 2013 9,936 0 0 0 9,936 18,356 317,785 6,460 2014 9,936 0 0 0 9,936 16,714 334,499 5,323 2015 9,936 0 0 0 9,936 15,168 349,667 4,374 2016 9,936 0 0 0 9,936 13,713 363,380 3,579 2017 9,936 0 0 0 9,936 12,340 375,720 2,916 SUBTOT 149,040 0 0 0 149,040 375,720 224,621 REMAIN 129,168 0 0 0 129,168 66,244 441,964 10,360 TOTAL 278,208 0 0 0 278,208 441,964 234,981 LIFE OF EVALUATION IS 28.00 YEARS. FINAL PRODUCTION RATE: 35 BBLS/MO
TENGASCO, INC. TABLE 85 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 10-T16S-R17W PROVED URBAN #6 PUD (KSSC-LNSG) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 283,290 FINAL - 1.000000 0.875000 27.29 10.00% - 174,722 REMARKS - 15.00% - 113,229 20.00% - 75,836 25.00% - 51,724
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 2,028 0 0 1,775 0 0.000 27.29 0.00 2005 1 2,449 0 0 2,142 0 0.000 27.29 0.00 2006 1 1,657 0 0 1,451 0 0.000 27.29 0.00 2007 1 1,591 0 0 1,391 0 0.000 27.29 0.00 2008 1 1,526 0 0 1,336 0 0.000 27.29 0.00 2009 1 1,465 0 0 1,281 0 0.000 27.29 0.00 2010 1 1,405 0 0 1,230 0 0.000 27.29 0.00 2011 1 1,348 0 0 1,179 0 0.000 27.29 0.00 2012 1 1,294 0 0 1,132 0 0.000 27.29 0.00 2013 1 1,241 0 0 1,086 0 0.000 27.29 0.00 2014 1 1,191 0 0 1,042 0 0.000 27.29 0.00 2015 1 1,143 0 0 1,000 0 0.000 27.29 0.00 2016 1 1,096 0 0 960 0 0.000 27.29 0.00 2017 1 1,052 0 0 920 0 0.000 27.29 0.00 SUB-TOTAL 20,486 0 0 17,925 0 0.000 27.29 0.00 REMAINDER 7,509 0 0 6,570 0 0.000 27.29 0.00 TOTAL 27,995 0 0 24,495 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 27,995 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 48,432 0 0 0 48,432 295 0 48,137 2005 58,464 0 0 0 58,464 357 0 58,107 2006 39,586 0 0 0 39,586 242 0 39,344 2007 37,983 0 0 0 37,983 231 0 37,752 2008 36,444 0 0 0 36,444 223 0 36,221 2009 34,969 0 0 0 34,969 213 0 34,756 2010 33,552 0 0 0 33,552 205 0 33,347 2011 32,194 0 0 0 32,194 196 0 31,998 2012 30,889 0 0 0 30,889 188 0 30,701 2013 29,639 0 0 0 29,639 181 0 29,458 2014 28,438 0 0 0 28,438 174 0 28,264 2015 27,287 0 0 0 27,287 166 0 27,121 2016 26,181 0 0 0 26,181 160 0 26,021 2017 25,121 0 0 0 25,121 153 0 24,968 SUB-TOT 489,179 0 0 0 489,179 2,984 0 486,195 REMAIN 179,296 0 0 0 179,296 1,094 0 178,202 TOTAL 668,475 0 0 0 668,475 4,078 0 664,397
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 1,656 0 100,000 0 101,656 -53,519 -53,519 -46,660 2005 3,312 0 0 0 3,312 54,795 1,276 42,993 2006 3,312 0 0 0 3,312 36,032 37,308 25,448 2007 3,312 0 0 0 3,312 34,440 71,748 22,018 2008 3,312 0 0 0 3,312 32,909 104,657 19,045 2009 3,312 0 0 0 3,312 31,444 136,101 16,473 2010 3,312 0 0 0 3,312 30,035 166,136 14,243 2011 3,312 0 0 0 3,312 28,686 194,822 12,314 2012 3,312 0 0 0 3,312 27,389 222,211 10,642 2013 3,312 0 0 0 3,312 26,146 248,357 9,197 2014 3,312 0 0 0 3,312 24,952 273,309 7,945 2015 3,312 0 0 0 3,312 23,809 297,118 6,862 2016 3,312 0 0 0 3,312 22,709 319,827 5,925 2017 3,312 0 0 0 3,312 21,656 341,483 5,114 SUBTOT 44,712 0 100,000 0 144,712 341,483 151,559 REMAIN 28,718 0 0 0 28,718 149,484 490,967 23,163 TOTAL 73,430 0 100,000 0 173,430 490,967 174,722 LIFE OF EVALUATION IS 23.67 YEARS. FINAL PRODUCTION RATE: 60 BBLS/MO
TENGASCO, INC. TABLE 86 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 10-T16S-R17W PROVED URBAN #7 PUD (KSSC-LNSG) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 279,778 FINAL - 1.000000 0.875000 27.29 10.00% - 170,426 REMARKS - 15.00% - 109,087 20.00% - 72,167 25.00% - 48,621
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 1,102 0 0 964 0 0.000 27.29 0.00 2005 1 2,911 0 0 2,548 0 0.000 27.29 0.00 2006 1 1,713 0 0 1,499 0 0.000 27.29 0.00 2007 1 1,608 0 0 1,406 0 0.000 27.29 0.00 2008 1 1,542 0 0 1,349 0 0.000 27.29 0.00 2009 1 1,479 0 0 1,295 0 0.000 27.29 0.00 2010 1 1,420 0 0 1,242 0 0.000 27.29 0.00 2011 1 1,362 0 0 1,192 0 0.000 27.29 0.00 2012 1 1,307 0 0 1,144 0 0.000 27.29 0.00 2013 1 1,254 0 0 1,097 0 0.000 27.29 0.00 2014 1 1,204 0 0 1,053 0 0.000 27.29 0.00 2015 1 1,154 0 0 1,010 0 0.000 27.29 0.00 2016 1 1,108 0 0 970 0 0.000 27.29 0.00 2017 1 1,063 0 0 930 0 0.000 27.29 0.00 SUB-TOTAL 20,227 0 0 17,699 0 0.000 27.29 0.00 REMAINDER 7,768 0 0 6,796 0 0.000 27.29 0.00 TOTAL 27,995 0 0 24,495 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 27,995 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 26,309 0 0 0 26,309 160 0 26,149 2005 69,525 0 0 0 69,525 425 0 69,100 2006 40,904 0 0 0 40,904 249 0 40,655 2007 38,378 0 0 0 38,378 234 0 38,144 2008 36,823 0 0 0 36,823 225 0 36,598 2009 35,332 0 0 0 35,332 215 0 35,117 2010 33,901 0 0 0 33,901 207 0 33,694 2011 32,528 0 0 0 32,528 199 0 32,329 2012 31,210 0 0 0 31,210 190 0 31,020 2013 29,947 0 0 0 29,947 183 0 29,764 2014 28,733 0 0 0 28,733 175 0 28,558 2015 27,570 0 0 0 27,570 168 0 27,402 2016 26,454 0 0 0 26,454 161 0 26,293 2017 25,382 0 0 0 25,382 155 0 25,227 SUB-TOT 482,996 0 0 0 482,996 2,946 0 480,050 REMAIN 185,479 0 0 0 185,479 1,132 0 184,347 TOTAL 668,475 0 0 0 668,475 4,078 0 664,397
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 828 0 100,000 0 100,828 -74,679 -74,679 -62,643 2005 3,312 0 0 0 3,312 65,788 -8,891 51,615 2006 3,312 0 0 0 3,312 37,343 28,452 26,401 2007 3,312 0 0 0 3,312 34,832 63,284 22,268 2008 3,312 0 0 0 3,312 33,286 96,570 19,264 2009 3,312 0 0 0 3,312 31,805 128,375 16,661 2010 3,312 0 0 0 3,312 30,382 158,757 14,408 2011 3,312 0 0 0 3,312 29,017 187,774 12,455 2012 3,312 0 0 0 3,312 27,708 215,482 10,767 2013 3,312 0 0 0 3,312 26,452 241,934 9,304 2014 3,312 0 0 0 3,312 25,246 267,180 8,039 2015 3,312 0 0 0 3,312 24,090 291,270 6,943 2016 3,312 0 0 0 3,312 22,981 314,251 5,996 2017 3,312 0 0 0 3,312 21,915 336,166 5,176 SUBTOT 43,884 0 100,000 0 143,884 336,166 146,654 REMAIN 29,546 0 0 0 29,546 154,801 490,967 23,772 TOTAL 73,430 0 100,000 0 173,430 490,967 170,426 LIFE OF EVALUATION IS 23.92 YEARS. FINAL PRODUCTION RATE: 60 BBLS/MO
TENGASCO, INC. TABLE 87 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 33-T16S-R16W PROVED ALLEN #1 A&D (SHAWNEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 460,190 FINAL - 1.000000 0.875000 4.13 10.00% - 315,496 REMARKS - 15.00% - 239,678 20.00% - 193,797 25.00% - 163,123
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 17 0 0 13.500 0.00 4.13 2004 1 0 0 15 0 0 12.285 0.00 4.13 2005 1 0 0 14 0 0 11.179 0.00 4.13 2006 1 0 0 13 0 0 10.173 0.00 4.13 2007 1 0 0 11 0 0 9.504 0.00 4.13 2008 1 0 0 12 0 0 9.124 0.00 4.13 2009 1 0 0 11 0 0 8.759 0.00 4.13 2010 1 0 0 10 0 0 8.409 0.00 4.13 2011 1 0 0 10 0 0 8.072 0.00 4.13 2012 1 0 0 10 0 0 7.749 0.00 4.13 2013 1 0 0 9 0 0 7.439 0.00 4.13 2014 1 0 0 9 0 0 7.142 0.00 4.13 2015 1 0 0 8 0 0 6.856 0.00 4.13 2016 1 0 0 8 0 0 6.582 0.00 4.13 2017 1 0 0 8 0 0 6.319 0.00 4.13 SUB-TOTAL 0 0 165 0 0 133.092 0.00 4.13 REMAINDER 0 0 115 0 0 92.345 0.00 4.13 TOTAL 0 0 280 0 0 225.437 0.00 4.13 CUMULATIVE 0 0 181 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 461 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 55,754 0 55,754 0 992 54,762 2004 0 0 50,736 0 50,736 0 904 49,832 2005 0 0 46,171 0 46,171 0 821 45,350 2006 0 0 42,014 0 42,014 0 748 41,266 2007 0 0 39,252 0 39,252 0 699 38,553 2008 0 0 37,682 0 37,682 0 671 37,011 2009 0 0 36,175 0 36,175 0 644 35,531 2010 0 0 34,728 0 34,728 0 618 34,110 2011 0 0 33,338 0 33,338 0 593 32,745 2012 0 0 32,005 0 32,005 0 570 31,435 2013 0 0 30,725 0 30,725 0 547 30,178 2014 0 0 29,496 0 29,496 0 525 28,971 2015 0 0 28,316 0 28,316 0 504 27,812 2016 0 0 27,183 0 27,183 0 484 26,699 2017 0 0 26,096 0 26,096 0 464 25,632 SUB-TOT 0 0 549,671 0 549,671 0 9,784 539,887 REMAIN 0 0 381,385 0 381,385 0 6,789 374,596 TOTAL 0 0 931,056 0 931,056 0 16,573 914,483
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,168 0 0 0 3,168 51,594 51,594 49,148 2004 3,159 0 0 0 3,159 46,673 98,267 40,247 2005 3,151 0 0 0 3,151 42,199 140,466 32,940 2006 3,144 0 0 0 3,144 38,122 178,588 26,937 2007 3,139 0 0 0 3,139 35,414 214,002 22,640 2008 3,137 0 0 0 3,137 33,874 247,876 19,604 2009 3,134 0 0 0 3,134 32,397 280,273 16,971 2010 3,131 0 0 0 3,131 30,979 311,252 14,691 2011 3,129 0 0 0 3,129 29,616 340,868 12,713 2012 3,127 0 0 0 3,127 28,308 369,176 10,999 2013 3,125 0 0 0 3,125 27,053 396,229 9,516 2014 3,123 0 0 0 3,123 25,848 422,077 8,230 2015 3,120 0 0 0 3,120 24,692 446,769 7,117 2016 3,119 0 0 0 3,119 23,580 470,349 6,152 2017 3,116 0 0 0 3,116 22,516 492,865 5,317 SUBTOT 47,022 0 0 0 47,022 492,865 283,222 REMAIN 71,310 0 0 0 71,310 303,286 796,151 32,274 TOTAL 118,332 0 0 0 118,332 796,151 315,496 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.3 MMCF/MO
TENGASCO, INC. TABLE 88 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 28-T16S-R16W PROVED ANDRE #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 139 0 0 ULTIMATE 139 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 89 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 10-T17S-R17W PROVED APPL #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 77,776 FINAL - 1.000000 0.875000 4.13 10.00% - 51,531 REMARKS - 15.00% - 38,143 20.00% - 30,221 25.00% - 25,023
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.036 0.00 4.13 2004 1 0 0 2 0 0 1.975 0.00 4.13 2005 1 0 0 2 0 0 1.915 0.00 4.13 2006 1 0 0 3 0 0 1.858 0.00 4.13 2007 1 0 0 2 0 0 1.802 0.00 4.13 2008 1 0 0 2 0 0 1.748 0.00 4.13 2009 1 0 0 2 0 0 1.696 0.00 4.13 2010 1 0 0 2 0 0 1.645 0.00 4.13 2011 1 0 0 2 0 0 1.595 0.00 4.13 2012 1 0 0 2 0 0 1.548 0.00 4.13 2013 1 0 0 2 0 0 1.501 0.00 4.13 2014 1 0 0 2 0 0 1.456 0.00 4.13 2015 1 0 0 2 0 0 1.412 0.00 4.13 2016 1 0 0 1 0 0 1.370 0.00 4.13 2017 1 0 0 2 0 0 1.329 0.00 4.13 SUB-TOTAL 0 0 31 0 0 24.886 0.00 4.13 REMAINDER 0 0 27 0 0 21.643 0.00 4.13 TOTAL 0 0 58 0 0 46.529 0.00 4.13 CUMULATIVE 0 0 575 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 633 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 8,407 0 8,407 0 150 8,257 2004 0 0 8,155 0 8,155 0 145 8,010 2005 0 0 7,910 0 7,910 0 141 7,769 2006 0 0 7,673 0 7,673 0 136 7,537 2007 0 0 7,443 0 7,443 0 133 7,310 2008 0 0 7,219 0 7,219 0 128 7,091 2009 0 0 7,003 0 7,003 0 125 6,878 2010 0 0 6,792 0 6,792 0 121 6,671 2011 0 0 6,589 0 6,589 0 117 6,472 2012 0 0 6,392 0 6,392 0 114 6,278 2013 0 0 6,199 0 6,199 0 110 6,089 2014 0 0 6,014 0 6,014 0 107 5,907 2015 0 0 5,833 0 5,833 0 104 5,729 2016 0 0 5,658 0 5,658 0 101 5,557 2017 0 0 5,488 0 5,488 0 97 5,391 SUB-TOT 0 0 102,775 0 102,775 0 1,829 100,946 REMAIN 0 0 89,385 0 89,385 0 1,591 87,794 TOTAL 0 0 192,160 0 192,160 0 3,420 188,740
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,274 0 0 0 1,274 6,983 6,983 6,649 2004 1,274 0 0 0 1,274 6,736 13,719 5,805 2005 1,274 0 0 0 1,274 6,495 20,214 5,067 2006 1,273 0 0 0 1,273 6,264 26,478 4,424 2007 1,273 0 0 0 1,273 6,037 32,515 3,859 2008 1,272 0 0 0 1,272 5,819 38,334 3,367 2009 1,272 0 0 0 1,272 5,606 43,940 2,937 2010 1,272 0 0 0 1,272 5,399 49,339 2,560 2011 1,271 0 0 0 1,271 5,201 54,540 2,233 2012 1,271 0 0 0 1,271 5,007 59,547 1,945 2013 1,271 0 0 0 1,271 4,818 64,365 1,695 2014 1,270 0 0 0 1,270 4,637 69,002 1,476 2015 1,270 0 0 0 1,270 4,459 73,461 1,285 2016 1,270 0 0 0 1,270 4,287 77,748 1,118 2017 1,269 0 0 0 1,269 4,122 81,870 974 SUBTOT 19,076 0 0 0 19,076 81,870 45,394 REMAIN 29,133 0 0 0 29,133 58,661 140,531 6,137 TOTAL 48,209 0 0 0 48,209 140,531 51,531 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 90 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 10-T17S-R17W PROVED APPL #2 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 107,768 FINAL - 1.000000 0.820313 4.13 10.00% - 82,678 REMARKS - 15.00% - 66,559 20.00% - 55,538 25.00% - 47,602
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 5 0 0 4.083 0.00 4.13 2004 1 0 0 5 0 0 3.756 0.00 4.13 2005 1 0 0 5 0 0 3.456 0.00 4.13 2006 1 0 0 4 0 0 3.179 0.00 4.13 2007 1 0 0 4 0 0 2.925 0.00 4.13 2008 1 0 0 4 0 0 2.691 0.00 4.13 2009 1 0 0 3 0 0 2.476 0.00 4.13 2010 1 0 0 3 0 0 2.277 0.00 4.13 2011 1 0 0 3 0 0 2.095 0.00 4.13 2012 1 0 0 2 0 0 1.928 0.00 4.13 2013 1 0 0 3 0 0 1.773 0.00 4.13 2014 1 0 0 2 0 0 1.632 0.00 4.13 2015 1 0 0 2 0 0 1.501 0.00 4.13 2016 1 0 0 2 0 0 1.381 0.00 4.13 2017 1 0 0 1 0 0 1.270 0.00 4.13 SUB-TOTAL 0 0 48 0 0 36.423 0.00 4.13 REMAINDER 0 0 9 0 0 6.622 0.00 4.13 TOTAL 0 0 57 0 0 43.045 0.00 4.13 CUMULATIVE 0 0 455 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 512 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 16,861 0 16,861 0 300 16,561 2004 0 0 15,512 0 15,512 0 276 15,236 2005 0 0 14,272 0 14,272 0 254 14,018 2006 0 0 13,129 0 13,129 0 234 12,895 2007 0 0 12,079 0 12,079 0 215 11,864 2008 0 0 11,113 0 11,113 0 198 10,915 2009 0 0 10,224 0 10,224 0 182 10,042 2010 0 0 9,406 0 9,406 0 167 9,239 2011 0 0 8,654 0 8,654 0 154 8,500 2012 0 0 7,961 0 7,961 0 142 7,819 2013 0 0 7,324 0 7,324 0 130 7,194 2014 0 0 6,738 0 6,738 0 120 6,618 2015 0 0 6,200 0 6,200 0 111 6,089 2016 0 0 5,703 0 5,703 0 101 5,602 2017 0 0 5,247 0 5,247 0 94 5,153 SUB-TOT 0 0 150,423 0 150,423 0 2,678 147,745 REMAIN 0 0 27,348 0 27,348 0 486 26,862 TOTAL 0 0 177,771 0 177,771 0 3,164 174,607
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,135 0 0 0 1,135 15,426 15,426 14,694 2004 1,132 0 0 0 1,132 14,104 29,530 12,161 2005 1,130 0 0 0 1,130 12,888 42,418 10,059 2006 1,128 0 0 0 1,128 11,767 54,185 8,313 2007 1,126 0 0 0 1,126 10,738 64,923 6,868 2008 1,125 0 0 0 1,125 9,790 74,713 5,668 2009 1,122 0 0 0 1,122 8,920 83,633 4,675 2010 1,122 0 0 0 1,122 8,117 91,750 3,850 2011 1,119 0 0 0 1,119 7,381 99,131 3,170 2012 1,119 0 0 0 1,119 6,700 105,831 2,605 2013 1,117 0 0 0 1,117 6,077 111,908 2,138 2014 1,117 0 0 0 1,117 5,501 117,409 1,752 2015 1,115 0 0 0 1,115 4,974 122,383 1,435 2016 1,114 0 0 0 1,114 4,488 126,871 1,171 2017 1,114 0 0 0 1,114 4,039 130,910 954 SUBTOT 16,835 0 0 0 16,835 130,910 79,513 REMAIN 8,043 0 0 0 8,043 18,819 149,729 3,165 TOTAL 24,878 0 0 0 24,878 149,729 82,678 LIFE OF EVALUATION IS 22.24 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 91 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 36-T17S-R17W PROVED BEAHM #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 282 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 282 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 92 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 15-T17S-R17W PROVED BIEBER #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 53,694 FINAL - 1.000000 0.820313 4.13 10.00% - 42,490 REMARKS - 15.00% - 34,823 20.00% - 29,352 25.00% - 25,299
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 3.216 0.00 4.13 2004 1 0 0 4 0 0 3.056 0.00 4.13 2005 1 0 0 4 0 0 2.903 0.00 4.13 2006 1 0 0 4 0 0 2.758 0.00 4.13 2007 1 0 0 3 0 0 2.620 0.00 4.13 2008 1 0 0 4 0 0 2.489 0.00 4.13 2009 1 0 0 3 0 0 2.364 0.00 4.13 2010 1 0 0 3 0 0 2.246 0.00 4.13 2011 1 0 0 3 0 0 2.134 0.00 4.13 2012 1 0 0 2 0 0 2.027 0.00 4.13 2013 1 0 0 3 0 0 1.926 0.00 4.13 2014 1 0 0 2 0 0 1.830 0.00 4.13 2015 1 0 0 2 0 0 1.738 0.00 4.13 2016 1 0 0 3 0 0 1.651 0.00 4.13 2017 1 0 0 2 0 0 1.569 0.00 4.13 SUB-TOTAL 0 0 46 0 0 34.527 0.00 4.13 REMAINDER 0 0 9 0 0 6.643 0.00 4.13 TOTAL 0 0 55 0 0 41.170 0.00 4.13 CUMULATIVE 0 0 81 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 136 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 13,284 0 13,284 0 236 13,048 2004 0 0 12,620 0 12,620 0 225 12,395 2005 0 0 11,988 0 11,988 0 213 11,775 2006 0 0 11,390 0 11,390 0 203 11,187 2007 0 0 10,820 0 10,820 0 193 10,627 2008 0 0 10,278 0 10,278 0 183 10,095 2009 0 0 9,765 0 9,765 0 174 9,591 2010 0 0 9,277 0 9,277 0 165 9,112 2011 0 0 8,813 0 8,813 0 157 8,656 2012 0 0 8,372 0 8,372 0 149 8,223 2013 0 0 7,954 0 7,954 0 141 7,813 2014 0 0 7,556 0 7,556 0 135 7,421 2015 0 0 7,178 0 7,178 0 127 7,051 2016 0 0 6,819 0 6,819 0 122 6,697 2017 0 0 6,478 0 6,478 0 115 6,363 SUB-TOT 0 0 142,592 0 142,592 0 2,538 140,054 REMAIN 0 0 27,437 0 27,437 0 489 26,948 TOTAL 0 0 170,029 0 170,029 0 3,027 167,002
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,836 0 0 0 4,836 8,212 8,212 7,822 2004 4,835 0 0 0 4,835 7,560 15,772 6,518 2005 4,834 0 0 0 4,834 6,941 22,713 5,417 2006 4,833 0 0 0 4,833 6,354 29,067 4,489 2007 4,832 0 0 0 4,832 5,795 34,862 3,707 2008 4,831 0 0 0 4,831 5,264 40,126 3,047 2009 4,830 0 0 0 4,830 4,761 44,887 2,496 2010 4,829 0 0 0 4,829 4,283 49,170 2,032 2011 4,828 0 0 0 4,828 3,828 52,998 1,644 2012 4,827 0 0 0 4,827 3,396 56,394 1,320 2013 4,827 0 0 0 4,827 2,986 59,380 1,052 2014 4,825 0 0 0 4,825 2,596 61,976 827 2015 4,825 0 0 0 4,825 2,226 64,202 642 2016 4,825 0 0 0 4,825 1,872 66,074 489 2017 4,824 0 0 0 4,824 1,539 67,613 364 SUBTOT 72,441 0 0 0 72,441 67,613 41,866 REMAIN 23,709 0 0 0 23,709 3,239 70,852 624 TOTAL 96,150 0 0 0 96,150 70,852 42,490 LIFE OF EVALUATION IS 19.92 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 93 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 15-T17S-R17W PROVED BIEBER -A- #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 126,598 FINAL - 1.000000 0.820313 4.13 10.00% - 86,720 REMARKS - 15.00% - 65,444 20.00% - 52,471 25.00% - 43,788
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 5 0 0 3.552 0.00 4.13 2004 1 0 0 4 0 0 3.410 0.00 4.13 2005 1 0 0 5 0 0 3.274 0.00 4.13 2006 1 0 0 4 0 0 3.143 0.00 4.13 2007 1 0 0 4 0 0 3.017 0.00 4.13 2008 1 0 0 4 0 0 2.896 0.00 4.13 2009 1 0 0 3 0 0 2.780 0.00 4.13 2010 1 0 0 4 0 0 2.669 0.00 4.13 2011 1 0 0 3 0 0 2.562 0.00 4.13 2012 1 0 0 3 0 0 2.460 0.00 4.13 2013 1 0 0 4 0 0 2.362 0.00 4.13 2014 1 0 0 3 0 0 2.267 0.00 4.13 2015 1 0 0 2 0 0 2.176 0.00 4.13 2016 1 0 0 3 0 0 2.089 0.00 4.13 2017 1 0 0 3 0 0 2.006 0.00 4.13 SUB-TOTAL 0 0 54 0 0 40.663 0.00 4.13 REMAINDER 0 0 39 0 0 29.313 0.00 4.13 TOTAL 0 0 93 0 0 69.976 0.00 4.13 CUMULATIVE 0 0 80 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 173 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 14,670 0 14,670 0 261 14,409 2004 0 0 14,083 0 14,083 0 251 13,832 2005 0 0 13,520 0 13,520 0 240 13,280 2006 0 0 12,979 0 12,979 0 231 12,748 2007 0 0 12,460 0 12,460 0 222 12,238 2008 0 0 11,961 0 11,961 0 213 11,748 2009 0 0 11,483 0 11,483 0 205 11,278 2010 0 0 11,024 0 11,024 0 196 10,828 2011 0 0 10,583 0 10,583 0 188 10,395 2012 0 0 10,159 0 10,159 0 181 9,978 2013 0 0 9,753 0 9,753 0 174 9,579 2014 0 0 9,363 0 9,363 0 166 9,197 2015 0 0 8,989 0 8,989 0 160 8,829 2016 0 0 8,628 0 8,628 0 154 8,474 2017 0 0 8,284 0 8,284 0 147 8,137 SUB-TOT 0 0 167,939 0 167,939 0 2,989 164,950 REMAIN 0 0 121,064 0 121,064 0 2,155 118,909 TOTAL 0 0 289,003 0 289,003 0 5,144 283,859
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,791 0 0 0 1,791 12,618 12,618 12,015 2004 1,790 0 0 0 1,790 12,042 24,660 10,379 2005 1,788 0 0 0 1,788 11,492 36,152 8,966 2006 1,788 0 0 0 1,788 10,960 47,112 7,741 2007 1,787 0 0 0 1,787 10,451 57,563 6,682 2008 1,786 0 0 0 1,786 9,962 67,525 5,765 2009 1,785 0 0 0 1,785 9,493 77,018 4,973 2010 1,784 0 0 0 1,784 9,044 86,062 4,289 2011 1,783 0 0 0 1,783 8,612 94,674 3,697 2012 1,783 0 0 0 1,783 8,195 102,869 3,185 2013 1,782 0 0 0 1,782 7,797 110,666 2,742 2014 1,781 0 0 0 1,781 7,416 118,082 2,362 2015 1,780 0 0 0 1,780 7,049 125,131 2,031 2016 1,780 0 0 0 1,780 6,694 131,825 1,747 2017 1,779 0 0 0 1,779 6,358 138,183 1,501 SUBTOT 26,767 0 0 0 26,767 138,183 78,075 REMAIN 40,794 0 0 0 40,794 78,115 216,298 8,645 TOTAL 67,561 0 0 0 67,561 216,298 86,720 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 94 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 34-T17S-R16W PROVED BRACK -A- #3 (GRANITE WASH) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 813 FINAL - 1.000000 0.875000 4.13 10.00% - 775 REMARKS - 15.00% - 739 20.00% - 706 25.00% - 675
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 1 0 0 0.478 0.00 4.13 2004 1 0 0 0 0 0 0.430 0.00 4.13 2005 1 0 0 1 0 0 0.387 0.00 4.13 2006 1 0 0 0 0 0 0.052 0.00 4.13 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 2 0 0 1.347 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 2 0 0 1.347 0.00 4.13 CUMULATIVE 0 0 30 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 32 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 1,974 0 1,974 0 35 1,939 2004 0 0 1,777 0 1,777 0 32 1,745 2005 0 0 1,599 0 1,599 0 28 1,571 2006 0 0 216 0 216 0 4 212 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 5,566 0 5,566 0 99 5,467 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 5,566 0 5,566 0 99 5,467
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,467 0 0 0 1,467 472 472 451 2004 1,467 0 0 0 1,467 278 750 241 2005 1,467 0 0 0 1,467 104 854 82 2006 210 0 0 0 210 2 856 1 2007 0 0 0 0 0 0 856 0 2008 0 0 0 0 0 0 856 0 2009 0 0 0 0 0 0 856 0 2010 0 0 0 0 0 0 856 0 2011 0 0 0 0 0 0 856 0 2012 0 0 0 0 0 0 856 0 2013 0 0 0 0 0 0 856 0 2014 0 0 0 0 0 0 856 0 2015 0 0 0 0 0 0 856 0 2016 0 0 0 0 0 0 856 0 2017 0 0 0 0 0 0 856 0 SUBTOT 4,611 0 0 0 4,611 856 775 REMAIN 0 0 0 0 0 0 856 0 TOTAL 4,611 0 0 0 4,611 856 775 LIFE OF EVALUATION IS 3.14 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 95 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 7-T16S-R17W PROVED BREIT #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 49,822 FINAL - 1.000000 0.875000 4.13 10.00% - 32,846 REMARKS - 15.00% - 24,236 20.00% - 19,164 25.00% - 15,846
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 2 0 0 1.334 0.00 4.13 2004 1 0 0 1 0 0 1.298 0.00 4.13 2005 1 0 0 2 0 0 1.263 0.00 4.13 2006 1 0 0 1 0 0 1.228 0.00 4.13 2007 1 0 0 2 0 0 1.195 0.00 4.13 2008 1 0 0 1 0 0 1.163 0.00 4.13 2009 1 0 0 2 0 0 1.131 0.00 4.13 2010 1 0 0 1 0 0 1.100 0.00 4.13 2011 1 0 0 1 0 0 1.070 0.00 4.13 2012 1 0 0 2 0 0 1.041 0.00 4.13 2013 1 0 0 1 0 0 1.013 0.00 4.13 2014 1 0 0 1 0 0 0.985 0.00 4.13 2015 1 0 0 1 0 0 0.958 0.00 4.13 2016 1 0 0 2 0 0 0.932 0.00 4.13 2017 1 0 0 1 0 0 0.907 0.00 4.13 SUB-TOTAL 0 0 21 0 0 16.618 0.00 4.13 REMAINDER 0 0 19 0 0 15.233 0.00 4.13 TOTAL 0 0 40 0 0 31.851 0.00 4.13 CUMULATIVE 23 0 33 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 23 0 73 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 5,511 0 5,511 0 98 5,413 2004 0 0 5,361 0 5,361 0 96 5,265 2005 0 0 5,215 0 5,215 0 92 5,123 2006 0 0 5,073 0 5,073 0 91 4,982 2007 0 0 4,935 0 4,935 0 87 4,848 2008 0 0 4,801 0 4,801 0 86 4,715 2009 0 0 4,671 0 4,671 0 83 4,588 2010 0 0 4,544 0 4,544 0 81 4,463 2011 0 0 4,420 0 4,420 0 79 4,341 2012 0 0 4,300 0 4,300 0 76 4,224 2013 0 0 4,183 0 4,183 0 75 4,108 2014 0 0 4,069 0 4,069 0 72 3,997 2015 0 0 3,959 0 3,959 0 71 3,888 2016 0 0 3,850 0 3,850 0 68 3,782 2017 0 0 3,747 0 3,747 0 67 3,680 SUB-TOT 0 0 68,639 0 68,639 0 1,222 67,417 REMAIN 0 0 62,913 0 62,913 0 1,120 61,793 TOTAL 0 0 131,552 0 131,552 0 2,342 129,210
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,017 0 0 0 1,017 4,396 4,396 4,185 2004 1,018 0 0 0 1,018 4,247 8,643 3,661 2005 1,017 0 0 0 1,017 4,106 12,749 3,203 2006 1,016 0 0 0 1,016 3,966 16,715 2,801 2007 1,017 0 0 0 1,017 3,831 20,546 2,449 2008 1,016 0 0 0 1,016 3,699 24,245 2,140 2009 1,016 0 0 0 1,016 3,572 27,817 1,871 2010 1,016 0 0 0 1,016 3,447 31,264 1,635 2011 1,015 0 0 0 1,015 3,326 34,590 1,427 2012 1,016 0 0 0 1,016 3,208 37,798 1,247 2013 1,015 0 0 0 1,015 3,093 40,891 1,088 2014 1,015 0 0 0 1,015 2,982 43,873 949 2015 1,015 0 0 0 1,015 2,873 46,746 828 2016 1,014 0 0 0 1,014 2,768 49,514 722 2017 1,015 0 0 0 1,015 2,665 52,179 629 SUBTOT 15,238 0 0 0 15,238 52,179 28,835 REMAIN 23,280 0 0 0 23,280 38,513 90,692 4,011 TOTAL 38,518 0 0 0 38,518 90,692 32,846 LIFE OF EVALUATION IS 37.99 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 96 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 7-T16S-R17W PROVED BREIT-HOLZMEISTER -B- (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.861328 27.29 5.00% - 32,684 FINAL - 1.000000 0.861328 27.29 10.00% - 27,481 REMARKS - 15.00% - 23,435 20.00% - 20,251 25.00% - 17,713
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 282 0 0 243 0 0.000 27.29 0.00 2004 1 271 0 0 233 0 0.000 27.29 0.00 2005 1 260 0 0 224 0 0.000 27.29 0.00 2006 1 250 0 0 215 0 0.000 27.29 0.00 2007 1 240 0 0 207 0 0.000 27.29 0.00 2008 1 230 0 0 198 0 0.000 27.29 0.00 2009 1 221 0 0 190 0 0.000 27.29 0.00 2010 1 212 0 0 183 0 0.000 27.29 0.00 2011 1 86 0 0 74 0 0.000 27.29 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 2,052 0 0 1,767 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 2,052 0 0 1,767 0 0.000 27.29 0.00 CUMULATIVE 14,236 0 0 ULTIMATE 16,288 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 6,633 0 0 0 6,633 40 0 6,593 2004 6,368 0 0 0 6,368 39 0 6,329 2005 6,114 0 0 0 6,114 38 0 6,076 2006 5,868 0 0 0 5,868 35 0 5,833 2007 5,634 0 0 0 5,634 35 0 5,599 2008 5,409 0 0 0 5,409 33 0 5,376 2009 5,192 0 0 0 5,192 31 0 5,161 2010 4,985 0 0 0 4,985 31 0 4,954 2011 2,031 0 0 0 2,031 12 0 2,019 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 48,234 0 0 0 48,234 294 0 47,940 REMAIN 0 0 0 0 0 0 0 0 TOTAL 48,234 0 0 0 48,234 294 0 47,940
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,008 0 0 0 1,008 5,585 5,585 5,318 2004 1,008 0 0 0 1,008 5,321 10,906 4,586 2005 1,008 0 0 0 1,008 5,068 15,974 3,955 2006 1,008 0 0 0 1,008 4,825 20,799 3,407 2007 1,008 0 0 0 1,008 4,591 25,390 2,936 2008 1,008 0 0 0 1,008 4,368 29,758 2,528 2009 1,008 0 0 0 1,008 4,153 33,911 2,175 2010 1,008 0 0 0 1,008 3,946 37,857 1,872 2011 423 0 0 0 423 1,596 39,453 704 2012 0 0 0 0 0 0 39,453 0 2013 0 0 0 0 0 0 39,453 0 2014 0 0 0 0 0 0 39,453 0 2015 0 0 0 0 0 0 39,453 0 2016 0 0 0 0 0 0 39,453 0 2017 0 0 0 0 0 0 39,453 0 SUBTOT 8,487 0 0 0 8,487 39,453 27,481 REMAIN 0 0 0 0 0 0 39,453 0 TOTAL 8,487 0 0 0 8,487 39,453 27,481 LIFE OF EVALUATION IS 8.42 YEARS. FINAL PRODUCTION RATE: 17 BBLS/MO
TENGASCO, INC. TABLE 97 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 8-T17S-R16W PROVED DECKER -A- #1 (SHAWNEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.868164 4.13 5.00% - 354,306 FINAL - 1.000000 0.868164 4.13 10.00% - 248,657 REMARKS - 15.00% - 187,575 20.00% - 149,344 25.00% - 123,709
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 12 0 0 9.234 0.00 4.13 2004 1 0 0 11 0 0 8.957 0.00 4.13 2005 1 0 0 11 0 0 8.688 0.00 4.13 2006 1 0 0 10 0 0 8.427 0.00 4.13 2007 1 0 0 10 0 0 8.175 0.00 4.13 2008 1 0 0 10 0 0 7.929 0.00 4.13 2009 1 0 0 10 0 0 7.691 0.00 4.13 2010 1 0 0 9 0 0 7.461 0.00 4.13 2011 1 0 0 9 0 0 7.237 0.00 4.13 2012 1 0 0 9 0 0 7.020 0.00 4.13 2013 1 0 0 9 0 0 6.809 0.00 4.13 2014 1 0 0 8 0 0 6.605 0.00 4.13 2015 1 0 0 8 0 0 6.407 0.00 4.13 2016 1 0 0 8 0 0 6.215 0.00 4.13 2017 1 0 0 7 0 0 6.028 0.00 4.13 SUB-TOTAL 0 0 141 0 0 112.883 0.00 4.13 REMAINDER 0 0 52 0 0 41.498 0.00 4.13 TOTAL 0 0 193 0 0 154.381 0.00 4.13 CUMULATIVE 0 0 553 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 746 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 38,135 0 38,135 0 679 37,456 2004 0 0 36,992 0 36,992 0 658 36,334 2005 0 0 35,882 0 35,882 0 639 35,243 2006 0 0 34,805 0 34,805 0 619 34,186 2007 0 0 33,761 0 33,761 0 601 33,160 2008 0 0 32,748 0 32,748 0 583 32,165 2009 0 0 31,766 0 31,766 0 566 31,200 2010 0 0 30,813 0 30,813 0 548 30,265 2011 0 0 29,888 0 29,888 0 532 29,356 2012 0 0 28,992 0 28,992 0 516 28,476 2013 0 0 28,122 0 28,122 0 501 27,621 2014 0 0 27,278 0 27,278 0 485 26,793 2015 0 0 26,460 0 26,460 0 471 25,989 2016 0 0 25,666 0 25,666 0 457 25,209 2017 0 0 24,897 0 24,897 0 443 24,454 SUB-TOT 0 0 466,205 0 466,205 0 8,298 457,907 REMAIN 0 0 171,388 0 171,388 0 3,051 168,337 TOTAL 0 0 637,593 0 637,593 0 11,349 626,244
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,210 0 0 0 3,210 34,246 34,246 32,605 2004 3,208 0 0 0 3,208 33,126 67,372 28,549 2005 3,206 0 0 0 3,206 32,037 99,409 24,993 2006 3,204 0 0 0 3,204 30,982 130,391 21,880 2007 3,202 0 0 0 3,202 29,958 160,349 19,151 2008 3,201 0 0 0 3,201 28,964 189,313 16,760 2009 3,199 0 0 0 3,199 28,001 217,314 14,667 2010 3,197 0 0 0 3,197 27,068 244,382 12,835 2011 3,196 0 0 0 3,196 26,160 270,542 11,228 2012 3,194 0 0 0 3,194 25,282 295,824 9,823 2013 3,192 0 0 0 3,192 24,429 320,253 8,592 2014 3,191 0 0 0 3,191 23,602 343,855 7,514 2015 3,190 0 0 0 3,190 22,799 366,654 6,571 2016 3,189 0 0 0 3,189 22,020 388,674 5,744 2017 3,187 0 0 0 3,187 21,267 409,941 5,022 SUBTOT 47,966 0 0 0 47,966 409,941 225,934 REMAIN 25,008 0 0 0 25,008 143,329 553,270 22,723 TOTAL 72,974 0 0 0 72,974 553,270 248,657 LIFE OF EVALUATION IS 22.86 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 98 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 35-T16S-R17W PROVED EDWARDS #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 54,867 FINAL - 1.000000 0.875000 4.13 10.00% - 44,602 REMARKS - 15.00% - 37,352 20.00% - 32,031 25.00% - 27,994
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 2.819 0.00 4.13 2004 1 0 0 3 0 0 2.537 0.00 4.13 2005 1 0 0 2 0 0 2.283 0.00 4.13 2006 1 0 0 3 0 0 2.055 0.00 4.13 2007 1 0 0 2 0 0 1.850 0.00 4.13 2008 1 0 0 2 0 0 1.665 0.00 4.13 2009 1 0 0 2 0 0 1.498 0.00 4.13 2010 1 0 0 2 0 0 1.348 0.00 4.13 2011 1 0 0 1 0 0 1.214 0.00 4.13 2012 1 0 0 2 0 0 1.092 0.00 4.13 2013 1 0 0 1 0 0 0.983 0.00 4.13 2014 1 0 0 1 0 0 0.885 0.00 4.13 2015 1 0 0 1 0 0 0.796 0.00 4.13 2016 1 0 0 1 0 0 0.717 0.00 4.13 2017 1 0 0 1 0 0 0.645 0.00 4.13 SUB-TOTAL 0 0 28 0 0 22.387 0.00 4.13 REMAINDER 0 0 3 0 0 2.254 0.00 4.13 TOTAL 0 0 31 0 0 24.641 0.00 4.13 CUMULATIVE 0 0 94 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 125 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 11,643 0 11,643 0 207 11,436 2004 0 0 10,478 0 10,478 0 187 10,291 2005 0 0 9,431 0 9,431 0 168 9,263 2006 0 0 8,487 0 8,487 0 151 8,336 2007 0 0 7,639 0 7,639 0 136 7,503 2008 0 0 6,875 0 6,875 0 122 6,753 2009 0 0 6,187 0 6,187 0 110 6,077 2010 0 0 5,569 0 5,569 0 99 5,470 2011 0 0 5,012 0 5,012 0 90 4,922 2012 0 0 4,510 0 4,510 0 80 4,430 2013 0 0 4,060 0 4,060 0 72 3,988 2014 0 0 3,653 0 3,653 0 65 3,588 2015 0 0 3,288 0 3,288 0 59 3,229 2016 0 0 2,960 0 2,960 0 52 2,908 2017 0 0 2,663 0 2,663 0 48 2,615 SUB-TOT 0 0 92,455 0 92,455 0 1,646 90,809 REMAIN 0 0 9,311 0 9,311 0 165 9,146 TOTAL 0 0 101,766 0 101,766 0 1,811 99,955
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,532 0 0 0 1,532 9,904 9,904 9,436 2004 1,530 0 0 0 1,530 8,761 18,665 7,556 2005 1,528 0 0 0 1,528 7,735 26,400 6,039 2006 1,527 0 0 0 1,527 6,809 33,209 4,813 2007 1,525 0 0 0 1,525 5,978 39,187 3,824 2008 1,524 0 0 0 1,524 5,229 44,416 3,029 2009 1,522 0 0 0 1,522 4,555 48,971 2,388 2010 1,522 0 0 0 1,522 3,948 52,919 1,873 2011 1,520 0 0 0 1,520 3,402 56,321 1,462 2012 1,520 0 0 0 1,520 2,910 59,231 1,132 2013 1,519 0 0 0 1,519 2,469 61,700 869 2014 1,518 0 0 0 1,518 2,070 63,770 660 2015 1,518 0 0 0 1,518 1,711 65,481 494 2016 1,517 0 0 0 1,517 1,391 66,872 363 2017 1,517 0 0 0 1,517 1,098 67,970 260 SUBTOT 22,839 0 0 0 22,839 67,970 44,198 REMAIN 7,071 0 0 0 7,071 2,075 70,045 404 TOTAL 29,910 0 0 0 29,910 70,045 44,602 LIFE OF EVALUATION IS 19.67 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 99 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 19-T17S-R16W PROVED ELDER #19 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 56 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 56 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 100 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 25-T17S-R17W PROVED FOOS #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 175,318 FINAL - 1.000000 0.820313 4.13 10.00% - 127,321 REMARKS - 15.00% - 99,164 20.00% - 80,996 25.00% - 68,404
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 8 0 0 6.137 0.00 4.13 2004 1 0 0 8 0 0 5.830 0.00 4.13 2005 1 0 0 7 0 0 5.539 0.00 4.13 2006 1 0 0 7 0 0 5.262 0.00 4.13 2007 1 0 0 7 0 0 4.999 0.00 4.13 2008 1 0 0 6 0 0 4.749 0.00 4.13 2009 1 0 0 6 0 0 4.511 0.00 4.13 2010 1 0 0 6 0 0 4.286 0.00 4.13 2011 1 0 0 5 0 0 4.071 0.00 4.13 2012 1 0 0 5 0 0 3.868 0.00 4.13 2013 1 0 0 5 0 0 3.674 0.00 4.13 2014 1 0 0 5 0 0 3.491 0.00 4.13 2015 1 0 0 4 0 0 3.316 0.00 4.13 2016 1 0 0 4 0 0 3.150 0.00 4.13 2017 1 0 0 4 0 0 2.993 0.00 4.13 SUB-TOTAL 0 0 87 0 0 65.876 0.00 4.13 REMAINDER 0 0 49 0 0 36.738 0.00 4.13 TOTAL 0 0 136 0 0 102.614 0.00 4.13 CUMULATIVE 0 0 108 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 244 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 25,345 0 25,345 0 451 24,894 2004 0 0 24,079 0 24,079 0 429 23,650 2005 0 0 22,874 0 22,874 0 407 22,467 2006 0 0 21,730 0 21,730 0 387 21,343 2007 0 0 20,644 0 20,644 0 367 20,277 2008 0 0 19,612 0 19,612 0 349 19,263 2009 0 0 18,631 0 18,631 0 332 18,299 2010 0 0 17,700 0 17,700 0 315 17,385 2011 0 0 16,815 0 16,815 0 299 16,516 2012 0 0 15,973 0 15,973 0 285 15,688 2013 0 0 15,176 0 15,176 0 270 14,906 2014 0 0 14,416 0 14,416 0 256 14,160 2015 0 0 13,696 0 13,696 0 244 13,452 2016 0 0 13,011 0 13,011 0 232 12,779 2017 0 0 12,360 0 12,360 0 220 12,140 SUB-TOT 0 0 272,062 0 272,062 0 4,843 267,219 REMAIN 0 0 151,730 0 151,730 0 2,700 149,030 TOTAL 0 0 423,792 0 423,792 0 7,543 416,249
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,234 0 0 0 4,234 20,660 20,660 19,675 2004 4,232 0 0 0 4,232 19,418 40,078 16,739 2005 4,230 0 0 0 4,230 18,237 58,315 14,230 2006 4,228 0 0 0 4,228 17,115 75,430 12,090 2007 4,226 0 0 0 4,226 16,051 91,481 10,263 2008 4,224 0 0 0 4,224 15,039 106,520 8,705 2009 4,222 0 0 0 4,222 14,077 120,597 7,376 2010 4,220 0 0 0 4,220 13,165 133,762 6,244 2011 4,219 0 0 0 4,219 12,297 146,059 5,280 2012 4,217 0 0 0 4,217 11,471 157,530 4,458 2013 4,216 0 0 0 4,216 10,690 168,220 3,761 2014 4,214 0 0 0 4,214 9,946 178,166 3,167 2015 4,213 0 0 0 4,213 9,239 187,405 2,664 2016 4,212 0 0 0 4,212 8,567 195,972 2,236 2017 4,211 0 0 0 4,211 7,929 203,901 1,873 SUBTOT 63,318 0 0 0 63,318 203,901 118,761 REMAIN 85,084 0 0 0 85,084 63,946 267,847 8,560 TOTAL 148,402 0 0 0 148,402 267,847 127,321 LIFE OF EVALUATION IS 35.25 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 101 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 22-T17S-R17W PROVED FOOS -A- #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 21,431 FINAL - 1.000000 0.820313 4.13 10.00% - 18,096 REMARKS - 15.00% - 15,549 20.00% - 13,567 25.00% - 11,995
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.299 0.00 4.13 2004 1 0 0 3 0 0 2.184 0.00 4.13 2005 1 0 0 3 0 0 2.075 0.00 4.13 2006 1 0 0 2 0 0 1.971 0.00 4.13 2007 1 0 0 3 0 0 1.873 0.00 4.13 2008 1 0 0 2 0 0 1.779 0.00 4.13 2009 1 0 0 2 0 0 1.690 0.00 4.13 2010 1 0 0 3 0 0 1.606 0.00 4.13 2011 1 0 0 2 0 0 1.525 0.00 4.13 2012 1 0 0 1 0 0 1.449 0.00 4.13 2013 1 0 0 2 0 0 1.377 0.00 4.13 2014 1 0 0 2 0 0 1.308 0.00 4.13 2015 1 0 0 1 0 0 0.835 0.00 4.13 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 29 0 0 21.971 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 29 0 0 21.971 0.00 4.13 CUMULATIVE 0 0 446 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 475 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 9,497 0 9,497 0 169 9,328 2004 0 0 9,021 0 9,021 0 161 8,860 2005 0 0 8,571 0 8,571 0 152 8,419 2006 0 0 8,142 0 8,142 0 145 7,997 2007 0 0 7,735 0 7,735 0 138 7,597 2008 0 0 7,348 0 7,348 0 131 7,217 2009 0 0 6,981 0 6,981 0 124 6,857 2010 0 0 6,632 0 6,632 0 118 6,514 2011 0 0 6,300 0 6,300 0 112 6,188 2012 0 0 5,985 0 5,985 0 107 5,878 2013 0 0 5,686 0 5,686 0 101 5,585 2014 0 0 5,402 0 5,402 0 96 5,306 2015 0 0 3,450 0 3,450 0 61 3,389 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 90,750 0 90,750 0 1,615 89,135 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 90,750 0 90,750 0 1,615 89,135
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,997 0 0 0 4,997 4,331 4,331 4,126 2004 4,997 0 0 0 4,997 3,863 8,194 3,332 2005 4,996 0 0 0 4,996 3,423 11,617 2,672 2006 4,994 0 0 0 4,994 3,003 14,620 2,123 2007 4,995 0 0 0 4,995 2,602 17,222 1,664 2008 4,993 0 0 0 4,993 2,224 19,446 1,289 2009 4,993 0 0 0 4,993 1,864 21,310 978 2010 4,992 0 0 0 4,992 1,522 22,832 722 2011 4,991 0 0 0 4,991 1,197 24,029 515 2012 4,991 0 0 0 4,991 887 24,916 346 2013 4,991 0 0 0 4,991 594 25,510 209 2014 4,990 0 0 0 4,990 316 25,826 102 2015 3,326 0 0 0 3,326 63 25,889 18 2016 0 0 0 0 0 0 25,889 0 2017 0 0 0 0 0 0 25,889 0 SUBTOT 63,246 0 0 0 63,246 25,889 18,096 REMAIN 0 0 0 0 0 0 25,889 0 TOTAL 63,246 0 0 0 63,246 25,889 18,096 LIFE OF EVALUATION IS 12.67 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 102 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 4-T17S-R17W PROVED FRYE #2 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 1,392 FINAL - 1.000000 0.875000 4.13 10.00% - 1,252 REMARKS - 15.00% - 1,133 20.00% - 1,032 25.00% - 946
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 0 0 0 0.238 0.00 4.13 2004 1 0 0 1 0 0 0.219 0.00 4.13 2005 1 0 0 0 0 0 0.202 0.00 4.13 2006 1 0 0 0 0 0 0.186 0.00 4.13 2007 1 0 0 0 0 0 0.171 0.00 4.13 2008 1 0 0 0 0 0 0.157 0.00 4.13 2009 1 0 0 1 0 0 0.145 0.00 4.13 2010 1 0 0 0 0 0 0.068 0.00 4.13 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 2 0 0 1.386 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 2 0 0 1.386 0.00 4.13 CUMULATIVE 0 0 13 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 15 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 985 0 985 0 18 967 2004 0 0 905 0 905 0 16 889 2005 0 0 834 0 834 0 14 820 2006 0 0 766 0 766 0 14 752 2007 0 0 705 0 705 0 13 692 2008 0 0 649 0 649 0 11 638 2009 0 0 597 0 597 0 11 586 2010 0 0 281 0 281 0 5 276 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 5,722 0 5,722 0 102 5,620 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 5,722 0 5,722 0 102 5,620
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 542 0 0 0 542 425 425 405 2004 541 0 0 0 541 348 773 301 2005 542 0 0 0 542 278 1,051 217 2006 541 0 0 0 541 211 1,262 149 2007 541 0 0 0 541 151 1,413 97 2008 541 0 0 0 541 97 1,510 56 2009 541 0 0 0 541 45 1,555 24 2010 271 0 0 0 271 5 1,560 3 2011 0 0 0 0 0 0 1,560 0 2012 0 0 0 0 0 0 1,560 0 2013 0 0 0 0 0 0 1,560 0 2014 0 0 0 0 0 0 1,560 0 2015 0 0 0 0 0 0 1,560 0 2016 0 0 0 0 0 0 1,560 0 2017 0 0 0 0 0 0 1,560 0 SUBTOT 4,060 0 0 0 4,060 1,560 1,252 REMAIN 0 0 0 0 0 0 1,560 0 TOTAL 4,060 0 0 0 4,060 1,560 1,252 LIFE OF EVALUATION IS 7.50 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 103 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 19-T17S-R16W PROVED GIESICK #1 (KANSAS CITY) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 219,977 FINAL - 1.000000 0.875000 4.13 10.00% - 187,422 REMARKS - 15.00% - 162,460 20.00% - 142,917 25.00% - 127,321
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 19 0 0 15.021 0.00 4.13 2004 1 0 0 16 0 0 13.218 0.00 4.13 2005 1 0 0 15 0 0 11.632 0.00 4.13 2006 1 0 0 12 0 0 10.236 0.00 4.13 2007 1 0 0 11 0 0 9.008 0.00 4.13 2008 1 0 0 10 0 0 7.927 0.00 4.13 2009 1 0 0 9 0 0 6.976 0.00 4.13 2010 1 0 0 8 0 0 6.139 0.00 4.13 2011 1 0 0 6 0 0 5.402 0.00 4.13 2012 1 0 0 6 0 0 4.754 0.00 4.13 2013 1 0 0 5 0 0 4.183 0.00 4.13 2014 1 0 0 5 0 0 3.681 0.00 4.13 2015 1 0 0 4 0 0 3.240 0.00 4.13 2016 1 0 0 2 0 0 1.941 0.00 4.13 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 103.358 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 103.358 0.00 4.13 CUMULATIVE 0 0 880 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 1,008 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 62,037 0 62,037 0 1,104 60,933 2004 0 0 54,592 0 54,592 0 972 53,620 2005 0 0 48,041 0 48,041 0 855 47,186 2006 0 0 42,276 0 42,276 0 753 41,523 2007 0 0 37,203 0 37,203 0 662 36,541 2008 0 0 32,739 0 32,739 0 583 32,156 2009 0 0 28,810 0 28,810 0 512 28,298 2010 0 0 25,353 0 25,353 0 452 24,901 2011 0 0 22,310 0 22,310 0 397 21,913 2012 0 0 19,633 0 19,633 0 349 19,284 2013 0 0 17,278 0 17,278 0 308 16,970 2014 0 0 15,204 0 15,204 0 270 14,934 2015 0 0 13,379 0 13,379 0 239 13,140 2016 0 0 8,015 0 8,015 0 142 7,873 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 426,870 0 426,870 0 7,598 419,272 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 426,870 0 426,870 0 7,598 419,272
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 11,458 0 0 0 11,458 49,475 49,475 47,152 2004 11,446 0 0 0 11,446 42,174 91,649 36,386 2005 11,434 0 0 0 11,434 35,752 127,401 27,922 2006 11,425 0 0 0 11,425 30,098 157,499 21,280 2007 11,416 0 0 0 11,416 25,125 182,624 16,082 2008 11,408 0 0 0 11,408 20,748 203,372 12,022 2009 11,401 0 0 0 11,401 16,897 220,269 8,864 2010 11,396 0 0 0 11,396 13,505 233,774 6,414 2011 11,390 0 0 0 11,390 10,523 244,297 4,526 2012 11,385 0 0 0 11,385 7,899 252,196 3,076 2013 11,382 0 0 0 11,382 5,588 257,784 1,971 2014 11,378 0 0 0 11,378 3,556 261,340 1,136 2015 11,375 0 0 0 11,375 1,765 263,105 513 2016 7,582 0 0 0 7,582 291 263,396 78 2017 0 0 0 0 0 0 263,396 0 SUBTOT 155,876 0 0 0 155,876 263,396 187,422 REMAIN 0 0 0 0 0 0 263,396 0 TOTAL 155,876 0 0 0 155,876 263,396 187,422 LIFE OF EVALUATION IS 13.67 YEARS. FINAL PRODUCTION RATE: 0.3 MMCF/MO
TENGASCO, INC. TABLE 104 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 24-T17S-R17W PROVED GILLIG #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 111,660 FINAL - 1.000000 0.875000 4.13 10.00% - 76,090 REMARKS - 15.00% - 57,347 20.00% - 45,982 25.00% - 38,390
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.808 0.00 4.13 2004 1 0 0 4 0 0 2.676 0.00 4.13 2005 1 0 0 3 0 0 2.551 0.00 4.13 2006 1 0 0 3 0 0 2.431 0.00 4.13 2007 1 0 0 3 0 0 2.317 0.00 4.13 2008 1 0 0 3 0 0 2.208 0.00 4.13 2009 1 0 0 2 0 0 2.104 0.00 4.13 2010 1 0 0 3 0 0 2.005 0.00 4.13 2011 1 0 0 2 0 0 1.911 0.00 4.13 2012 1 0 0 2 0 0 1.821 0.00 4.13 2013 1 0 0 3 0 0 1.735 0.00 4.13 2014 1 0 0 2 0 0 1.654 0.00 4.13 2015 1 0 0 2 0 0 1.576 0.00 4.13 2016 1 0 0 1 0 0 1.502 0.00 4.13 2017 1 0 0 2 0 0 1.431 0.00 4.13 SUB-TOTAL 0 0 38 0 0 30.730 0.00 4.13 REMAINDER 0 0 24 0 0 19.432 0.00 4.13 TOTAL 0 0 62 0 0 50.162 0.00 4.13 CUMULATIVE 0 0 321 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 383 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 11,599 0 11,599 0 206 11,393 2004 0 0 11,053 0 11,053 0 197 10,856 2005 0 0 10,534 0 10,534 0 188 10,346 2006 0 0 10,039 0 10,039 0 178 9,861 2007 0 0 9,568 0 9,568 0 171 9,397 2008 0 0 9,117 0 9,117 0 162 8,955 2009 0 0 8,689 0 8,689 0 155 8,534 2010 0 0 8,281 0 8,281 0 147 8,134 2011 0 0 7,891 0 7,891 0 141 7,750 2012 0 0 7,521 0 7,521 0 133 7,388 2013 0 0 7,167 0 7,167 0 128 7,039 2014 0 0 6,830 0 6,830 0 122 6,708 2015 0 0 6,509 0 6,509 0 115 6,394 2016 0 0 6,203 0 6,203 0 111 6,092 2017 0 0 5,912 0 5,912 0 105 5,807 SUB-TOT 0 0 126,913 0 126,913 0 2,259 124,654 REMAIN 0 0 80,255 0 80,255 0 1,429 78,826 TOTAL 0 0 207,168 0 207,168 0 3,688 203,480
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 272 0 0 0 272 11,121 11,121 10,589 2004 271 0 0 0 271 10,585 21,706 9,124 2005 270 0 0 0 270 10,076 31,782 7,862 2006 269 0 0 0 269 9,592 41,374 6,775 2007 269 0 0 0 269 9,128 50,502 5,836 2008 267 0 0 0 267 8,688 59,190 5,028 2009 267 0 0 0 267 8,267 67,457 4,331 2010 266 0 0 0 266 7,868 75,325 3,731 2011 266 0 0 0 266 7,484 82,809 3,213 2012 265 0 0 0 265 7,123 89,932 2,767 2013 264 0 0 0 264 6,775 96,707 2,384 2014 264 0 0 0 264 6,444 103,151 2,051 2015 263 0 0 0 263 6,131 109,282 1,768 2016 262 0 0 0 262 5,830 115,112 1,521 2017 263 0 0 0 263 5,544 120,656 1,309 SUBTOT 3,998 0 0 0 3,998 120,656 68,289 REMAIN 5,933 0 0 0 5,933 72,893 193,549 7,801 TOTAL 9,931 0 0 0 9,931 193,549 76,090 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 105 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 9-T17S-R17W PROVED GRUMBEIN -A- #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 94,615 FINAL - 1.000000 0.875000 4.13 10.00% - 65,675 REMARKS - 15.00% - 49,985 20.00% - 40,303 25.00% - 33,767
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.642 0.00 4.13 2004 1 0 0 3 0 0 2.516 0.00 4.13 2005 1 0 0 3 0 0 2.395 0.00 4.13 2006 1 0 0 3 0 0 2.280 0.00 4.13 2007 1 0 0 3 0 0 2.170 0.00 4.13 2008 1 0 0 2 0 0 2.066 0.00 4.13 2009 1 0 0 3 0 0 1.967 0.00 4.13 2010 1 0 0 2 0 0 1.873 0.00 4.13 2011 1 0 0 2 0 0 1.783 0.00 4.13 2012 1 0 0 3 0 0 1.697 0.00 4.13 2013 1 0 0 2 0 0 1.616 0.00 4.13 2014 1 0 0 1 0 0 1.538 0.00 4.13 2015 1 0 0 2 0 0 1.464 0.00 4.13 2016 1 0 0 2 0 0 1.394 0.00 4.13 2017 1 0 0 2 0 0 1.327 0.00 4.13 SUB-TOTAL 0 0 36 0 0 28.728 0.00 4.13 REMAINDER 0 0 22 0 0 17.831 0.00 4.13 TOTAL 0 0 58 0 0 46.559 0.00 4.13 CUMULATIVE 0 0 124 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 182 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 10,913 0 10,913 0 194 10,719 2004 0 0 10,390 0 10,390 0 185 10,205 2005 0 0 9,891 0 9,891 0 176 9,715 2006 0 0 9,416 0 9,416 0 168 9,248 2007 0 0 8,964 0 8,964 0 159 8,805 2008 0 0 8,534 0 8,534 0 152 8,382 2009 0 0 8,124 0 8,124 0 145 7,979 2010 0 0 7,734 0 7,734 0 138 7,596 2011 0 0 7,363 0 7,363 0 131 7,232 2012 0 0 7,010 0 7,010 0 124 6,886 2013 0 0 6,673 0 6,673 0 119 6,554 2014 0 0 6,353 0 6,353 0 113 6,240 2015 0 0 6,048 0 6,048 0 108 5,940 2016 0 0 5,757 0 5,757 0 102 5,655 2017 0 0 5,481 0 5,481 0 98 5,383 SUB-TOT 0 0 118,651 0 118,651 0 2,112 116,539 REMAIN 0 0 73,642 0 73,642 0 1,311 72,331 TOTAL 0 0 192,293 0 192,293 0 3,423 188,870
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 811 0 0 0 811 9,908 9,908 9,435 2004 810 0 0 0 810 9,395 19,303 8,098 2005 808 0 0 0 808 8,907 28,210 6,950 2006 809 0 0 0 809 8,439 36,649 5,960 2007 807 0 0 0 807 7,998 44,647 5,114 2008 807 0 0 0 807 7,575 52,222 4,384 2009 806 0 0 0 806 7,173 59,395 3,758 2010 805 0 0 0 805 6,791 66,186 3,221 2011 804 0 0 0 804 6,428 72,614 2,759 2012 804 0 0 0 804 6,082 78,696 2,364 2013 804 0 0 0 804 5,750 84,446 2,022 2014 803 0 0 0 803 5,437 89,883 1,732 2015 802 0 0 0 802 5,138 95,021 1,481 2016 802 0 0 0 802 4,853 99,874 1,266 2017 801 0 0 0 801 4,582 104,456 1,082 SUBTOT 12,083 0 0 0 12,083 104,456 59,626 REMAIN 18,343 0 0 0 18,343 53,988 158,444 6,049 TOTAL 30,426 0 0 0 30,426 158,444 65,675 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 106 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 24-T17S-R17W PROVED HANHARDT #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 73,608 FINAL - 1.000000 0.820313 4.13 10.00% - 50,341 REMARKS - 15.00% - 37,959 20.00% - 30,421 25.00% - 25,380
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.045 0.00 4.13 2004 1 0 0 2 0 0 1.963 0.00 4.13 2005 1 0 0 3 0 0 1.884 0.00 4.13 2006 1 0 0 2 0 0 1.809 0.00 4.13 2007 1 0 0 3 0 0 1.737 0.00 4.13 2008 1 0 0 2 0 0 1.667 0.00 4.13 2009 1 0 0 2 0 0 1.600 0.00 4.13 2010 1 0 0 2 0 0 1.536 0.00 4.13 2011 1 0 0 2 0 0 1.475 0.00 4.13 2012 1 0 0 2 0 0 1.416 0.00 4.13 2013 1 0 0 2 0 0 1.359 0.00 4.13 2014 1 0 0 1 0 0 1.305 0.00 4.13 2015 1 0 0 2 0 0 1.253 0.00 4.13 2016 1 0 0 1 0 0 1.203 0.00 4.13 2017 1 0 0 2 0 0 1.155 0.00 4.13 SUB-TOTAL 0 0 31 0 0 23.407 0.00 4.13 REMAINDER 0 0 22 0 0 16.873 0.00 4.13 TOTAL 0 0 53 0 0 40.280 0.00 4.13 CUMULATIVE 0 0 626 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 679 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 8,444 0 8,444 0 150 8,294 2004 0 0 8,106 0 8,106 0 145 7,961 2005 0 0 7,782 0 7,782 0 138 7,644 2006 0 0 7,471 0 7,471 0 133 7,338 2007 0 0 7,172 0 7,172 0 128 7,044 2008 0 0 6,885 0 6,885 0 122 6,763 2009 0 0 6,609 0 6,609 0 118 6,491 2010 0 0 6,345 0 6,345 0 113 6,232 2011 0 0 6,092 0 6,092 0 108 5,984 2012 0 0 5,848 0 5,848 0 104 5,744 2013 0 0 5,613 0 5,613 0 100 5,513 2014 0 0 5,390 0 5,390 0 96 5,294 2015 0 0 5,173 0 5,173 0 92 5,081 2016 0 0 4,967 0 4,967 0 89 4,878 2017 0 0 4,768 0 4,768 0 85 4,683 SUB-TOT 0 0 96,665 0 96,665 0 1,721 94,944 REMAIN 0 0 69,684 0 69,684 0 1,240 68,444 TOTAL 0 0 166,349 0 166,349 0 2,961 163,388
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 987 0 0 0 987 7,307 7,307 6,958 2004 987 0 0 0 987 6,974 14,281 6,011 2005 986 0 0 0 986 6,658 20,939 5,194 2006 986 0 0 0 986 6,352 27,291 4,487 2007 985 0 0 0 985 6,059 33,350 3,873 2008 985 0 0 0 985 5,778 39,128 3,344 2009 984 0 0 0 984 5,507 44,635 2,885 2010 984 0 0 0 984 5,248 49,883 2,489 2011 983 0 0 0 983 5,001 54,884 2,147 2012 982 0 0 0 982 4,762 59,646 1,850 2013 983 0 0 0 983 4,530 64,176 1,593 2014 982 0 0 0 982 4,312 68,488 1,373 2015 981 0 0 0 981 4,100 72,588 1,182 2016 981 0 0 0 981 3,897 76,485 1,017 2017 981 0 0 0 981 3,702 80,187 874 SUBTOT 14,757 0 0 0 14,757 80,187 45,277 REMAIN 22,483 0 0 0 22,483 45,961 126,148 5,064 TOTAL 37,240 0 0 0 37,240 126,148 50,341 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 107 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 24-T17S-R17W PROVED HANHARDT -A- #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 181,305 FINAL - 1.000000 0.820313 4.13 10.00% - 130,764 REMARKS - 15.00% - 101,618 20.00% - 82,952 25.00% - 70,056
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 8 0 0 5.904 0.00 4.13 2004 1 0 0 7 0 0 5.579 0.00 4.13 2005 1 0 0 7 0 0 5.272 0.00 4.13 2006 1 0 0 7 0 0 4.982 0.00 4.13 2007 1 0 0 6 0 0 4.708 0.00 4.13 2008 1 0 0 6 0 0 4.449 0.00 4.13 2009 1 0 0 6 0 0 4.204 0.00 4.13 2010 1 0 0 5 0 0 3.973 0.00 4.13 2011 1 0 0 5 0 0 3.755 0.00 4.13 2012 1 0 0 4 0 0 3.548 0.00 4.13 2013 1 0 0 5 0 0 3.353 0.00 4.13 2014 1 0 0 4 0 0 3.169 0.00 4.13 2015 1 0 0 4 0 0 2.994 0.00 4.13 2016 1 0 0 4 0 0 2.830 0.00 4.13 2017 1 0 0 3 0 0 2.674 0.00 4.13 SUB-TOTAL 0 0 81 0 0 61.394 0.00 4.13 REMAINDER 0 0 45 0 0 33.437 0.00 4.13 TOTAL 0 0 126 0 0 94.831 0.00 4.13 CUMULATIVE 0 0 501 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 627 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 24,382 0 24,382 0 434 23,948 2004 0 0 23,040 0 23,040 0 410 22,630 2005 0 0 21,774 0 21,774 0 388 21,386 2006 0 0 20,576 0 20,576 0 366 20,210 2007 0 0 19,444 0 19,444 0 346 19,098 2008 0 0 18,375 0 18,375 0 327 18,048 2009 0 0 17,364 0 17,364 0 309 17,055 2010 0 0 16,410 0 16,410 0 292 16,118 2011 0 0 15,506 0 15,506 0 276 15,230 2012 0 0 14,654 0 14,654 0 261 14,393 2013 0 0 13,848 0 13,848 0 247 13,601 2014 0 0 13,086 0 13,086 0 233 12,853 2015 0 0 12,367 0 12,367 0 220 12,147 2016 0 0 11,686 0 11,686 0 208 11,478 2017 0 0 11,044 0 11,044 0 196 10,848 SUB-TOT 0 0 253,556 0 253,556 0 4,513 249,043 REMAIN 0 0 138,094 0 138,094 0 2,458 135,636 TOTAL 0 0 391,650 0 391,650 0 6,971 384,679
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,721 0 0 0 2,721 21,227 21,227 20,215 2004 2,718 0 0 0 2,718 19,912 41,139 17,165 2005 2,716 0 0 0 2,716 18,670 59,809 14,569 2006 2,713 0 0 0 2,713 17,497 77,306 12,360 2007 2,712 0 0 0 2,712 16,386 93,692 10,477 2008 2,709 0 0 0 2,709 15,339 109,031 8,879 2009 2,708 0 0 0 2,708 14,347 123,378 7,517 2010 2,706 0 0 0 2,706 13,412 136,790 6,361 2011 2,704 0 0 0 2,704 12,526 149,316 5,378 2012 2,703 0 0 0 2,703 11,690 161,006 4,544 2013 2,702 0 0 0 2,702 10,899 171,905 3,834 2014 2,700 0 0 0 2,700 10,153 182,058 3,233 2015 2,698 0 0 0 2,698 9,449 191,507 2,724 2016 2,697 0 0 0 2,697 8,781 200,288 2,292 2017 2,697 0 0 0 2,697 8,151 208,439 1,925 SUBTOT 40,604 0 0 0 40,604 208,439 121,473 REMAIN 61,800 0 0 0 61,800 73,836 282,275 9,291 TOTAL 102,404 0 0 0 102,404 282,275 130,764 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 108 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 24-T17S-R17W PROVED HANHARDT -A- #1BP (TOPEKA) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 121,094 FINAL - 1.000000 0.820313 4.13 10.00% - 104,378 REMARKS - OPERATING COSTS CARRIED WITH PROVED PRODUCING. 15.00% - 90,262 20.00% - 78,297 25.00% - 68,119
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 12 0 0 9.191 0.00 4.13 2005 1 0 0 17 0 0 12.971 0.00 4.13 2006 1 0 0 11 0 0 8.073 0.00 4.13 2007 1 0 0 7 0 0 5.024 0.00 4.13 2008 1 0 0 3 0 0 2.448 0.00 4.13 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 50 0 0 37.707 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 50 0 0 37.707 0.00 4.13 CUMULATIVE 0 0 0 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 50 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 37,960 0 37,960 0 676 37,284 2005 0 0 53,572 0 53,572 0 953 52,619 2006 0 0 33,341 0 33,341 0 594 32,747 2007 0 0 20,751 0 20,751 0 369 20,382 2008 0 0 10,111 0 10,111 0 180 9,931 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 155,735 0 155,735 0 2,772 152,963 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 155,735 0 155,735 0 2,772 152,963
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 12,000 0 12,000 25,284 25,284 21,062 2005 0 0 0 0 0 52,619 77,903 41,199 2006 0 0 0 0 0 32,747 110,650 23,209 2007 0 0 0 0 0 20,382 131,032 13,077 2008 0 0 0 0 0 9,931 140,963 5,831 2009 0 0 0 0 0 0 140,963 0 2010 0 0 0 0 0 0 140,963 0 2011 0 0 0 0 0 0 140,963 0 2012 0 0 0 0 0 0 140,963 0 2013 0 0 0 0 0 0 140,963 0 2014 0 0 0 0 0 0 140,963 0 2015 0 0 0 0 0 0 140,963 0 2016 0 0 0 0 0 0 140,963 0 2017 0 0 0 0 0 0 140,963 0 SUBTOT 0 0 12,000 0 12,000 140,963 104,378 REMAIN 0 0 0 0 0 0 140,963 0 TOTAL 0 0 12,000 0 12,000 140,963 104,378 LIFE OF EVALUATION IS 5.74 YEARS. FINAL PRODUCTION RATE: 0.3 MMCF/MO
TENGASCO, INC. TABLE 109 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 29-T16S-R17W PROVED HOFFMAN #3 (CHASE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 195,301 FINAL - 1.000000 0.820313 4.13 10.00% - 126,456 REMARKS - 15.00% - 92,444 20.00% - 72,729 25.00% - 59,958
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 6 0 0 4.220 0.00 4.13 2004 1 0 0 5 0 0 4.094 0.00 4.13 2005 1 0 0 5 0 0 3.971 0.00 4.13 2006 1 0 0 5 0 0 3.852 0.00 4.13 2007 1 0 0 5 0 0 3.736 0.00 4.13 2008 1 0 0 5 0 0 3.624 0.00 4.13 2009 1 0 0 5 0 0 3.516 0.00 4.13 2010 1 0 0 4 0 0 3.410 0.00 4.13 2011 1 0 0 5 0 0 3.308 0.00 4.13 2012 1 0 0 4 0 0 3.209 0.00 4.13 2013 1 0 0 4 0 0 3.112 0.00 4.13 2014 1 0 0 4 0 0 3.019 0.00 4.13 2015 1 0 0 4 0 0 2.928 0.00 4.13 2016 1 0 0 4 0 0 2.840 0.00 4.13 2017 1 0 0 3 0 0 2.755 0.00 4.13 SUB-TOTAL 0 0 68 0 0 51.594 0.00 4.13 REMAINDER 0 0 60 0 0 44.873 0.00 4.13 TOTAL 0 0 128 0 0 96.467 0.00 4.13 CUMULATIVE 0 0 177 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 305 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 17,430 0 17,430 0 310 17,120 2004 0 0 16,908 0 16,908 0 301 16,607 2005 0 0 16,400 0 16,400 0 292 16,108 2006 0 0 15,909 0 15,909 0 283 15,626 2007 0 0 15,431 0 15,431 0 275 15,156 2008 0 0 14,968 0 14,968 0 266 14,702 2009 0 0 14,519 0 14,519 0 259 14,260 2010 0 0 14,084 0 14,084 0 251 13,833 2011 0 0 13,661 0 13,661 0 243 13,418 2012 0 0 13,251 0 13,251 0 236 13,015 2013 0 0 12,853 0 12,853 0 228 12,625 2014 0 0 12,469 0 12,469 0 222 12,247 2015 0 0 12,094 0 12,094 0 216 11,878 2016 0 0 11,731 0 11,731 0 208 11,523 2017 0 0 11,379 0 11,379 0 203 11,176 SUB-TOT 0 0 213,087 0 213,087 0 3,793 209,294 REMAIN 0 0 185,323 0 185,323 0 3,299 182,024 TOTAL 0 0 398,410 0 398,410 0 7,092 391,318
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 644 0 0 0 644 16,476 16,476 15,686 2004 643 0 0 0 643 15,964 32,440 13,758 2005 642 0 0 0 642 15,466 47,906 12,066 2006 641 0 0 0 641 14,985 62,891 10,582 2007 640 0 0 0 640 14,516 77,407 9,279 2008 639 0 0 0 639 14,063 91,470 8,138 2009 639 0 0 0 639 13,621 105,091 7,135 2010 638 0 0 0 638 13,195 118,286 6,256 2011 637 0 0 0 637 12,781 131,067 5,486 2012 636 0 0 0 636 12,379 143,446 4,810 2013 636 0 0 0 636 11,989 155,435 4,216 2014 634 0 0 0 634 11,613 167,048 3,697 2015 634 0 0 0 634 11,244 178,292 3,241 2016 634 0 0 0 634 10,889 189,181 2,840 2017 633 0 0 0 633 10,543 199,724 2,490 SUBTOT 9,570 0 0 0 9,570 199,724 109,680 REMAIN 14,415 0 0 0 14,415 167,609 367,333 16,776 TOTAL 23,985 0 0 0 23,985 367,333 126,456 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 110 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 8-T16S-R17W PROVED HOLZMEISTER #1 (SHAWNEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 87 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 87 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 111 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 27-T16S-R17W PROVED HOLZMEISTER -A- #1 (KC-LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 21 ULTIMATE 0 0 21
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 112 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 7-T16S-R17W PROVED HOLZMEISTER -B- #1 (KC-LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 24 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 24 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 113 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 10-T17S-R17W PROVED HONDERICK -C- #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 59,878 FINAL - 1.000000 0.875000 4.13 10.00% - 39,523 REMARKS - 15.00% - 29,195 20.00% - 23,106 25.00% - 19,118
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 2 0 0 1.522 0.00 4.13 2004 1 0 0 2 0 0 1.476 0.00 4.13 2005 1 0 0 2 0 0 1.432 0.00 4.13 2006 1 0 0 1 0 0 1.389 0.00 4.13 2007 1 0 0 2 0 0 1.347 0.00 4.13 2008 1 0 0 2 0 0 1.307 0.00 4.13 2009 1 0 0 1 0 0 1.268 0.00 4.13 2010 1 0 0 2 0 0 1.230 0.00 4.13 2011 1 0 0 1 0 0 1.193 0.00 4.13 2012 1 0 0 2 0 0 1.157 0.00 4.13 2013 1 0 0 1 0 0 1.122 0.00 4.13 2014 1 0 0 1 0 0 1.088 0.00 4.13 2015 1 0 0 2 0 0 1.056 0.00 4.13 2016 1 0 0 1 0 0 1.024 0.00 4.13 2017 1 0 0 1 0 0 0.993 0.00 4.13 SUB-TOTAL 0 0 23 0 0 18.604 0.00 4.13 REMAINDER 0 0 20 0 0 16.179 0.00 4.13 TOTAL 0 0 43 0 0 34.783 0.00 4.13 CUMULATIVE 0 0 95 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 138 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 6,285 0 6,285 0 112 6,173 2004 0 0 6,096 0 6,096 0 108 5,988 2005 0 0 5,913 0 5,913 0 106 5,807 2006 0 0 5,736 0 5,736 0 102 5,634 2007 0 0 5,564 0 5,564 0 99 5,465 2008 0 0 5,397 0 5,397 0 96 5,301 2009 0 0 5,235 0 5,235 0 93 5,142 2010 0 0 5,078 0 5,078 0 90 4,988 2011 0 0 4,925 0 4,925 0 88 4,837 2012 0 0 4,778 0 4,778 0 85 4,693 2013 0 0 4,635 0 4,635 0 83 4,552 2014 0 0 4,495 0 4,495 0 80 4,415 2015 0 0 4,361 0 4,361 0 77 4,284 2016 0 0 4,230 0 4,230 0 76 4,154 2017 0 0 4,103 0 4,103 0 73 4,030 SUB-TOT 0 0 76,831 0 76,831 0 1,368 75,463 REMAIN 0 0 66,820 0 66,820 0 1,189 65,631 TOTAL 0 0 143,651 0 143,651 0 2,557 141,094
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 851 0 0 0 851 5,322 5,322 5,067 2004 850 0 0 0 850 5,138 10,460 4,428 2005 850 0 0 0 850 4,957 15,417 3,867 2006 850 0 0 0 850 4,784 20,201 3,379 2007 850 0 0 0 850 4,615 24,816 2,950 2008 849 0 0 0 849 4,452 29,268 2,576 2009 849 0 0 0 849 4,293 33,561 2,249 2010 849 0 0 0 849 4,139 37,700 1,963 2011 848 0 0 0 848 3,989 41,689 1,712 2012 848 0 0 0 848 3,845 45,534 1,494 2013 848 0 0 0 848 3,704 49,238 1,303 2014 848 0 0 0 848 3,567 52,805 1,135 2015 847 0 0 0 847 3,437 56,242 991 2016 848 0 0 0 848 3,306 59,548 862 2017 847 0 0 0 847 3,183 62,731 752 SUBTOT 12,732 0 0 0 12,732 62,731 34,728 REMAIN 19,434 0 0 0 19,434 46,197 108,928 4,795 TOTAL 32,166 0 0 0 32,166 108,928 39,523 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 114 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 19-T16S-R17W PROVED HOOFER #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 357 ULTIMATE 0 0 357
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 115 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 7-T17S-R16W PROVED JANSON -A- #2 (SHAWNEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 29 ULTIMATE 0 0 29
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC TABLE 116 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 2-T17S-R17W PROVED KAISER #2 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 74,921 FINAL - 1.000000 0.875000 4.13 10.00% - 54,807 REMARKS - 15.00% - 42,911 20.00% - 35,181 25.00% - 29,795
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.583 0.00 4.13 2004 1 0 0 3 0 0 2.436 0.00 4.13 2005 1 0 0 3 0 0 2.297 0.00 4.13 2006 1 0 0 3 0 0 2.166 0.00 4.13 2007 1 0 0 2 0 0 2.042 0.00 4.13 2008 1 0 0 3 0 0 1.926 0.00 4.13 2009 1 0 0 2 0 0 1.816 0.00 4.13 2010 1 0 0 2 0 0 1.713 0.00 4.13 2011 1 0 0 2 0 0 1.615 0.00 4.13 2012 1 0 0 2 0 0 1.523 0.00 4.13 2013 1 0 0 2 0 0 1.436 0.00 4.13 2014 1 0 0 1 0 0 1.354 0.00 4.13 2015 1 0 0 2 0 0 1.277 0.00 4.13 2016 1 0 0 2 0 0 1.204 0.00 4.13 2017 1 0 0 1 0 0 1.136 0.00 4.13 SUB-TOTAL 0 0 33 0 0 26.524 0.00 4.13 REMAINDER 0 0 16 0 0 13.175 0.00 4.13 TOTAL 0 0 49 0 0 39.699 0.00 4.13 CUMULATIVE 0 0 89 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 138 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 10,667 0 10,667 0 190 10,477 2004 0 0 10,059 0 10,059 0 179 9,880 2005 0 0 9,486 0 9,486 0 169 9,317 2006 0 0 8,945 0 8,945 0 159 8,786 2007 0 0 8,436 0 8,436 0 150 8,286 2008 0 0 7,954 0 7,954 0 142 7,812 2009 0 0 7,501 0 7,501 0 133 7,368 2010 0 0 7,074 0 7,074 0 126 6,948 2011 0 0 6,670 0 6,670 0 119 6,551 2012 0 0 6,290 0 6,290 0 112 6,178 2013 0 0 5,932 0 5,932 0 105 5,827 2014 0 0 5,593 0 5,593 0 100 5,493 2015 0 0 5,275 0 5,275 0 94 5,181 2016 0 0 4,974 0 4,974 0 88 4,886 2017 0 0 4,690 0 4,690 0 84 4,606 SUB-TOT 0 0 109,546 0 109,546 0 1,950 107,596 REMAIN 0 0 54,413 0 54,413 0 968 53,445 TOTAL 0 0 163,959 0 163,959 0 2,918 161,041
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,350 0 0 0 1,350 9,127 9,127 8,692 2004 1,350 0 0 0 1,350 8,530 17,657 7,354 2005 1,348 0 0 0 1,348 7,969 25,626 6,218 2006 1,347 0 0 0 1,347 7,439 33,065 5,255 2007 1,347 0 0 0 1,347 6,939 40,004 4,438 2008 1,345 0 0 0 1,345 6,467 46,471 3,743 2009 1,345 0 0 0 1,345 6,023 52,494 3,156 2010 1,344 0 0 0 1,344 5,604 58,098 2,658 2011 1,344 0 0 0 1,344 5,207 63,305 2,236 2012 1,342 0 0 0 1,342 4,836 68,141 1,879 2013 1,343 0 0 0 1,343 4,484 72,625 1,578 2014 1,341 0 0 0 1,341 4,152 76,777 1,322 2015 1,341 0 0 0 1,341 3,840 80,617 1,107 2016 1,341 0 0 0 1,341 3,545 84,162 925 2017 1,340 0 0 0 1,340 3,266 87,428 772 SUBTOT 20,168 0 0 0 20,168 87,428 51,333 REMAIN 27,510 0 0 0 27,510 25,935 113,363 3,474 TOTAL 47,678 0 0 0 47,678 113,363 54,807 LIFE OF EVALUATION IS 35.58 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 117 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 28-T16S-R16W PROVED KAISER -A- #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 6,316 FINAL - 1.000000 0.875000 27.29 10.00% - 5,952 REMARKS - 15.00% - 5,619 20.00% - 5,312 25.00% - 5,029
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 248 0 0 217 0 0.000 27.29 0.00 2004 1 238 0 0 209 0 0.000 27.29 0.00 2005 1 128 0 0 111 0 0.000 27.29 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 614 0 0 537 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 614 0 0 537 0 0.000 27.29 0.00 CUMULATIVE 14,212 0 0 ULTIMATE 14,826 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 5,912 0 0 0 5,912 36 0 5,876 2004 5,704 0 0 0 5,704 35 0 5,669 2005 3,046 0 0 0 3,046 18 0 3,028 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 14,662 0 0 0 14,662 89 0 14,573 REMAIN 0 0 0 0 0 0 0 0 TOTAL 14,662 0 0 0 14,662 89 0 14,573
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,084 0 0 0 3,084 2,792 2,792 2,659 2004 3,084 0 0 0 3,084 2,585 5,377 2,229 2005 1,693 0 0 0 1,693 1,335 6,712 1,064 2006 0 0 0 0 0 0 6,712 0 2007 0 0 0 0 0 0 6,712 0 2008 0 0 0 0 0 0 6,712 0 2009 0 0 0 0 0 0 6,712 0 2010 0 0 0 0 0 0 6,712 0 2011 0 0 0 0 0 0 6,712 0 2012 0 0 0 0 0 0 6,712 0 2013 0 0 0 0 0 0 6,712 0 2014 0 0 0 0 0 0 6,712 0 2015 0 0 0 0 0 0 6,712 0 2016 0 0 0 0 0 0 6,712 0 2017 0 0 0 0 0 0 6,712 0 SUBTOT 7,861 0 0 0 7,861 6,712 5,952 REMAIN 0 0 0 0 0 0 6,712 0 TOTAL 7,861 0 0 0 7,861 6,712 5,952 LIFE OF EVALUATION IS 2.55 YEARS. FINAL PRODUCTION RATE: 19 BBLS/MO
TENGASCO, INC. TABLE 118 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 25-T17S-R17W PROVED KLEWENO #1-21 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 68,282 FINAL - 1.000000 0.820313 4.13 10.00% - 52,654 REMARKS - 15.00% - 42,378 20.00% - 35,279 25.00% - 30,155
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.370 0.00 4.13 2004 1 0 0 3 0 0 2.180 0.00 4.13 2005 1 0 0 3 0 0 2.006 0.00 4.13 2006 1 0 0 2 0 0 1.845 0.00 4.13 2007 1 0 0 2 0 0 1.698 0.00 4.13 2008 1 0 0 2 0 0 1.562 0.00 4.13 2009 1 0 0 2 0 0 1.437 0.00 4.13 2010 1 0 0 2 0 0 1.322 0.00 4.13 2011 1 0 0 2 0 0 1.216 0.00 4.13 2012 1 0 0 1 0 0 1.119 0.00 4.13 2013 1 0 0 2 0 0 1.029 0.00 4.13 2014 1 0 0 1 0 0 0.947 0.00 4.13 2015 1 0 0 1 0 0 0.871 0.00 4.13 2016 1 0 0 1 0 0 0.802 0.00 4.13 2017 1 0 0 1 0 0 0.738 0.00 4.13 SUB-TOTAL 0 0 28 0 0 21.142 0.00 4.13 REMAINDER 0 0 3 0 0 1.911 0.00 4.13 TOTAL 0 0 31 0 0 23.053 0.00 4.13 CUMULATIVE 0 0 313 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 344 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 9,788 0 9,788 0 174 9,614 2004 0 0 9,004 0 9,004 0 161 8,843 2005 0 0 8,285 0 8,285 0 147 8,138 2006 0 0 7,621 0 7,621 0 136 7,485 2007 0 0 7,012 0 7,012 0 124 6,888 2008 0 0 6,451 0 6,451 0 115 6,336 2009 0 0 5,935 0 5,935 0 106 5,829 2010 0 0 5,460 0 5,460 0 97 5,363 2011 0 0 5,023 0 5,023 0 90 4,933 2012 0 0 4,622 0 4,622 0 82 4,540 2013 0 0 4,252 0 4,252 0 75 4,177 2014 0 0 3,911 0 3,911 0 70 3,841 2015 0 0 3,599 0 3,599 0 64 3,535 2016 0 0 3,310 0 3,310 0 59 3,251 2017 0 0 3,046 0 3,046 0 54 2,992 SUB-TOT 0 0 87,319 0 87,319 0 1,554 85,765 REMAIN 0 0 7,893 0 7,893 0 141 7,752 TOTAL 0 0 95,212 0 95,212 0 1,695 93,517
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 18 0 0 0 18 9,596 9,596 9,140 2004 16 0 0 0 16 8,827 18,423 7,610 2005 16 0 0 0 16 8,122 26,545 6,339 2006 13 0 0 0 13 7,472 34,017 5,279 2007 13 0 0 0 13 6,875 40,892 4,397 2008 12 0 0 0 12 6,324 47,216 3,661 2009 11 0 0 0 11 5,818 53,034 3,049 2010 10 0 0 0 10 5,353 58,387 2,539 2011 9 0 0 0 9 4,924 63,311 2,114 2012 9 0 0 0 9 4,531 67,842 1,762 2013 7 0 0 0 7 4,170 72,012 1,467 2014 7 0 0 0 7 3,834 75,846 1,221 2015 7 0 0 0 7 3,528 79,374 1,017 2016 6 0 0 0 6 3,245 82,619 847 2017 6 0 0 0 6 2,986 85,605 705 SUBTOT 160 0 0 0 160 85,605 51,147 REMAIN 14 0 0 0 14 7,738 93,343 1,507 TOTAL 174 0 0 0 174 93,343 52,654 LIFE OF EVALUATION IS 18.06 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 119 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 23-T17S-R17W PROVED KLEWENO -A- #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 36,840 FINAL - 1.000000 0.875000 4.13 10.00% - 28,261 REMARKS - 15.00% - 22,714 20.00% - 18,909 25.00% - 16,167
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 2 0 0 1.686 0.00 4.13 2004 1 0 0 2 0 0 1.593 0.00 4.13 2005 1 0 0 2 0 0 1.506 0.00 4.13 2006 1 0 0 2 0 0 1.423 0.00 4.13 2007 1 0 0 1 0 0 1.345 0.00 4.13 2008 1 0 0 2 0 0 1.271 0.00 4.13 2009 1 0 0 1 0 0 1.201 0.00 4.13 2010 1 0 0 2 0 0 1.135 0.00 4.13 2011 1 0 0 1 0 0 1.072 0.00 4.13 2012 1 0 0 1 0 0 1.013 0.00 4.13 2013 1 0 0 2 0 0 0.958 0.00 4.13 2014 1 0 0 1 0 0 0.905 0.00 4.13 2015 1 0 0 1 0 0 0.855 0.00 4.13 2016 1 0 0 1 0 0 0.808 0.00 4.13 2017 1 0 0 1 0 0 0.764 0.00 4.13 SUB-TOTAL 0 0 22 0 0 17.535 0.00 4.13 REMAINDER 0 0 7 0 0 5.634 0.00 4.13 TOTAL 0 0 29 0 0 23.169 0.00 4.13 CUMULATIVE 0 0 37 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 66 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 6,963 0 6,963 0 124 6,839 2004 0 0 6,581 0 6,581 0 117 6,464 2005 0 0 6,218 0 6,218 0 111 6,107 2006 0 0 5,876 0 5,876 0 104 5,772 2007 0 0 5,554 0 5,554 0 99 5,455 2008 0 0 5,247 0 5,247 0 94 5,153 2009 0 0 4,959 0 4,959 0 88 4,871 2010 0 0 4,687 0 4,687 0 83 4,604 2011 0 0 4,428 0 4,428 0 79 4,349 2012 0 0 4,185 0 4,185 0 75 4,110 2013 0 0 3,955 0 3,955 0 70 3,885 2014 0 0 3,738 0 3,738 0 67 3,671 2015 0 0 3,531 0 3,531 0 62 3,469 2016 0 0 3,338 0 3,338 0 60 3,278 2017 0 0 3,154 0 3,154 0 56 3,098 SUB-TOT 0 0 72,414 0 72,414 0 1,289 71,125 REMAIN 0 0 23,267 0 23,267 0 414 22,853 TOTAL 0 0 95,681 0 95,681 0 1,703 93,978
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,728 0 0 0 1,728 5,111 5,111 4,868 2004 1,727 0 0 0 1,727 4,737 9,848 4,084 2005 1,727 0 0 0 1,727 4,380 14,228 3,418 2006 1,726 0 0 0 1,726 4,046 18,274 2,858 2007 1,725 0 0 0 1,725 3,730 22,004 2,386 2008 1,725 0 0 0 1,725 3,428 25,432 1,984 2009 1,725 0 0 0 1,725 3,146 28,578 1,649 2010 1,724 0 0 0 1,724 2,880 31,458 1,366 2011 1,724 0 0 0 1,724 2,625 34,083 1,127 2012 1,723 0 0 0 1,723 2,387 36,470 928 2013 1,723 0 0 0 1,723 2,162 38,632 761 2014 1,722 0 0 0 1,722 1,949 40,581 621 2015 1,722 0 0 0 1,722 1,747 42,328 504 2016 1,722 0 0 0 1,722 1,556 43,884 406 2017 1,721 0 0 0 1,721 1,377 45,261 325 SUBTOT 25,864 0 0 0 25,864 45,261 27,285 REMAIN 17,057 0 0 0 17,057 5,796 51,057 976 TOTAL 42,921 0 0 0 42,921 51,057 28,261 LIFE OF EVALUATION IS 24.92 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 120 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 6-T18S-R16W PROVED KOBER #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 88,526 FINAL - 1.000000 0.875000 4.13 10.00% - 66,974 REMARKS - 15.00% - 53,424 20.00% - 44,288 25.00% - 37,774
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 3.577 0.00 4.13 2004 1 0 0 5 0 0 3.363 0.00 4.13 2005 1 0 0 4 0 0 3.161 0.00 4.13 2006 1 0 0 3 0 0 2.971 0.00 4.13 2007 1 0 0 4 0 0 2.793 0.00 4.13 2008 1 0 0 3 0 0 2.625 0.00 4.13 2009 1 0 0 3 0 0 2.468 0.00 4.13 2010 1 0 0 3 0 0 2.320 0.00 4.13 2011 1 0 0 3 0 0 2.181 0.00 4.13 2012 1 0 0 2 0 0 2.050 0.00 4.13 2013 1 0 0 3 0 0 1.927 0.00 4.13 2014 1 0 0 2 0 0 1.811 0.00 4.13 2015 1 0 0 2 0 0 1.702 0.00 4.13 2016 1 0 0 2 0 0 1.600 0.00 4.13 2017 1 0 0 2 0 0 1.504 0.00 4.13 SUB-TOTAL 0 0 45 0 0 36.053 0.00 4.13 REMAINDER 0 0 16 0 0 13.186 0.00 4.13 TOTAL 0 0 61 0 0 49.239 0.00 4.13 CUMULATIVE 0 0 115 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 176 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 14,774 0 14,774 0 263 14,511 2004 0 0 13,888 0 13,888 0 247 13,641 2005 0 0 13,054 0 13,054 0 233 12,821 2006 0 0 12,271 0 12,271 0 218 12,053 2007 0 0 11,535 0 11,535 0 205 11,330 2008 0 0 10,842 0 10,842 0 193 10,649 2009 0 0 10,193 0 10,193 0 182 10,011 2010 0 0 9,580 0 9,580 0 170 9,410 2011 0 0 9,006 0 9,006 0 161 8,845 2012 0 0 8,465 0 8,465 0 150 8,315 2013 0 0 7,958 0 7,958 0 142 7,816 2014 0 0 7,480 0 7,480 0 133 7,347 2015 0 0 7,031 0 7,031 0 125 6,906 2016 0 0 6,610 0 6,610 0 118 6,492 2017 0 0 6,213 0 6,213 0 110 6,103 SUB-TOT 0 0 148,900 0 148,900 0 2,650 146,250 REMAIN 0 0 54,458 0 54,458 0 970 53,488 TOTAL 0 0 203,358 0 203,358 0 3,620 199,738
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,629 0 0 0 2,629 11,882 11,882 11,317 2004 2,628 0 0 0 2,628 11,013 22,895 9,494 2005 2,627 0 0 0 2,627 10,194 33,089 7,956 2006 2,625 0 0 0 2,625 9,428 42,517 6,660 2007 2,623 0 0 0 2,623 8,707 51,224 5,569 2008 2,623 0 0 0 2,623 8,026 59,250 4,646 2009 2,621 0 0 0 2,621 7,390 66,640 3,872 2010 2,621 0 0 0 2,621 6,789 73,429 3,221 2011 2,619 0 0 0 2,619 6,226 79,655 2,673 2012 2,619 0 0 0 2,619 5,696 85,351 2,215 2013 2,617 0 0 0 2,617 5,199 90,550 1,829 2014 2,617 0 0 0 2,617 4,730 95,280 1,507 2015 2,616 0 0 0 2,616 4,290 99,570 1,237 2016 2,616 0 0 0 2,616 3,876 103,446 1,011 2017 2,614 0 0 0 2,614 3,489 106,935 825 SUBTOT 39,315 0 0 0 39,315 106,935 64,032 REMAIN 34,596 0 0 0 34,596 18,892 125,827 2,942 TOTAL 73,911 0 0 0 73,911 125,827 66,974 LIFE OF EVALUATION IS 28.25 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 121 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 21-T17S-R17W PROVED LEBSACK -A- #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 126 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 126 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 122 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 19-T16S-R17W PROVED LIPPERT #2 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 2,213 ULTIMATE 0 0 2,213
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 123 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 19-T16S-R17W PROVED LIPPERT #3 (COTTONWOOD) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 140,292 FINAL - 1.000000 0.875000 4.13 10.00% - 101,428 REMARKS - 15.00% - 78,638 20.00% - 63,984 25.00% - 53,871
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 7 0 0 5.422 0.00 4.13 2004 1 0 0 6 0 0 5.211 0.00 4.13 2005 1 0 0 6 0 0 5.007 0.00 4.13 2006 1 0 0 6 0 0 4.812 0.00 4.13 2007 1 0 0 6 0 0 4.624 0.00 4.13 2008 1 0 0 6 0 0 4.444 0.00 4.13 2009 1 0 0 5 0 0 4.271 0.00 4.13 2010 1 0 0 5 0 0 4.104 0.00 4.13 2011 1 0 0 5 0 0 3.944 0.00 4.13 2012 1 0 0 5 0 0 3.790 0.00 4.13 2013 1 0 0 4 0 0 3.642 0.00 4.13 2014 1 0 0 5 0 0 3.500 0.00 4.13 2015 1 0 0 4 0 0 3.364 0.00 4.13 2016 1 0 0 4 0 0 3.233 0.00 4.13 2017 1 0 0 4 0 0 3.107 0.00 4.13 SUB-TOTAL 0 0 78 0 0 62.475 0.00 4.13 REMAINDER 0 0 49 0 0 39.512 0.00 4.13 TOTAL 0 0 127 0 0 101.987 0.00 4.13 CUMULATIVE 0 0 182 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 309 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 22,393 0 22,393 0 399 21,994 2004 0 0 21,519 0 21,519 0 383 21,136 2005 0 0 20,680 0 20,680 0 368 20,312 2006 0 0 19,874 0 19,874 0 353 19,521 2007 0 0 19,099 0 19,099 0 340 18,759 2008 0 0 18,354 0 18,354 0 327 18,027 2009 0 0 17,637 0 17,637 0 314 17,323 2010 0 0 16,951 0 16,951 0 302 16,649 2011 0 0 16,289 0 16,289 0 290 15,999 2012 0 0 15,653 0 15,653 0 278 15,375 2013 0 0 15,044 0 15,044 0 268 14,776 2014 0 0 14,456 0 14,456 0 257 14,199 2015 0 0 13,893 0 13,893 0 248 13,645 2016 0 0 13,351 0 13,351 0 237 13,114 2017 0 0 12,830 0 12,830 0 229 12,601 SUB-TOT 0 0 258,023 0 258,023 0 4,593 253,430 REMAIN 0 0 163,185 0 163,185 0 2,904 160,281 TOTAL 0 0 421,208 0 421,208 0 7,497 413,711
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,002 0 0 0 6,002 15,992 15,992 15,228 2004 6,001 0 0 0 6,001 15,135 31,127 13,047 2005 6,000 0 0 0 6,000 14,312 45,439 11,167 2006 5,998 0 0 0 5,998 13,523 58,962 9,552 2007 5,997 0 0 0 5,997 12,762 71,724 8,160 2008 5,995 0 0 0 5,995 12,032 83,756 6,964 2009 5,994 0 0 0 5,994 11,329 95,085 5,935 2010 5,993 0 0 0 5,993 10,656 105,741 5,054 2011 5,992 0 0 0 5,992 10,007 115,748 4,296 2012 5,991 0 0 0 5,991 9,384 125,132 3,647 2013 5,990 0 0 0 5,990 8,786 133,918 3,091 2014 5,989 0 0 0 5,989 8,210 142,128 2,615 2015 5,987 0 0 0 5,987 7,658 149,786 2,207 2016 5,987 0 0 0 5,987 7,127 156,913 1,860 2017 5,986 0 0 0 5,986 6,615 163,528 1,563 SUBTOT 89,902 0 0 0 89,902 163,528 94,386 REMAIN 109,123 0 0 0 109,123 51,158 214,686 7,042 TOTAL 199,025 0 0 0 199,025 214,686 101,428 LIFE OF EVALUATION IS 33.25 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 124 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 19-T16S-R17W PROVED LIPPERT #3 BP (WINFIELD) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 175,853 FINAL - 1.000000 0.875000 4.13 10.00% - 150,324 REMARKS - OPERATING COSTS CARRIED WITH PROVED PRODUCING. 15.00% - 129,416 20.00% - 112,162 25.00% - 97,816
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 20 0 0 16.097 0.00 4.13 2005 1 0 0 12 0 0 10.051 0.00 4.13 2006 1 0 0 11 0 0 8.218 0.00 4.13 2007 1 0 0 8 0 0 7.046 0.00 4.13 2008 1 0 0 8 0 0 6.041 0.00 4.13 2009 1 0 0 6 0 0 4.876 0.00 4.13 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 65 0 0 52.329 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 65 0 0 52.329 0.00 4.13 CUMULATIVE 0 0 0 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 65 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 66,479 0 66,479 0 1,183 65,296 2005 0 0 41,510 0 41,510 0 739 40,771 2006 0 0 33,940 0 33,940 0 604 33,336 2007 0 0 29,099 0 29,099 0 518 28,581 2008 0 0 24,949 0 24,949 0 444 24,505 2009 0 0 20,140 0 20,140 0 359 19,781 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 216,117 0 216,117 0 3,847 212,270 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 216,117 0 216,117 0 3,847 212,270
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 5,000 0 5,000 60,296 60,296 51,987 2005 0 0 0 0 0 40,771 101,067 31,887 2006 0 0 0 0 0 33,336 134,403 23,565 2007 0 0 0 0 0 28,581 162,984 18,289 2008 0 0 0 0 0 24,505 187,489 14,194 2009 0 0 0 0 0 19,781 207,270 10,402 2010 0 0 0 0 0 0 207,270 0 2011 0 0 0 0 0 0 207,270 0 2012 0 0 0 0 0 0 207,270 0 2013 0 0 0 0 0 0 207,270 0 2014 0 0 0 0 0 0 207,270 0 2015 0 0 0 0 0 0 207,270 0 2016 0 0 0 0 0 0 207,270 0 2017 0 0 0 0 0 0 207,270 0 SUBTOT 0 0 5,000 0 5,000 207,270 150,324 REMAIN 0 0 0 0 0 0 207,270 0 TOTAL 0 0 5,000 0 5,000 207,270 150,324 LIFE OF EVALUATION IS 6.94 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 125 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 29-T16S-R17W PROVED LIPPERT -B- #1 (PENNSYLVANIAN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 1,224 ULTIMATE 0 0 1,224
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 126 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 29-T16S-R17W PROVED LIPPERT -B- #2 (PENNSYLVANIAN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.755625 4.13 5.00% - 24,052 FINAL - 1.000000 0.755625 4.13 10.00% - 17,695 REMARKS - 15.00% - 13,763 20.00% - 11,177 25.00% - 9,382
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 1 0 0 0.677 0.00 4.13 2004 1 0 0 1 0 0 0.643 0.00 4.13 2005 1 0 0 1 0 0 0.611 0.00 4.13 2006 1 0 0 1 0 0 0.580 0.00 4.13 2007 1 0 0 0 0 0 0.551 0.00 4.13 2008 1 0 0 1 0 0 0.524 0.00 4.13 2009 1 0 0 1 0 0 0.497 0.00 4.13 2010 1 0 0 1 0 0 0.473 0.00 4.13 2011 1 0 0 0 0 0 0.449 0.00 4.13 2012 1 0 0 1 0 0 0.426 0.00 4.13 2013 1 0 0 0 0 0 0.405 0.00 4.13 2014 1 0 0 1 0 0 0.385 0.00 4.13 2015 1 0 0 0 0 0 0.366 0.00 4.13 2016 1 0 0 1 0 0 0.347 0.00 4.13 2017 1 0 0 0 0 0 0.330 0.00 4.13 SUB-TOTAL 0 0 10 0 0 7.264 0.00 4.13 REMAINDER 0 0 2 0 0 1.386 0.00 4.13 TOTAL 0 0 12 0 0 8.650 0.00 4.13 CUMULATIVE 0 0 14 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 26 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 2,795 0 2,795 0 50 2,745 2004 0 0 2,654 0 2,654 0 47 2,607 2005 0 0 2,522 0 2,522 0 45 2,477 2006 0 0 2,396 0 2,396 0 43 2,353 2007 0 0 2,277 0 2,277 0 40 2,237 2008 0 0 2,162 0 2,162 0 39 2,123 2009 0 0 2,054 0 2,054 0 36 2,018 2010 0 0 1,952 0 1,952 0 35 1,917 2011 0 0 1,854 0 1,854 0 33 1,821 2012 0 0 1,761 0 1,761 0 31 1,730 2013 0 0 1,673 0 1,673 0 30 1,643 2014 0 0 1,590 0 1,590 0 28 1,562 2015 0 0 1,510 0 1,510 0 27 1,483 2016 0 0 1,434 0 1,434 0 26 1,408 2017 0 0 1,363 0 1,363 0 24 1,339 SUB-TOT 0 0 29,997 0 29,997 0 534 29,463 REMAIN 0 0 5,723 0 5,723 0 102 5,621 TOTAL 0 0 35,720 0 35,720 0 636 35,084
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6 0 0 0 6 2,739 2,739 2,608 2004 5 0 0 0 5 2,602 5,341 2,243 2005 5 0 0 0 5 2,472 7,813 1,929 2006 5 0 0 0 5 2,348 10,161 1,658 2007 4 0 0 0 4 2,233 12,394 1,428 2008 4 0 0 0 4 2,119 14,513 1,226 2009 4 0 0 0 4 2,014 16,527 1,055 2010 4 0 0 0 4 1,913 18,440 908 2011 4 0 0 0 4 1,817 20,257 780 2012 4 0 0 0 4 1,726 21,983 670 2013 3 0 0 0 3 1,640 23,623 577 2014 3 0 0 0 3 1,559 25,182 497 2015 3 0 0 0 3 1,480 26,662 426 2016 3 0 0 0 3 1,405 28,067 367 2017 3 0 0 0 3 1,336 29,403 315 SUBTOT 60 0 0 0 60 29,403 16,687 REMAIN 11 0 0 0 11 5,610 35,013 1,008 TOTAL 71 0 0 0 71 35,013 17,695 LIFE OF EVALUATION IS 19.87 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 127 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 32-T16S-R17W PROVED LIPPERT -C- #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.765625 4.13 5.00% - 68,793 FINAL - 1.000000 0.765625 4.13 10.00% - 47,386 REMARKS - 15.00% - 35,937 20.00% - 28,926 25.00% - 24,212
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 1.804 0.00 4.13 2004 1 0 0 2 0 0 1.714 0.00 4.13 2005 1 0 0 2 0 0 1.628 0.00 4.13 2006 1 0 0 3 0 0 1.547 0.00 4.13 2007 1 0 0 2 0 0 1.470 0.00 4.13 2008 1 0 0 2 0 0 1.396 0.00 4.13 2009 1 0 0 1 0 0 1.326 0.00 4.13 2010 1 0 0 2 0 0 1.260 0.00 4.13 2011 1 0 0 2 0 0 1.197 0.00 4.13 2012 1 0 0 2 0 0 1.137 0.00 4.13 2013 1 0 0 1 0 0 1.080 0.00 4.13 2014 1 0 0 2 0 0 1.026 0.00 4.13 2015 1 0 0 1 0 0 0.975 0.00 4.13 2016 1 0 0 1 0 0 0.926 0.00 4.13 2017 1 0 0 1 0 0 0.880 0.00 4.13 SUB-TOTAL 0 0 27 0 0 19.366 0.00 4.13 REMAINDER 0 0 17 0 0 11.580 0.00 4.13 TOTAL 0 0 44 0 0 30.946 0.00 4.13 CUMULATIVE 0 0 200 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 244 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 7,452 0 7,452 0 133 7,319 2004 0 0 7,079 0 7,079 0 126 6,953 2005 0 0 6,726 0 6,726 0 119 6,607 2006 0 0 6,389 0 6,389 0 114 6,275 2007 0 0 6,069 0 6,069 0 108 5,961 2008 0 0 5,767 0 5,767 0 103 5,664 2009 0 0 5,477 0 5,477 0 97 5,380 2010 0 0 5,204 0 5,204 0 93 5,111 2011 0 0 4,944 0 4,944 0 88 4,856 2012 0 0 4,697 0 4,697 0 84 4,613 2013 0 0 4,461 0 4,461 0 79 4,382 2014 0 0 4,239 0 4,239 0 75 4,164 2015 0 0 4,027 0 4,027 0 72 3,955 2016 0 0 3,825 0 3,825 0 68 3,757 2017 0 0 3,634 0 3,634 0 65 3,569 SUB-TOT 0 0 79,990 0 79,990 0 1,424 78,566 REMAIN 0 0 47,826 0 47,826 0 851 46,975 TOTAL 0 0 127,816 0 127,816 0 2,275 125,541
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 231 0 0 0 231 7,088 7,088 6,749 2004 229 0 0 0 229 6,724 13,812 5,796 2005 230 0 0 0 230 6,377 20,189 4,976 2006 228 0 0 0 228 6,047 26,236 4,271 2007 228 0 0 0 228 5,733 31,969 3,666 2008 227 0 0 0 227 5,437 37,406 3,146 2009 227 0 0 0 227 5,153 42,559 2,700 2010 226 0 0 0 226 4,885 47,444 2,317 2011 226 0 0 0 226 4,630 52,074 1,987 2012 225 0 0 0 225 4,388 56,462 1,705 2013 225 0 0 0 225 4,157 60,619 1,463 2014 224 0 0 0 224 3,940 64,559 1,254 2015 224 0 0 0 224 3,731 68,290 1,076 2016 224 0 0 0 224 3,533 71,823 922 2017 223 0 0 0 223 3,346 75,169 790 SUBTOT 3,397 0 0 0 3,397 75,169 42,818 REMAIN 5,061 0 0 0 5,061 41,914 117,083 4,568 TOTAL 8,458 0 0 0 8,458 117,083 47,386 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 128 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 3-T17S-R17W PROVED MCGILL #2 (SHAWNEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 436 ULTIMATE 0 0 436
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 129 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 34-T16S-R17W PROVED O'DELL #1 (SHAWNEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 116 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 116 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 130 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 28-T16S-R16W PROVED OCHS -A- #1 (SHAWNEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 165,347 FINAL - 1.000000 0.875000 4.13 10.00% - 107,681 REMARKS - 15.00% - 78,968 20.00% - 62,240 25.00% - 51,369
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 5 0 0 3.761 0.00 4.13 2004 1 0 0 4 0 0 3.648 0.00 4.13 2005 1 0 0 5 0 0 3.538 0.00 4.13 2006 1 0 0 4 0 0 3.432 0.00 4.13 2007 1 0 0 4 0 0 3.329 0.00 4.13 2008 1 0 0 4 0 0 3.229 0.00 4.13 2009 1 0 0 4 0 0 3.133 0.00 4.13 2010 1 0 0 4 0 0 3.039 0.00 4.13 2011 1 0 0 3 0 0 2.947 0.00 4.13 2012 1 0 0 4 0 0 2.859 0.00 4.13 2013 1 0 0 3 0 0 2.773 0.00 4.13 2014 1 0 0 4 0 0 2.690 0.00 4.13 2015 1 0 0 3 0 0 2.609 0.00 4.13 2016 1 0 0 3 0 0 2.531 0.00 4.13 2017 1 0 0 3 0 0 2.455 0.00 4.13 SUB-TOTAL 0 0 57 0 0 45.973 0.00 4.13 REMAINDER 0 0 50 0 0 39.984 0.00 4.13 TOTAL 0 0 107 0 0 85.957 0.00 4.13 CUMULATIVE 0 0 227 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 334 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 15,531 0 15,531 0 276 15,255 2004 0 0 15,066 0 15,066 0 269 14,797 2005 0 0 14,614 0 14,614 0 260 14,354 2006 0 0 14,175 0 14,175 0 252 13,923 2007 0 0 13,750 0 13,750 0 245 13,505 2008 0 0 13,337 0 13,337 0 237 13,100 2009 0 0 12,937 0 12,937 0 231 12,706 2010 0 0 12,549 0 12,549 0 223 12,326 2011 0 0 12,173 0 12,173 0 217 11,956 2012 0 0 11,808 0 11,808 0 210 11,598 2013 0 0 11,453 0 11,453 0 204 11,249 2014 0 0 11,110 0 11,110 0 197 10,913 2015 0 0 10,776 0 10,776 0 192 10,584 2016 0 0 10,453 0 10,453 0 186 10,267 2017 0 0 10,140 0 10,140 0 181 9,959 SUB-TOT 0 0 189,872 0 189,872 0 3,380 186,492 REMAIN 0 0 165,133 0 165,133 0 2,939 162,194 TOTAL 0 0 355,005 0 355,005 0 6,319 348,686
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,083 0 0 0 1,083 14,172 14,172 13,493 2004 1,081 0 0 0 1,081 13,716 27,888 11,821 2005 1,082 0 0 0 1,082 13,272 41,160 10,354 2006 1,080 0 0 0 1,080 12,843 54,003 9,069 2007 1,079 0 0 0 1,079 12,426 66,429 7,944 2008 1,079 0 0 0 1,079 12,021 78,450 6,956 2009 1,078 0 0 0 1,078 11,628 90,078 6,091 2010 1,078 0 0 0 1,078 11,248 101,326 5,333 2011 1,077 0 0 0 1,077 10,879 112,205 4,670 2012 1,076 0 0 0 1,076 10,522 122,727 4,088 2013 1,076 0 0 0 1,076 10,173 132,900 3,578 2014 1,075 0 0 0 1,075 9,838 142,738 3,132 2015 1,074 0 0 0 1,074 9,510 152,248 2,740 2016 1,074 0 0 0 1,074 9,193 161,441 2,399 2017 1,074 0 0 0 1,074 8,885 170,326 2,098 SUBTOT 16,166 0 0 0 16,166 170,326 93,766 REMAIN 24,571 0 0 0 24,571 137,623 307,949 13,915 TOTAL 40,737 0 0 0 40,737 307,949 107,681 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 131 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 8-T16S-R17W PROVED PFEIFER -B- #1 (WABAUNSEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 16 ULTIMATE 0 0 16
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 132 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 10-T17S-R17W PROVED RAU #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 210,986 FINAL - 1.000000 0.820313 4.13 10.00% - 157,104 REMARKS - 15.00% - 124,473 20.00% - 102,898 25.00% - 87,665
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 10 0 0 7.434 0.00 4.13 2004 1 0 0 9 0 0 6.913 0.00 4.13 2005 1 0 0 9 0 0 6.429 0.00 4.13 2006 1 0 0 7 0 0 5.979 0.00 4.13 2007 1 0 0 8 0 0 5.561 0.00 4.13 2008 1 0 0 7 0 0 5.172 0.00 4.13 2009 1 0 0 6 0 0 4.810 0.00 4.13 2010 1 0 0 6 0 0 4.473 0.00 4.13 2011 1 0 0 5 0 0 4.160 0.00 4.13 2012 1 0 0 6 0 0 3.869 0.00 4.13 2013 1 0 0 4 0 0 3.598 0.00 4.13 2014 1 0 0 5 0 0 3.346 0.00 4.13 2015 1 0 0 4 0 0 3.112 0.00 4.13 2016 1 0 0 4 0 0 2.894 0.00 4.13 2017 1 0 0 3 0 0 2.691 0.00 4.13 SUB-TOTAL 0 0 93 0 0 70.441 0.00 4.13 REMAINDER 0 0 37 0 0 27.482 0.00 4.13 TOTAL 0 0 130 0 0 97.923 0.00 4.13 CUMULATIVE 0 0 2,019 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 2,149 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 30,702 0 30,702 0 546 30,156 2004 0 0 28,552 0 28,552 0 509 28,043 2005 0 0 26,554 0 26,554 0 472 26,082 2006 0 0 24,695 0 24,695 0 440 24,255 2007 0 0 22,966 0 22,966 0 409 22,557 2008 0 0 21,359 0 21,359 0 380 20,979 2009 0 0 19,863 0 19,863 0 354 19,509 2010 0 0 18,473 0 18,473 0 328 18,145 2011 0 0 17,180 0 17,180 0 306 16,874 2012 0 0 15,978 0 15,978 0 285 15,693 2013 0 0 14,859 0 14,859 0 264 14,595 2014 0 0 13,819 0 13,819 0 246 13,573 2015 0 0 12,851 0 12,851 0 229 12,622 2016 0 0 11,952 0 11,952 0 212 11,740 2017 0 0 11,115 0 11,115 0 198 10,917 SUB-TOT 0 0 290,918 0 290,918 0 5,178 285,740 REMAIN 0 0 113,500 0 113,500 0 2,021 111,479 TOTAL 0 0 404,418 0 404,418 0 7,199 397,219
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,492 0 0 0 2,492 27,664 27,664 26,348 2004 2,488 0 0 0 2,488 25,555 53,219 22,033 2005 2,485 0 0 0 2,485 23,597 76,816 18,416 2006 2,481 0 0 0 2,481 21,774 98,590 15,382 2007 2,478 0 0 0 2,478 20,079 118,669 12,841 2008 2,475 0 0 0 2,475 18,504 137,173 10,712 2009 2,472 0 0 0 2,472 17,037 154,210 8,928 2010 2,470 0 0 0 2,470 15,675 169,885 7,435 2011 2,468 0 0 0 2,468 14,406 184,291 6,186 2012 2,465 0 0 0 2,465 13,228 197,519 5,142 2013 2,463 0 0 0 2,463 12,132 209,651 4,269 2014 2,461 0 0 0 2,461 11,112 220,763 3,539 2015 2,460 0 0 0 2,460 10,162 230,925 2,930 2016 2,458 0 0 0 2,458 9,282 240,207 2,423 2017 2,456 0 0 0 2,456 8,461 248,668 1,999 SUBTOT 37,072 0 0 0 37,072 248,668 148,583 REMAIN 49,333 0 0 0 49,333 62,146 310,814 8,521 TOTAL 86,405 0 0 0 86,405 310,814 157,104 LIFE OF EVALUATION IS 35.17 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 133 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 23-T17S-R17W PROVED REICHEL #1 (KANSAS CITY) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 321,415 FINAL - 1.000000 0.875000 4.13 10.00% - 247,121 REMARKS - 15.00% - 199,545 20.00% - 166,956 25.00% - 143,408
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 16 0 0 12.799 0.00 4.13 2004 1 0 0 15 0 0 11.775 0.00 4.13 2005 1 0 0 13 0 0 10.833 0.00 4.13 2006 1 0 0 12 0 0 9.966 0.00 4.13 2007 1 0 0 12 0 0 9.169 0.00 4.13 2008 1 0 0 10 0 0 8.436 0.00 4.13 2009 1 0 0 10 0 0 7.761 0.00 4.13 2010 1 0 0 9 0 0 7.140 0.00 4.13 2011 1 0 0 8 0 0 6.569 0.00 4.13 2012 1 0 0 7 0 0 6.043 0.00 4.13 2013 1 0 0 7 0 0 5.560 0.00 4.13 2014 1 0 0 7 0 0 5.115 0.00 4.13 2015 1 0 0 6 0 0 4.706 0.00 4.13 2016 1 0 0 5 0 0 4.329 0.00 4.13 2017 1 0 0 5 0 0 3.983 0.00 4.13 SUB-TOTAL 0 0 142 0 0 114.184 0.00 4.13 REMAINDER 0 0 39 0 0 31.250 0.00 4.13 TOTAL 0 0 181 0 0 145.434 0.00 4.13 CUMULATIVE 0 0 292 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 473 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 52,860 0 52,860 0 941 51,919 2004 0 0 48,631 0 48,631 0 866 47,765 2005 0 0 44,741 0 44,741 0 796 43,945 2006 0 0 41,162 0 41,162 0 733 40,429 2007 0 0 37,868 0 37,868 0 674 37,194 2008 0 0 34,839 0 34,839 0 620 34,219 2009 0 0 32,052 0 32,052 0 570 31,482 2010 0 0 29,488 0 29,488 0 525 28,963 2011 0 0 27,129 0 27,129 0 483 26,646 2012 0 0 24,959 0 24,959 0 444 24,515 2013 0 0 22,961 0 22,961 0 409 22,552 2014 0 0 21,125 0 21,125 0 376 20,749 2015 0 0 19,435 0 19,435 0 346 19,089 2016 0 0 17,880 0 17,880 0 318 17,562 2017 0 0 16,450 0 16,450 0 293 16,157 SUB-TOT 0 0 471,580 0 471,580 0 8,394 463,186 REMAIN 0 0 129,062 0 129,062 0 2,297 126,765 TOTAL 0 0 600,642 0 600,642 0 10,691 589,951
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 5,011 0 0 0 5,011 46,908 46,908 44,682 2004 5,003 0 0 0 5,003 42,762 89,670 36,872 2005 4,997 0 0 0 4,997 38,948 128,618 30,400 2006 4,990 0 0 0 4,990 35,439 164,057 25,039 2007 4,985 0 0 0 4,985 32,209 196,266 20,601 2008 4,980 0 0 0 4,980 29,239 225,505 16,928 2009 4,975 0 0 0 4,975 26,507 252,012 13,892 2010 4,970 0 0 0 4,970 23,993 276,005 11,383 2011 4,967 0 0 0 4,967 21,679 297,684 9,311 2012 4,963 0 0 0 4,963 19,552 317,236 7,601 2013 4,959 0 0 0 4,959 17,593 334,829 6,191 2014 4,956 0 0 0 4,956 15,793 350,622 5,031 2015 4,954 0 0 0 4,954 14,135 364,757 4,076 2016 4,950 0 0 0 4,950 12,612 377,369 3,293 2017 4,949 0 0 0 4,949 11,208 388,577 2,648 SUBTOT 74,609 0 0 0 74,609 388,577 237,948 REMAIN 67,871 0 0 0 67,871 58,894 447,471 9,173 TOTAL 142,480 0 0 0 142,480 447,471 247,121 LIFE OF EVALUATION IS 28.75 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 134 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 31-T17S-R16W PROVED ROTHE #1-31 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 71,369 FINAL - 1.000000 0.875000 4.13 10.00% - 65,061 REMARKS - 15.00% - 59,615 20.00% - 54,890 25.00% - 50,768
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 12 0 0 9.833 0.00 4.13 2004 1 0 0 11 0 0 8.486 0.00 4.13 2005 1 0 0 9 0 0 7.324 0.00 4.13 2006 1 0 0 8 0 0 6.320 0.00 4.13 2007 1 0 0 6 0 0 5.454 0.00 4.13 2008 1 0 0 4 0 0 3.122 0.00 4.13 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 50 0 0 40.539 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 50 0 0 40.539 0.00 4.13 CUMULATIVE 0 0 470 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 520 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 40,611 0 40,611 0 723 39,888 2004 0 0 35,048 0 35,048 0 624 34,424 2005 0 0 30,246 0 30,246 0 538 29,708 2006 0 0 26,103 0 26,103 0 465 25,638 2007 0 0 22,526 0 22,526 0 401 22,125 2008 0 0 12,895 0 12,895 0 229 12,666 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 167,429 0 167,429 0 2,980 164,449 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 167,429 0 167,429 0 2,980 164,449
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 15,202 0 0 0 15,202 24,686 24,686 23,543 2004 15,192 0 0 0 15,192 19,232 43,918 16,606 2005 15,184 0 0 0 15,184 14,524 58,442 11,356 2006 15,176 0 0 0 15,176 10,462 68,904 7,408 2007 15,171 0 0 0 15,171 6,954 75,858 4,461 2008 9,807 0 0 0 9,807 2,859 78,717 1,687 2009 0 0 0 0 0 0 78,717 0 2010 0 0 0 0 0 0 78,717 0 2011 0 0 0 0 0 0 78,717 0 2012 0 0 0 0 0 0 78,717 0 2013 0 0 0 0 0 0 78,717 0 2014 0 0 0 0 0 0 78,717 0 2015 0 0 0 0 0 0 78,717 0 2016 0 0 0 0 0 0 78,717 0 2017 0 0 0 0 0 0 78,717 0 SUBTOT 85,732 0 0 0 85,732 78,717 65,061 REMAIN 0 0 0 0 0 0 78,717 0 TOTAL 85,732 0 0 0 85,732 78,717 65,061 LIFE OF EVALUATION IS 5.65 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 135 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 20-T17S-R16W PROVED ROTHE, R. #1 (KANSAS CITY) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 76,046 FINAL - 1.000000 0.820313 4.13 10.00% - 63,378 REMARKS - 15.00% - 54,058 20.00% - 46,995 25.00% - 41,500
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 6 0 0 4.366 0.00 4.13 2004 1 0 0 5 0 0 3.842 0.00 4.13 2005 1 0 0 4 0 0 3.381 0.00 4.13 2006 1 0 0 4 0 0 2.976 0.00 4.13 2007 1 0 0 4 0 0 2.618 0.00 4.13 2008 1 0 0 3 0 0 2.304 0.00 4.13 2009 1 0 0 3 0 0 2.028 0.00 4.13 2010 1 0 0 2 0 0 1.784 0.00 4.13 2011 1 0 0 2 0 0 1.570 0.00 4.13 2012 1 0 0 2 0 0 1.382 0.00 4.13 2013 1 0 0 1 0 0 1.216 0.00 4.13 2014 1 0 0 2 0 0 1.070 0.00 4.13 2015 1 0 0 1 0 0 0.942 0.00 4.13 2016 1 0 0 1 0 0 0.829 0.00 4.13 2017 1 0 0 1 0 0 0.729 0.00 4.13 SUB-TOTAL 0 0 41 0 0 31.037 0.00 4.13 REMAINDER 0 0 2 0 0 1.162 0.00 4.13 TOTAL 0 0 43 0 0 32.199 0.00 4.13 CUMULATIVE 0 0 474 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 517 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 18,033 0 18,033 0 321 17,712 2004 0 0 15,869 0 15,869 0 282 15,587 2005 0 0 13,965 0 13,965 0 249 13,716 2006 0 0 12,289 0 12,289 0 219 12,070 2007 0 0 10,814 0 10,814 0 192 10,622 2008 0 0 9,517 0 9,517 0 170 9,347 2009 0 0 8,375 0 8,375 0 149 8,226 2010 0 0 7,369 0 7,369 0 131 7,238 2011 0 0 6,485 0 6,485 0 115 6,370 2012 0 0 5,708 0 5,708 0 102 5,606 2013 0 0 5,022 0 5,022 0 89 4,933 2014 0 0 4,419 0 4,419 0 79 4,340 2015 0 0 3,890 0 3,890 0 69 3,821 2016 0 0 3,422 0 3,422 0 61 3,361 2017 0 0 3,012 0 3,012 0 54 2,958 SUB-TOT 0 0 128,189 0 128,189 0 2,282 125,907 REMAIN 0 0 4,799 0 4,799 0 85 4,714 TOTAL 0 0 132,988 0 132,988 0 2,367 130,621
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,193 0 0 0 2,193 15,519 15,519 14,789 2004 2,189 0 0 0 2,189 13,398 28,917 11,558 2005 2,186 0 0 0 2,186 11,530 40,447 9,004 2006 2,182 0 0 0 2,182 9,888 50,335 6,989 2007 2,180 0 0 0 2,180 8,442 58,777 5,403 2008 2,177 0 0 0 2,177 7,170 65,947 4,153 2009 2,176 0 0 0 2,176 6,050 71,997 3,173 2010 2,173 0 0 0 2,173 5,065 77,062 2,405 2011 2,172 0 0 0 2,172 4,198 81,260 1,804 2012 2,170 0 0 0 2,170 3,436 84,696 1,337 2013 2,169 0 0 0 2,169 2,764 87,460 973 2014 2,169 0 0 0 2,169 2,171 89,631 693 2015 2,167 0 0 0 2,167 1,654 91,285 478 2016 2,166 0 0 0 2,166 1,195 92,480 312 2017 2,165 0 0 0 2,165 793 93,273 188 SUBTOT 32,634 0 0 0 32,634 93,273 63,259 REMAIN 4,149 0 0 0 4,149 565 93,838 119 TOTAL 36,783 0 0 0 36,783 93,838 63,378 LIFE OF EVALUATION IS 16.92 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 136 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 4-T17S-R17W PROVED SCHEUERMAN #56 (GRWS-SHWN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 147,033 FINAL - 1.000000 0.875000 4.13 10.00% - 93,499 REMARKS - 15.00% - 67,621 20.00% - 52,852 25.00% - 43,385
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 2.992 0.00 4.13 2004 1 0 0 3 0 0 2.917 0.00 4.13 2005 1 0 0 4 0 0 2.844 0.00 4.13 2006 1 0 0 3 0 0 2.773 0.00 4.13 2007 1 0 0 4 0 0 2.704 0.00 4.13 2008 1 0 0 3 0 0 2.636 0.00 4.13 2009 1 0 0 3 0 0 2.570 0.00 4.13 2010 1 0 0 3 0 0 2.506 0.00 4.13 2011 1 0 0 3 0 0 2.444 0.00 4.13 2012 1 0 0 3 0 0 2.382 0.00 4.13 2013 1 0 0 3 0 0 2.323 0.00 4.13 2014 1 0 0 3 0 0 2.265 0.00 4.13 2015 1 0 0 3 0 0 2.208 0.00 4.13 2016 1 0 0 2 0 0 2.153 0.00 4.13 2017 1 0 0 3 0 0 2.099 0.00 4.13 SUB-TOTAL 0 0 47 0 0 37.816 0.00 4.13 REMAINDER 0 0 45 0 0 36.135 0.00 4.13 TOTAL 0 0 92 0 0 73.951 0.00 4.13 CUMULATIVE 0 0 436 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 528 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 12,357 0 12,357 0 220 12,137 2004 0 0 12,049 0 12,049 0 214 11,835 2005 0 0 11,747 0 11,747 0 210 11,537 2006 0 0 11,454 0 11,454 0 203 11,251 2007 0 0 11,167 0 11,167 0 199 10,968 2008 0 0 10,888 0 10,888 0 194 10,694 2009 0 0 10,616 0 10,616 0 189 10,427 2010 0 0 10,350 0 10,350 0 184 10,166 2011 0 0 10,092 0 10,092 0 180 9,912 2012 0 0 9,840 0 9,840 0 175 9,665 2013 0 0 9,593 0 9,593 0 171 9,422 2014 0 0 9,354 0 9,354 0 166 9,188 2015 0 0 9,119 0 9,119 0 163 8,956 2016 0 0 8,892 0 8,892 0 158 8,734 2017 0 0 8,670 0 8,670 0 154 8,516 SUB-TOT 0 0 156,188 0 156,188 0 2,780 153,408 REMAIN 0 0 149,239 0 149,239 0 2,657 146,582 TOTAL 0 0 305,427 0 305,427 0 5,437 299,990
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 417 0 0 0 417 11,720 11,720 11,158 2004 417 0 0 0 417 11,418 23,138 9,840 2005 416 0 0 0 416 11,121 34,259 8,675 2006 416 0 0 0 416 10,835 45,094 7,651 2007 415 0 0 0 415 10,553 55,647 6,746 2008 414 0 0 0 414 10,280 65,927 5,948 2009 415 0 0 0 415 10,012 75,939 5,244 2010 413 0 0 0 413 9,753 85,692 4,625 2011 414 0 0 0 414 9,498 95,190 4,076 2012 413 0 0 0 413 9,252 104,442 3,594 2013 412 0 0 0 412 9,010 113,452 3,169 2014 412 0 0 0 412 8,776 122,228 2,794 2015 412 0 0 0 412 8,544 130,772 2,462 2016 411 0 0 0 411 8,323 139,095 2,171 2017 411 0 0 0 411 8,105 147,200 1,914 SUBTOT 6,208 0 0 0 6,208 147,200 80,067 REMAIN 9,364 0 0 0 9,364 137,218 284,418 13,432 TOTAL 15,572 0 0 0 15,572 284,418 93,499 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 137 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 18-T16S-R17W PROVED SCHLITTER #2 (PENNSYLVANIAN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.861328 4.13 5.00% - 11,963 FINAL - 1.000000 0.861328 4.13 10.00% - 10,082 REMARKS - 15.00% - 8,650 20.00% - 7,539 25.00% - 6,659
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 2 0 0 1.246 0.00 4.13 2004 1 0 0 1 0 0 1.183 0.00 4.13 2005 1 0 0 1 0 0 1.123 0.00 4.13 2006 1 0 0 2 0 0 1.067 0.00 4.13 2007 1 0 0 1 0 0 1.013 0.00 4.13 2008 1 0 0 1 0 0 0.961 0.00 4.13 2009 1 0 0 1 0 0 0.913 0.00 4.13 2010 1 0 0 2 0 0 0.867 0.00 4.13 2011 1 0 0 1 0 0 0.823 0.00 4.13 2012 1 0 0 1 0 0 0.781 0.00 4.13 2013 1 0 0 1 0 0 0.742 0.00 4.13 2014 1 0 0 0 0 0 0.704 0.00 4.13 2015 1 0 0 1 0 0 0.614 0.00 4.13 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 15 0 0 12.037 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 15 0 0 12.037 0.00 4.13 CUMULATIVE 0 0 179 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 194 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 5,147 0 5,147 0 92 5,055 2004 0 0 4,887 0 4,887 0 87 4,800 2005 0 0 4,640 0 4,640 0 82 4,558 2006 0 0 4,405 0 4,405 0 79 4,326 2007 0 0 4,183 0 4,183 0 74 4,109 2008 0 0 3,971 0 3,971 0 71 3,900 2009 0 0 3,769 0 3,769 0 67 3,702 2010 0 0 3,580 0 3,580 0 64 3,516 2011 0 0 3,398 0 3,398 0 60 3,338 2012 0 0 3,226 0 3,226 0 57 3,169 2013 0 0 3,063 0 3,063 0 55 3,008 2014 0 0 2,909 0 2,909 0 52 2,857 2015 0 0 2,536 0 2,536 0 45 2,491 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 49,714 0 49,714 0 885 48,829 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 49,714 0 49,714 0 885 48,829
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,661 0 0 0 2,661 2,394 2,394 2,281 2004 2,660 0 0 0 2,660 2,140 4,534 1,845 2005 2,661 0 0 0 2,661 1,897 6,431 1,481 2006 2,659 0 0 0 2,659 1,667 8,098 1,179 2007 2,660 0 0 0 2,660 1,449 9,547 927 2008 2,658 0 0 0 2,658 1,242 10,789 719 2009 2,659 0 0 0 2,659 1,043 11,832 547 2010 2,658 0 0 0 2,658 858 12,690 408 2011 2,658 0 0 0 2,658 680 13,370 292 2012 2,658 0 0 0 2,658 511 13,881 199 2013 2,657 0 0 0 2,657 351 14,232 124 2014 2,657 0 0 0 2,657 200 14,432 64 2015 2,436 0 0 0 2,436 55 14,487 16 2016 0 0 0 0 0 0 14,487 0 2017 0 0 0 0 0 0 14,487 0 SUBTOT 34,342 0 0 0 34,342 14,487 10,082 REMAIN 0 0 0 0 0 0 14,487 0 TOTAL 34,342 0 0 0 34,342 14,487 10,082 LIFE OF EVALUATION IS 12.92 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 138 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 13-T17S-R17W PROVED SCHNEIDER #1 (KANSAS CITY) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 246,092 FINAL - 1.000000 0.820313 4.13 10.00% - 200,253 REMARKS - 15.00% - 168,265 20.00% - 144,897 25.00% - 127,169
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 16 0 0 12.025 0.00 4.13 2004 1 0 0 14 0 0 10.462 0.00 4.13 2005 1 0 0 12 0 0 9.102 0.00 4.13 2006 1 0 0 10 0 0 7.918 0.00 4.13 2007 1 0 0 9 0 0 6.889 0.00 4.13 2008 1 0 0 8 0 0 5.993 0.00 4.13 2009 1 0 0 7 0 0 5.214 0.00 4.13 2010 1 0 0 6 0 0 4.536 0.00 4.13 2011 1 0 0 6 0 0 3.947 0.00 4.13 2012 1 0 0 4 0 0 3.434 0.00 4.13 2013 1 0 0 4 0 0 2.987 0.00 4.13 2014 1 0 0 4 0 0 2.599 0.00 4.13 2015 1 0 0 3 0 0 2.261 0.00 4.13 2016 1 0 0 2 0 0 1.967 0.00 4.13 2017 1 0 0 2 0 0 1.711 0.00 4.13 SUB-TOTAL 0 0 107 0 0 81.045 0.00 4.13 REMAINDER 0 0 11 0 0 8.067 0.00 4.13 TOTAL 0 0 118 0 0 89.112 0.00 4.13 CUMULATIVE 0 0 430 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 548 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 49,662 0 49,662 0 884 48,778 2004 0 0 43,206 0 43,206 0 769 42,437 2005 0 0 37,589 0 37,589 0 669 36,920 2006 0 0 32,703 0 32,703 0 582 32,121 2007 0 0 28,451 0 28,451 0 507 27,944 2008 0 0 24,753 0 24,753 0 440 24,313 2009 0 0 21,535 0 21,535 0 384 21,151 2010 0 0 18,735 0 18,735 0 333 18,402 2011 0 0 16,300 0 16,300 0 290 16,010 2012 0 0 14,180 0 14,180 0 253 13,927 2013 0 0 12,337 0 12,337 0 219 12,118 2014 0 0 10,734 0 10,734 0 191 10,543 2015 0 0 9,338 0 9,338 0 167 9,171 2016 0 0 8,124 0 8,124 0 144 7,980 2017 0 0 7,068 0 7,068 0 126 6,942 SUB-TOT 0 0 334,715 0 334,715 0 5,958 328,757 REMAIN 0 0 33,316 0 33,316 0 593 32,723 TOTAL 0 0 368,031 0 368,031 0 6,551 361,480
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,999 0 0 0 1,999 46,779 46,779 44,578 2004 1,987 0 0 0 1,987 40,450 87,229 34,894 2005 1,977 0 0 0 1,977 34,943 122,172 27,286 2006 1,967 0 0 0 1,967 30,154 152,326 21,314 2007 1,960 0 0 0 1,960 25,984 178,310 16,627 2008 1,954 0 0 0 1,954 22,359 200,669 12,951 2009 1,947 0 0 0 1,947 19,204 219,873 10,069 2010 1,942 0 0 0 1,942 16,460 236,333 7,812 2011 1,938 0 0 0 1,938 14,072 250,405 6,046 2012 1,934 0 0 0 1,934 11,993 262,398 4,665 2013 1,931 0 0 0 1,931 10,187 272,585 3,587 2014 1,927 0 0 0 1,927 8,616 281,201 2,746 2015 1,925 0 0 0 1,925 7,246 288,447 2,091 2016 1,923 0 0 0 1,923 6,057 294,504 1,582 2017 1,921 0 0 0 1,921 5,021 299,525 1,187 SUBTOT 29,232 0 0 0 29,232 299,525 197,435 REMAIN 16,756 0 0 0 16,756 15,967 315,492 2,818 TOTAL 45,988 0 0 0 45,988 315,492 200,253 LIFE OF EVALUATION IS 23.75 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 139 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 25-T16S-R17W PROVED SHERWOOD #1 (SHAWNEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.792969 4.13 5.00% - 98,765 FINAL - 1.000000 0.792969 4.13 10.00% - 64,273 REMARKS - 15.00% - 47,094 20.00% - 37,090 25.00% - 30,593
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.386 0.00 4.13 2004 1 0 0 3 0 0 2.322 0.00 4.13 2005 1 0 0 4 0 0 2.259 0.00 4.13 2006 1 0 0 3 0 0 2.198 0.00 4.13 2007 1 0 0 2 0 0 2.139 0.00 4.13 2008 1 0 0 3 0 0 2.081 0.00 4.13 2009 1 0 0 3 0 0 2.025 0.00 4.13 2010 1 0 0 3 0 0 1.970 0.00 4.13 2011 1 0 0 2 0 0 1.917 0.00 4.13 2012 1 0 0 3 0 0 1.865 0.00 4.13 2013 1 0 0 2 0 0 1.815 0.00 4.13 2014 1 0 0 3 0 0 1.766 0.00 4.13 2015 1 0 0 2 0 0 1.718 0.00 4.13 2016 1 0 0 3 0 0 1.672 0.00 4.13 2017 1 0 0 2 0 0 1.627 0.00 4.13 SUB-TOTAL 0 0 41 0 0 29.760 0.00 4.13 REMAINDER 0 0 37 0 0 27.383 0.00 4.13 TOTAL 0 0 78 0 0 57.143 0.00 4.13 CUMULATIVE 0 0 224 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 302 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 9,855 0 9,855 0 175 9,680 2004 0 0 9,588 0 9,588 0 171 9,417 2005 0 0 9,330 0 9,330 0 166 9,164 2006 0 0 9,078 0 9,078 0 162 8,916 2007 0 0 8,832 0 8,832 0 157 8,675 2008 0 0 8,595 0 8,595 0 153 8,442 2009 0 0 8,362 0 8,362 0 149 8,213 2010 0 0 8,136 0 8,136 0 145 7,991 2011 0 0 7,917 0 7,917 0 141 7,776 2012 0 0 7,703 0 7,703 0 137 7,566 2013 0 0 7,495 0 7,495 0 133 7,362 2014 0 0 7,292 0 7,292 0 130 7,162 2015 0 0 7,096 0 7,096 0 126 6,970 2016 0 0 6,904 0 6,904 0 123 6,781 2017 0 0 6,718 0 6,718 0 120 6,598 SUB-TOT 0 0 122,901 0 122,901 0 2,188 120,713 REMAIN 0 0 113,094 0 113,094 0 2,013 111,081 TOTAL 0 0 235,995 0 235,995 0 4,201 231,794
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,267 0 0 0 1,267 8,413 8,413 8,010 2004 1,266 0 0 0 1,266 8,151 16,564 7,024 2005 1,265 0 0 0 1,265 7,899 24,463 6,163 2006 1,266 0 0 0 1,266 7,650 32,113 5,402 2007 1,264 0 0 0 1,264 7,411 39,524 4,737 2008 1,265 0 0 0 1,265 7,177 46,701 4,153 2009 1,263 0 0 0 1,263 6,950 53,651 3,641 2010 1,264 0 0 0 1,264 6,727 60,378 3,190 2011 1,263 0 0 0 1,263 6,513 66,891 2,795 2012 1,262 0 0 0 1,262 6,304 73,195 2,449 2013 1,263 0 0 0 1,263 6,099 79,294 2,145 2014 1,261 0 0 0 1,261 5,901 85,195 1,879 2015 1,262 0 0 0 1,262 5,708 90,903 1,645 2016 1,261 0 0 0 1,261 5,520 96,423 1,440 2017 1,261 0 0 0 1,261 5,337 101,760 1,260 SUBTOT 18,953 0 0 0 18,953 101,760 55,933 REMAIN 28,917 0 0 0 28,917 82,164 183,924 8,340 TOTAL 47,870 0 0 0 47,870 183,924 64,273 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 140 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 11-T17S-R17W PROVED STEITZ -A- #1 (KANSAS CITY) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 20,460 FINAL - 1.000000 0.875000 4.13 10.00% - 18,781 REMARKS - 15.00% - 17,320 20.00% - 16,041 25.00% - 14,917
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 3.178 0.00 4.13 2004 1 0 0 3 0 0 2.705 0.00 4.13 2005 1 0 0 3 0 0 2.302 0.00 4.13 2006 1 0 0 3 0 0 1.959 0.00 4.13 2007 1 0 0 2 0 0 1.667 0.00 4.13 2008 1 0 0 1 0 0 1.418 0.00 4.13 2009 1 0 0 1 0 0 0.108 0.00 4.13 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 17 0 0 13.337 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 17 0 0 13.337 0.00 4.13 CUMULATIVE 0 0 297 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 314 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 13,126 0 13,126 0 234 12,892 2004 0 0 11,170 0 11,170 0 198 10,972 2005 0 0 9,506 0 9,506 0 170 9,336 2006 0 0 8,089 0 8,089 0 144 7,945 2007 0 0 6,884 0 6,884 0 122 6,762 2008 0 0 5,859 0 5,859 0 104 5,755 2009 0 0 447 0 447 0 8 439 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 55,081 0 55,081 0 980 54,101 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 55,081 0 55,081 0 980 54,101
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 5,219 0 0 0 5,219 7,673 7,673 7,320 2004 5,215 0 0 0 5,215 5,757 13,430 4,972 2005 5,212 0 0 0 5,212 4,124 17,554 3,226 2006 5,210 0 0 0 5,210 2,735 20,289 1,939 2007 5,208 0 0 0 5,208 1,554 21,843 999 2008 5,206 0 0 0 5,206 549 22,392 322 2009 433 0 0 0 433 6 22,398 3 2010 0 0 0 0 0 0 22,398 0 2011 0 0 0 0 0 0 22,398 0 2012 0 0 0 0 0 0 22,398 0 2013 0 0 0 0 0 0 22,398 0 2014 0 0 0 0 0 0 22,398 0 2015 0 0 0 0 0 0 22,398 0 2016 0 0 0 0 0 0 22,398 0 2017 0 0 0 0 0 0 22,398 0 SUBTOT 31,703 0 0 0 31,703 22,398 18,781 REMAIN 0 0 0 0 0 0 22,398 0 TOTAL 31,703 0 0 0 31,703 22,398 18,781 LIFE OF EVALUATION IS 6.08 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 141 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 14-T17S-R17W PROVED STEITZ -B- #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 4.13 5.00% - 2,816 FINAL - 1.000000 0.820313 4.13 10.00% - 2,692 REMARKS - 15.00% - 2,576 20.00% - 2,468 25.00% - 2,368
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 2.978 0.00 4.13 2004 1 0 0 4 0 0 2.790 0.00 4.13 2005 1 0 0 3 0 0 2.190 0.00 4.13 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 11 0 0 7.958 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 11 0 0 7.958 0.00 4.13 CUMULATIVE 0 0 353 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 364 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 12,298 0 12,298 0 219 12,079 2004 0 0 11,524 0 11,524 0 205 11,319 2005 0 0 9,047 0 9,047 0 161 8,886 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 32,869 0 32,869 0 585 32,284 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 32,869 0 32,869 0 585 32,284
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 10,354 0 0 0 10,354 1,725 1,725 1,648 2004 10,354 0 0 0 10,354 965 2,690 837 2005 8,626 0 0 0 8,626 260 2,950 207 2006 0 0 0 0 0 0 2,950 0 2007 0 0 0 0 0 0 2,950 0 2008 0 0 0 0 0 0 2,950 0 2009 0 0 0 0 0 0 2,950 0 2010 0 0 0 0 0 0 2,950 0 2011 0 0 0 0 0 0 2,950 0 2012 0 0 0 0 0 0 2,950 0 2013 0 0 0 0 0 0 2,950 0 2014 0 0 0 0 0 0 2,950 0 2015 0 0 0 0 0 0 2,950 0 2016 0 0 0 0 0 0 2,950 0 2017 0 0 0 0 0 0 2,950 0 SUBTOT 29,334 0 0 0 29,334 2,950 2,692 REMAIN 0 0 0 0 0 0 2,950 0 TOTAL 29,334 0 0 0 29,334 2,950 2,692 LIFE OF EVALUATION IS 2.83 YEARS. FINAL PRODUCTION RATE: 0.3 MMCF/MO
TENGASCO, INC. TABLE 142 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 14-T17S-R17W PROVED THIELENHAUS #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 75,371 FINAL - 1.000000 0.875000 4.13 10.00% - 60,475 REMARKS - 15.00% - 49,955 20.00% - 42,291 25.00% - 36,543
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 3.134 0.00 4.13 2004 1 0 0 3 0 0 2.871 0.00 4.13 2005 1 0 0 4 0 0 2.629 0.00 4.13 2006 1 0 0 3 0 0 2.409 0.00 4.13 2007 1 0 0 2 0 0 2.206 0.00 4.13 2008 1 0 0 3 0 0 2.021 0.00 4.13 2009 1 0 0 2 0 0 1.851 0.00 4.13 2010 1 0 0 2 0 0 1.696 0.00 4.13 2011 1 0 0 2 0 0 1.553 0.00 4.13 2012 1 0 0 2 0 0 1.423 0.00 4.13 2013 1 0 0 2 0 0 1.303 0.00 4.13 2014 1 0 0 1 0 0 1.194 0.00 4.13 2015 1 0 0 2 0 0 1.093 0.00 4.13 2016 1 0 0 1 0 0 0.917 0.00 4.13 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 33 0 0 26.300 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 33 0 0 26.300 0.00 4.13 CUMULATIVE 0 0 1,138 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 1,171 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 12,943 0 12,943 0 230 12,713 2004 0 0 11,855 0 11,855 0 211 11,644 2005 0 0 10,860 0 10,860 0 194 10,666 2006 0 0 9,947 0 9,947 0 177 9,770 2007 0 0 9,112 0 9,112 0 162 8,950 2008 0 0 8,346 0 8,346 0 149 8,197 2009 0 0 7,645 0 7,645 0 136 7,509 2010 0 0 7,004 0 7,004 0 124 6,880 2011 0 0 6,414 0 6,414 0 114 6,300 2012 0 0 5,876 0 5,876 0 105 5,771 2013 0 0 5,383 0 5,383 0 96 5,287 2014 0 0 4,930 0 4,930 0 88 4,842 2015 0 0 4,516 0 4,516 0 80 4,436 2016 0 0 3,788 0 3,788 0 67 3,721 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 108,619 0 108,619 0 1,933 106,686 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 108,619 0 108,619 0 1,933 106,686
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 694 0 0 0 694 12,019 12,019 11,449 2004 693 0 0 0 693 10,951 22,970 9,442 2005 690 0 0 0 690 9,976 32,946 7,787 2006 689 0 0 0 689 9,081 42,027 6,416 2007 688 0 0 0 688 8,262 50,289 5,284 2008 686 0 0 0 686 7,511 57,800 4,349 2009 685 0 0 0 685 6,824 64,624 3,576 2010 684 0 0 0 684 6,196 70,820 2,939 2011 683 0 0 0 683 5,617 76,437 2,413 2012 682 0 0 0 682 5,089 81,526 1,978 2013 682 0 0 0 682 4,605 86,131 1,620 2014 680 0 0 0 680 4,162 90,293 1,326 2015 680 0 0 0 680 3,756 94,049 1,083 2016 619 0 0 0 619 3,102 97,151 813 2017 0 0 0 0 0 0 97,151 0 SUBTOT 9,535 0 0 0 9,535 97,151 60,475 REMAIN 0 0 0 0 0 0 97,151 0 TOTAL 9,535 0 0 0 9,535 97,151 60,475 LIFE OF EVALUATION IS 13.91 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 143 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 14-T17S-R17W PROVED THIELENHAUS #1 BP (TOPEKA) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 360,372 FINAL - 1.000000 0.875000 4.13 10.00% - 288,894 REMARKS - OPERATING COSTS CARRIED WITH PROVED PRODUCING. 15.00% - 235,726 20.00% - 195,376 25.00% - 164,164
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 29 0 0 22.995 0.00 4.13 2005 1 0 0 20 0 0 16.477 0.00 4.13 2006 1 0 0 18 0 0 14.375 0.00 4.13 2007 1 0 0 15 0 0 12.542 0.00 4.13 2008 1 0 0 14 0 0 10.942 0.00 4.13 2009 1 0 0 12 0 0 9.546 0.00 4.13 2010 1 0 0 10 0 0 8.329 0.00 4.13 2011 1 0 0 9 0 0 7.266 0.00 4.13 2012 1 0 0 8 0 0 6.340 0.00 4.13 2013 1 0 0 7 0 0 5.531 0.00 4.13 2014 1 0 0 3 0 0 2.382 0.00 4.13 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 145 0 0 116.725 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 145 0 0 116.725 0.00 4.13 CUMULATIVE 0 0 0 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 145 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 94,970 0 94,970 0 1,690 93,280 2005 0 0 68,049 0 68,049 0 1,212 66,837 2006 0 0 59,369 0 59,369 0 1,057 58,312 2007 0 0 51,797 0 51,797 0 921 50,876 2008 0 0 45,190 0 45,190 0 805 44,385 2009 0 0 39,426 0 39,426 0 702 38,724 2010 0 0 34,398 0 34,398 0 612 33,786 2011 0 0 30,010 0 30,010 0 534 29,476 2012 0 0 26,182 0 26,182 0 466 25,716 2013 0 0 22,842 0 22,842 0 407 22,435 2014 0 0 9,840 0 9,840 0 175 9,665 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 482,073 0 482,073 0 8,581 473,492 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 482,073 0 482,073 0 8,581 473,492
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 15,000 0 15,000 78,280 78,280 67,185 2005 0 0 0 0 0 66,837 145,117 52,186 2006 0 0 0 0 0 58,312 203,429 41,215 2007 0 0 0 0 0 50,876 254,305 32,551 2008 0 0 0 0 0 44,385 298,690 25,705 2009 0 0 0 0 0 38,724 337,414 20,302 2010 0 0 0 0 0 33,786 371,200 16,033 2011 0 0 0 0 0 29,476 400,676 12,663 2012 0 0 0 0 0 25,716 426,392 10,000 2013 0 0 0 0 0 22,435 448,827 7,897 2014 0 0 0 0 0 9,665 458,492 3,157 2015 0 0 0 0 0 0 458,492 0 2016 0 0 0 0 0 0 458,492 0 2017 0 0 0 0 0 0 458,492 0 SUBTOT 0 0 15,000 0 15,000 458,492 288,894 REMAIN 0 0 0 0 0 0 458,492 0 TOTAL 0 0 15,000 0 15,000 458,492 288,894 LIFE OF EVALUATION IS 11.48 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 144 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 19-T16S-R17W PROVED TORREY #2 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.861328 4.13 5.00% - 436,792 FINAL - 1.000000 0.861328 4.13 10.00% - 302,438 REMARKS - 15.00% - 229,987 20.00% - 185,396 25.00% - 155,324
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 15 0 0 11.819 0.00 4.13 2004 1 0 0 14 0 0 11.228 0.00 4.13 2005 1 0 0 14 0 0 10.666 0.00 4.13 2006 1 0 0 12 0 0 10.133 0.00 4.13 2007 1 0 0 12 0 0 9.626 0.00 4.13 2008 1 0 0 12 0 0 9.145 0.00 4.13 2009 1 0 0 11 0 0 8.688 0.00 4.13 2010 1 0 0 10 0 0 8.253 0.00 4.13 2011 1 0 0 10 0 0 7.841 0.00 4.13 2012 1 0 0 10 0 0 7.449 0.00 4.13 2013 1 0 0 9 0 0 7.076 0.00 4.13 2014 1 0 0 8 0 0 6.722 0.00 4.13 2015 1 0 0 8 0 0 6.386 0.00 4.13 2016 1 0 0 8 0 0 6.067 0.00 4.13 2017 1 0 0 7 0 0 5.764 0.00 4.13 SUB-TOTAL 0 0 160 0 0 126.863 0.00 4.13 REMAINDER 0 0 96 0 0 75.852 0.00 4.13 TOTAL 0 0 256 0 0 202.715 0.00 4.13 CUMULATIVE 0 0 2,894 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 3,150 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 48,811 0 48,811 0 869 47,942 2004 0 0 46,371 0 46,371 0 825 45,546 2005 0 0 44,052 0 44,052 0 784 43,268 2006 0 0 41,850 0 41,850 0 745 41,105 2007 0 0 39,757 0 39,757 0 708 39,049 2008 0 0 37,770 0 37,770 0 672 37,098 2009 0 0 35,880 0 35,880 0 639 35,241 2010 0 0 34,087 0 34,087 0 607 33,480 2011 0 0 32,383 0 32,383 0 576 31,807 2012 0 0 30,763 0 30,763 0 548 30,215 2013 0 0 29,225 0 29,225 0 520 28,705 2014 0 0 27,764 0 27,764 0 494 27,270 2015 0 0 26,376 0 26,376 0 470 25,906 2016 0 0 25,057 0 25,057 0 446 24,611 2017 0 0 23,804 0 23,804 0 423 23,381 SUB-TOT 0 0 523,950 0 523,950 0 9,326 514,624 REMAIN 0 0 313,267 0 313,267 0 5,576 307,691 TOTAL 0 0 837,217 0 837,217 0 14,902 822,315
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,317 0 0 0 2,317 45,625 45,625 43,446 2004 2,313 0 0 0 2,313 43,233 88,858 37,266 2005 2,309 0 0 0 2,309 40,959 129,817 31,959 2006 2,304 0 0 0 2,304 38,801 168,618 27,406 2007 2,302 0 0 0 2,302 36,747 205,365 23,495 2008 2,297 0 0 0 2,297 34,801 240,166 20,141 2009 2,295 0 0 0 2,295 32,946 273,112 17,261 2010 2,291 0 0 0 2,291 31,189 304,301 14,791 2011 2,289 0 0 0 2,289 29,518 333,819 12,672 2012 2,285 0 0 0 2,285 27,930 361,749 10,854 2013 2,283 0 0 0 2,283 26,422 388,171 9,294 2014 2,281 0 0 0 2,281 24,989 413,160 7,957 2015 2,277 0 0 0 2,277 23,629 436,789 6,811 2016 2,276 0 0 0 2,276 22,335 459,124 5,828 2017 2,274 0 0 0 2,274 21,107 480,231 4,985 SUBTOT 34,393 0 0 0 34,393 480,231 274,166 REMAIN 51,881 0 0 0 51,881 255,810 736,041 28,272 TOTAL 86,274 0 0 0 86,274 736,041 302,438 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 145 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 20-T16S-R17W PROVED URBAN R & A #1 (WABAUNSEE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 40,948 FINAL - 1.000000 0.875000 4.13 10.00% - 31,748 REMARKS - 15.00% - 25,760 20.00% - 21,615 25.00% - 18,601
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 2 0 0 1.705 0.00 4.13 2004 1 0 0 2 0 0 1.569 0.00 4.13 2005 1 0 0 2 0 0 1.443 0.00 4.13 2006 1 0 0 2 0 0 1.328 0.00 4.13 2007 1 0 0 1 0 0 1.221 0.00 4.13 2008 1 0 0 1 0 0 1.124 0.00 4.13 2009 1 0 0 2 0 0 1.034 0.00 4.13 2010 1 0 0 1 0 0 0.951 0.00 4.13 2011 1 0 0 1 0 0 0.875 0.00 4.13 2012 1 0 0 1 0 0 0.805 0.00 4.13 2013 1 0 0 1 0 0 0.741 0.00 4.13 2014 1 0 0 1 0 0 0.681 0.00 4.13 2015 1 0 0 1 0 0 0.627 0.00 4.13 2016 1 0 0 0 0 0 0.577 0.00 4.13 2017 1 0 0 1 0 0 0.531 0.00 4.13 SUB-TOTAL 0 0 19 0 0 15.212 0.00 4.13 REMAINDER 0 0 5 0 0 3.795 0.00 4.13 TOTAL 0 0 24 0 0 19.007 0.00 4.13 CUMULATIVE 0 0 72 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 96 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 7,042 0 7,042 0 125 6,917 2004 0 0 6,478 0 6,478 0 116 6,362 2005 0 0 5,960 0 5,960 0 106 5,854 2006 0 0 5,483 0 5,483 0 97 5,386 2007 0 0 5,045 0 5,045 0 90 4,955 2008 0 0 4,641 0 4,641 0 83 4,558 2009 0 0 4,269 0 4,269 0 76 4,193 2010 0 0 3,928 0 3,928 0 70 3,858 2011 0 0 3,614 0 3,614 0 64 3,550 2012 0 0 3,325 0 3,325 0 59 3,266 2013 0 0 3,059 0 3,059 0 55 3,004 2014 0 0 2,814 0 2,814 0 50 2,764 2015 0 0 2,589 0 2,589 0 46 2,543 2016 0 0 2,382 0 2,382 0 42 2,340 2017 0 0 2,191 0 2,191 0 39 2,152 SUB-TOT 0 0 62,820 0 62,820 0 1,118 61,702 REMAIN 0 0 15,674 0 15,674 0 279 15,395 TOTAL 0 0 78,494 0 78,494 0 1,397 77,097
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 792 0 0 0 792 6,125 6,125 5,834 2004 791 0 0 0 791 5,571 11,696 4,804 2005 790 0 0 0 790 5,064 16,760 3,953 2006 790 0 0 0 790 4,596 21,356 3,247 2007 788 0 0 0 788 4,167 25,523 2,665 2008 788 0 0 0 788 3,770 29,293 2,183 2009 788 0 0 0 788 3,405 32,698 1,785 2010 786 0 0 0 786 3,072 35,770 1,457 2011 787 0 0 0 787 2,763 38,533 1,187 2012 785 0 0 0 785 2,481 41,014 964 2013 786 0 0 0 786 2,218 43,232 781 2014 784 0 0 0 784 1,980 45,212 631 2015 785 0 0 0 785 1,758 46,970 507 2016 784 0 0 0 784 1,556 48,526 406 2017 784 0 0 0 784 1,368 49,894 323 SUBTOT 11,808 0 0 0 11,808 49,894 30,727 REMAIN 9,127 0 0 0 9,127 6,268 56,162 1,021 TOTAL 20,935 0 0 0 20,935 56,162 31,748 LIFE OF EVALUATION IS 26.67 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 146 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL EAST FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 35-T17S-R18W PROVED BAHR #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.13 5.00% - 146,354 FINAL - 1.000000 0.875000 4.13 10.00% - 96,951 REMARKS - 15.00% - 71,818 20.00% - 56,955 25.00% - 47,198
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 3.494 0.00 4.13 2004 1 0 0 5 0 0 3.372 0.00 4.13 2005 1 0 0 4 0 0 3.254 0.00 4.13 2006 1 0 0 3 0 0 3.140 0.00 4.13 2007 1 0 0 4 0 0 3.030 0.00 4.13 2008 1 0 0 4 0 0 2.924 0.00 4.13 2009 1 0 0 3 0 0 2.822 0.00 4.13 2010 1 0 0 4 0 0 2.723 0.00 4.13 2011 1 0 0 3 0 0 2.628 0.00 4.13 2012 1 0 0 3 0 0 2.536 0.00 4.13 2013 1 0 0 3 0 0 2.447 0.00 4.13 2014 1 0 0 3 0 0 2.361 0.00 4.13 2015 1 0 0 3 0 0 2.279 0.00 4.13 2016 1 0 0 3 0 0 2.199 0.00 4.13 2017 1 0 0 2 0 0 2.122 0.00 4.13 SUB-TOTAL 0 0 51 0 0 41.331 0.00 4.13 REMAINDER 0 0 41 0 0 32.724 0.00 4.13 TOTAL 0 0 92 0 0 74.055 0.00 4.13 CUMULATIVE 0 0 141 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 233 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 14,432 0 14,432 0 257 14,175 2004 0 0 13,927 0 13,927 0 248 13,679 2005 0 0 13,439 0 13,439 0 239 13,200 2006 0 0 12,969 0 12,969 0 231 12,738 2007 0 0 12,515 0 12,515 0 223 12,292 2008 0 0 12,077 0 12,077 0 215 11,862 2009 0 0 11,654 0 11,654 0 207 11,447 2010 0 0 11,246 0 11,246 0 200 11,046 2011 0 0 10,853 0 10,853 0 193 10,660 2012 0 0 10,473 0 10,473 0 187 10,286 2013 0 0 10,106 0 10,106 0 180 9,926 2014 0 0 9,753 0 9,753 0 173 9,580 2015 0 0 9,411 0 9,411 0 168 9,243 2016 0 0 9,082 0 9,082 0 161 8,921 2017 0 0 8,764 0 8,764 0 156 8,608 SUB-TOT 0 0 170,701 0 170,701 0 3,038 167,663 REMAIN 0 0 135,151 0 135,151 0 2,406 132,745 TOTAL 0 0 305,852 0 305,852 0 5,444 300,408
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 937 0 0 0 937 13,238 13,238 12,604 2004 936 0 0 0 936 12,743 25,981 10,983 2005 935 0 0 0 935 12,265 38,246 9,569 2006 934 0 0 0 934 11,804 50,050 8,336 2007 933 0 0 0 933 11,359 61,409 7,262 2008 933 0 0 0 933 10,929 72,338 6,324 2009 932 0 0 0 932 10,515 82,853 5,508 2010 931 0 0 0 931 10,115 92,968 4,797 2011 931 0 0 0 931 9,729 102,697 4,176 2012 930 0 0 0 930 9,356 112,053 3,635 2013 929 0 0 0 929 8,997 121,050 3,164 2014 929 0 0 0 929 8,651 129,701 2,755 2015 928 0 0 0 928 8,315 138,016 2,396 2016 928 0 0 0 928 7,993 146,009 2,085 2017 927 0 0 0 927 7,681 153,690 1,814 SUBTOT 13,973 0 0 0 13,973 153,690 85,408 REMAIN 21,207 0 0 0 21,207 111,538 265,228 11,543 TOTAL 35,180 0 0 0 35,180 265,228 96,951 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 0.1 MMCF/MO
TENGASCO, INC. TABLE 147 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL WEST FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 11-T17S-R18W PROVED LEGLEITER -A- #1-1 (CHASE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.738281 4.13 5.00% - 254,562 FINAL - 1.000000 0.738281 4.13 10.00% - 185,525 REMARKS - 15.00% - 144,480 20.00% - 117,867 25.00% - 99,405
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 15 0 0 10.161 0.00 4.13 2004 1 0 0 14 0 0 9.754 0.00 4.13 2005 1 0 0 14 0 0 9.364 0.00 4.13 2006 1 0 0 13 0 0 8.990 0.00 4.13 2007 1 0 0 13 0 0 8.630 0.00 4.13 2008 1 0 0 12 0 0 8.285 0.00 4.13 2009 1 0 0 12 0 0 7.953 0.00 4.13 2010 1 0 0 11 0 0 7.635 0.00 4.13 2011 1 0 0 11 0 0 7.330 0.00 4.13 2012 1 0 0 10 0 0 7.037 0.00 4.13 2013 1 0 0 10 0 0 6.755 0.00 4.13 2014 1 0 0 10 0 0 6.485 0.00 4.13 2015 1 0 0 9 0 0 6.226 0.00 4.13 2016 1 0 0 9 0 0 5.977 0.00 4.13 2017 1 0 0 8 0 0 5.737 0.00 4.13 SUB-TOTAL 0 0 171 0 0 116.319 0.00 4.13 REMAINDER 0 0 101 0 0 68.437 0.00 4.13 TOTAL 0 0 272 0 0 184.756 0.00 4.13 CUMULATIVE 0 0 267 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 539 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 41,964 0 41,964 0 747 41,217 2004 0 0 40,285 0 40,285 0 717 39,568 2005 0 0 38,673 0 38,673 0 688 37,985 2006 0 0 37,127 0 37,127 0 661 36,466 2007 0 0 35,641 0 35,641 0 635 35,006 2008 0 0 34,216 0 34,216 0 609 33,607 2009 0 0 32,848 0 32,848 0 584 32,264 2010 0 0 31,533 0 31,533 0 562 30,971 2011 0 0 30,272 0 30,272 0 539 29,733 2012 0 0 29,061 0 29,061 0 517 28,544 2013 0 0 27,899 0 27,899 0 496 27,403 2014 0 0 26,783 0 26,783 0 477 26,306 2015 0 0 25,711 0 25,711 0 458 25,253 2016 0 0 24,683 0 24,683 0 439 24,244 2017 0 0 23,696 0 23,696 0 422 23,274 SUB-TOT 0 0 480,392 0 480,392 0 8,551 471,841 REMAIN 0 0 282,644 0 282,644 0 5,031 277,613 TOTAL 0 0 763,036 0 763,036 0 13,582 749,454
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 11,521 0 0 0 11,521 29,696 29,696 28,278 2004 11,518 0 0 0 11,518 28,050 57,746 24,180 2005 11,515 0 0 0 11,515 26,470 84,216 20,654 2006 11,511 0 0 0 11,511 24,955 109,171 17,627 2007 11,509 0 0 0 11,509 23,497 132,668 15,024 2008 11,505 0 0 0 11,505 22,102 154,770 12,793 2009 11,503 0 0 0 11,503 20,761 175,531 10,877 2010 11,500 0 0 0 11,500 19,471 195,002 9,235 2011 11,497 0 0 0 11,497 18,236 213,238 7,829 2012 11,495 0 0 0 11,495 17,049 230,287 6,626 2013 11,493 0 0 0 11,493 15,910 246,197 5,598 2014 11,491 0 0 0 11,491 14,815 261,012 4,718 2015 11,488 0 0 0 11,488 13,765 274,777 3,968 2016 11,486 0 0 0 11,486 12,758 287,535 3,329 2017 11,484 0 0 0 11,484 11,790 299,325 2,786 SUBTOT 172,516 0 0 0 172,516 299,325 173,522 REMAIN 193,080 0 0 0 193,080 84,533 383,858 12,003 TOTAL 365,596 0 0 0 365,596 383,858 185,525 LIFE OF EVALUATION IS 31.83 YEARS. FINAL PRODUCTION RATE: 0.3 MMCF/MO
TENGASCO, INC. TABLE 148 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL WEST FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 11-T17S-R18W PROVED LEGLEITER -A- #1-2 (CHASE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 2 ULTIMATE 0 0 2
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 149 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 REICHEL WEST FIELD, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR 1-T17S-R18W PROVED MUTH #1 & 2 (CHSE-SHWN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.722656 4.13 5.00% - 174,392 FINAL - 1.000000 0.722656 4.13 10.00% - 149,457 REMARKS - 15.00% - 130,099 20.00% - 114,795 25.00% - 102,492
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 0 0 19 0 0 12.362 0.00 4.13 2004 2 0 0 16 0 0 10.879 0.00 4.13 2005 2 0 0 14 0 0 9.573 0.00 4.13 2006 2 0 0 13 0 0 8.424 0.00 4.13 2007 2 0 0 11 0 0 7.413 0.00 4.13 2008 2 0 0 10 0 0 6.524 0.00 4.13 2009 2 0 0 9 0 0 5.741 0.00 4.13 2010 2 0 0 7 0 0 5.052 0.00 4.13 2011 2 0 0 7 0 0 4.446 0.00 4.13 2012 2 0 0 6 0 0 3.912 0.00 4.13 2013 2 0 0 5 0 0 3.443 0.00 4.13 2014 2 0 0 2 0 0 1.203 0.00 4.13 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 119 0 0 78.972 0.00 4.13 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 119 0 0 78.972 0.00 4.13 CUMULATIVE 0 0 619 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 0 0 738 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 51,055 0 51,055 0 909 50,146 2004 0 0 44,929 0 44,929 0 800 44,129 2005 0 0 39,537 0 39,537 0 703 38,834 2006 0 0 34,793 0 34,793 0 620 34,173 2007 0 0 30,617 0 30,617 0 545 30,072 2008 0 0 26,944 0 26,944 0 479 26,465 2009 0 0 23,710 0 23,710 0 422 23,288 2010 0 0 20,865 0 20,865 0 372 20,493 2011 0 0 18,361 0 18,361 0 326 18,035 2012 0 0 16,158 0 16,158 0 288 15,870 2013 0 0 14,219 0 14,219 0 253 13,966 2014 0 0 4,966 0 4,966 0 89 4,877 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 326,154 0 326,154 0 5,806 320,348 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 326,154 0 326,154 0 5,806 320,348
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 9,994 0 0 0 9,994 40,152 40,152 38,268 2004 9,981 0 0 0 9,981 34,148 74,300 29,461 2005 9,970 0 0 0 9,970 28,864 103,164 22,544 2006 9,961 0 0 0 9,961 24,212 127,376 17,119 2007 9,951 0 0 0 9,951 20,121 147,497 12,879 2008 9,944 0 0 0 9,944 16,521 164,018 9,574 2009 9,937 0 0 0 9,937 13,351 177,369 7,004 2010 9,932 0 0 0 9,932 10,561 187,930 5,016 2011 9,926 0 0 0 9,926 8,109 196,039 3,488 2012 9,921 0 0 0 9,921 5,949 201,988 2,317 2013 9,918 0 0 0 9,918 4,048 206,036 1,429 2014 3,785 0 0 0 3,785 1,092 207,128 358 2015 0 0 0 0 0 0 207,128 0 2016 0 0 0 0 0 0 207,128 0 2017 0 0 0 0 0 0 207,128 0 SUBTOT 113,220 0 0 0 113,220 207,128 149,457 REMAIN 0 0 0 0 0 0 207,128 0 TOTAL 113,220 0 0 0 113,220 207,128 149,457 LIFE OF EVALUATION IS 11.38 YEARS. FINAL PRODUCTION RATE: 0.4 MMCF/MO
TENGASCO, INC. TABLE 150 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 RIDGEWAY SOUTH FIELD, TREGO COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 34-T12S-R21W PROVED SCHOENTHALER #3 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 27.29 5.00% - 110,924 FINAL - 1.000000 0.820313 27.29 10.00% - 95,923 REMARKS - 15.00% - 84,138 20.00% - 74,727 25.00% - 67,095
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,768 0 0 1,450 0 0.000 27.29 0.00 2004 1 1,481 0 0 1,216 0 0.000 27.29 0.00 2005 1 1,334 0 0 1,093 0 0.000 27.29 0.00 2006 1 1,200 0 0 985 0 0.000 27.29 0.00 2007 1 1,079 0 0 885 0 0.000 27.29 0.00 2008 1 972 0 0 798 0 0.000 27.29 0.00 2009 1 875 0 0 717 0 0.000 27.29 0.00 2010 1 787 0 0 646 0 0.000 27.29 0.00 2011 1 709 0 0 581 0 0.000 27.29 0.00 2012 1 638 0 0 523 0 0.000 27.29 0.00 2013 1 573 0 0 471 0 0.000 27.29 0.00 2014 1 351 0 0 287 0 0.000 27.29 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 11,767 0 0 9,652 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 11,767 0 0 9,652 0 0.000 27.29 0.00 CUMULATIVE 50,223 0 0 ULTIMATE 61,990 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 39,582 0 0 0 39,582 241 0 39,341 2004 33,162 0 0 0 33,162 203 0 32,959 2005 29,846 0 0 0 29,846 182 0 29,664 2006 26,861 0 0 0 26,861 164 0 26,697 2007 24,175 0 0 0 24,175 147 0 24,028 2008 21,757 0 0 0 21,757 133 0 21,624 2009 19,582 0 0 0 19,582 119 0 19,463 2010 17,624 0 0 0 17,624 108 0 17,516 2011 15,861 0 0 0 15,861 97 0 15,764 2012 14,275 0 0 0 14,275 87 0 14,188 2013 12,847 0 0 0 12,847 78 0 12,769 2014 7,843 0 0 0 7,843 48 0 7,795 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 263,415 0 0 0 263,415 1,607 0 261,808 REMAIN 0 0 0 0 0 0 0 0 TOTAL 263,415 0 0 0 263,415 1,607 0 261,808
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 11,268 0 0 0 11,268 28,073 28,073 26,795 2004 11,268 0 0 0 11,268 21,691 49,764 18,714 2005 11,268 0 0 0 11,268 18,396 68,160 14,368 2006 11,268 0 0 0 11,268 15,429 83,589 10,909 2007 11,268 0 0 0 11,268 12,760 96,349 8,168 2008 11,268 0 0 0 11,268 10,356 106,705 6,002 2009 11,268 0 0 0 11,268 8,195 114,900 4,300 2010 11,268 0 0 0 11,268 6,248 121,148 2,969 2011 11,268 0 0 0 11,268 4,496 125,644 1,935 2012 11,268 0 0 0 11,268 2,920 128,564 1,139 2013 11,268 0 0 0 11,268 1,501 130,065 532 2014 7,512 0 0 0 7,512 283 130,348 92 2015 0 0 0 0 0 0 130,348 0 2016 0 0 0 0 0 0 130,348 0 2017 0 0 0 0 0 0 130,348 0 SUBTOT 131,460 0 0 0 131,460 130,348 95,923 REMAIN 0 0 0 0 0 0 130,348 0 TOTAL 131,460 0 0 0 131,460 130,348 95,923 LIFE OF EVALUATION IS 11.67 YEARS. FINAL PRODUCTION RATE: 42 BBLS/MO
TENGASCO, INC. TABLE 151 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 9-T13S-R21W PROVED KELLER LEASE (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 58,589 FINAL - 1.000000 0.875000 27.29 10.00% - 45,903 REMARKS - 15.00% - 37,348 20.00% - 31,316 25.00% - 26,889
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 562 0 0 492 0 0.000 27.29 0.00 2004 2 535 0 0 468 0 0.000 27.29 0.00 2005 2 510 0 0 446 0 0.000 27.29 0.00 2006 2 484 0 0 424 0 0.000 27.29 0.00 2007 2 462 0 0 404 0 0.000 27.29 0.00 2008 2 440 0 0 385 0 0.000 27.29 0.00 2009 2 418 0 0 366 0 0.000 27.29 0.00 2010 2 398 0 0 348 0 0.000 27.29 0.00 2011 2 380 0 0 332 0 0.000 27.29 0.00 2012 2 361 0 0 316 0 0.000 27.29 0.00 2013 2 343 0 0 301 0 0.000 27.29 0.00 2014 2 328 0 0 286 0 0.000 27.29 0.00 2015 2 311 0 0 272 0 0.000 27.29 0.00 2016 2 297 0 0 260 0 0.000 27.29 0.00 2017 2 282 0 0 247 0 0.000 27.29 0.00 SUB-TOTAL 6,111 0 0 5,347 0 0.000 27.29 0.00 REMAINDER 959 0 0 839 0 0.000 27.29 0.00 TOTAL 7,070 0 0 6,186 0 0.000 27.29 0.00 CUMULATIVE 49,858 0 0 ULTIMATE 56,928 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 13,421 0 0 0 13,421 82 0 13,339 2004 12,777 0 0 0 12,777 78 0 12,699 2005 12,164 0 0 0 12,164 74 0 12,090 2006 11,580 0 0 0 11,580 71 0 11,509 2007 11,024 0 0 0 11,024 67 0 10,957 2008 10,495 0 0 0 10,495 64 0 10,431 2009 9,992 0 0 0 9,992 61 0 9,931 2010 9,511 0 0 0 9,511 58 0 9,453 2011 9,055 0 0 0 9,055 55 0 9,000 2012 8,621 0 0 0 8,621 53 0 8,568 2013 8,206 0 0 0 8,206 50 0 8,156 2014 7,813 0 0 0 7,813 47 0 7,766 2015 7,438 0 0 0 7,438 46 0 7,392 2016 7,081 0 0 0 7,081 43 0 7,038 2017 6,740 0 0 0 6,740 41 0 6,699 SUB-TOT 145,918 0 0 0 145,918 890 0 145,028 REMAIN 22,905 0 0 0 22,905 140 0 22,765 TOTAL 168,823 0 0 0 168,823 1,030 0 167,793
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,752 0 0 0 4,752 8,587 8,587 8,178 2004 4,752 0 0 0 4,752 7,947 16,534 6,852 2005 4,752 0 0 0 4,752 7,338 23,872 5,727 2006 4,752 0 0 0 4,752 6,757 30,629 4,774 2007 4,752 0 0 0 4,752 6,205 36,834 3,968 2008 4,752 0 0 0 4,752 5,679 42,513 3,288 2009 4,752 0 0 0 4,752 5,179 47,692 2,714 2010 4,752 0 0 0 4,752 4,701 52,393 2,230 2011 4,752 0 0 0 4,752 4,248 56,641 1,825 2012 4,752 0 0 0 4,752 3,816 60,457 1,483 2013 4,752 0 0 0 4,752 3,404 63,861 1,198 2014 4,752 0 0 0 4,752 3,014 66,875 961 2015 4,752 0 0 0 4,752 2,640 69,515 761 2016 4,752 0 0 0 4,752 2,286 71,801 597 2017 4,752 0 0 0 4,752 1,947 73,748 460 SUBTOT 71,280 0 0 0 71,280 73,748 45,016 REMAIN 18,154 0 0 0 18,154 4,611 78,359 887 TOTAL 89,434 0 0 0 89,434 78,359 45,903 LIFE OF EVALUATION IS 18.82 YEARS. FINAL PRODUCTION RATE: 19 BBLS/MO
TENGASCO, INC. TABLE 152 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 9-T13S-R21W PROVED KELLER -A- LEASE (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 35,146 FINAL - 1.000000 0.875000 27.29 10.00% - 32,069 REMARKS - 15.00% - 29,411 20.00% - 27,102 25.00% - 25,086
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 1,632 0 0 1,428 0 0.000 27.29 0.00 2004 3 1,522 0 0 1,331 0 0.000 27.29 0.00 2005 3 1,421 0 0 1,244 0 0.000 27.29 0.00 2006 3 1,330 0 0 1,164 0 0.000 27.29 0.00 2007 3 1,248 0 0 1,092 0 0.000 27.29 0.00 2008 3 1,174 0 0 1,027 0 0.000 27.29 0.00 2009 3 375 0 0 329 0 0.000 27.29 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 8,702 0 0 7,615 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 8,702 0 0 7,615 0 0.000 27.29 0.00 CUMULATIVE 102,577 0 0 ULTIMATE 111,279 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 38,979 0 0 0 38,979 238 0 38,741 2004 36,324 0 0 0 36,324 221 0 36,103 2005 33,933 0 0 0 33,933 207 0 33,726 2006 31,769 0 0 0 31,769 194 0 31,575 2007 29,807 0 0 0 29,807 182 0 29,625 2008 28,020 0 0 0 28,020 171 0 27,849 2009 8,971 0 0 0 8,971 55 0 8,916 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 207,803 0 0 0 207,803 1,268 0 206,535 REMAIN 0 0 0 0 0 0 0 0 TOTAL 207,803 0 0 0 207,803 1,268 0 206,535
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 26,496 0 0 0 26,496 12,245 12,245 11,677 2004 26,496 0 0 0 26,496 9,607 21,852 8,295 2005 26,496 0 0 0 26,496 7,230 29,082 5,653 2006 26,496 0 0 0 26,496 5,079 34,161 3,598 2007 26,496 0 0 0 26,496 3,129 37,290 2,009 2008 26,496 0 0 0 26,496 1,353 38,643 791 2009 8,832 0 0 0 8,832 84 38,727 46 2010 0 0 0 0 0 0 38,727 0 2011 0 0 0 0 0 0 38,727 0 2012 0 0 0 0 0 0 38,727 0 2013 0 0 0 0 0 0 38,727 0 2014 0 0 0 0 0 0 38,727 0 2015 0 0 0 0 0 0 38,727 0 2016 0 0 0 0 0 0 38,727 0 2017 0 0 0 0 0 0 38,727 0 SUBTOT 167,808 0 0 0 167,808 38,727 32,069 REMAIN 0 0 0 0 0 0 38,727 0 TOTAL 167,808 0 0 0 167,808 38,727 32,069 LIFE OF EVALUATION IS 6.33 YEARS. FINAL PRODUCTION RATE: 93 BBLS/MO
TENGASCO, INC. TABLE 153 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 16-T10S-R15W PROVED MAIER #1 (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.812500 5.00% - 0 FINAL - 0.812500 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 11,113 0 0 ULTIMATE 11,113 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 154 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 16-T10S-R15W PROVED MAIER #1 BP (KSSC-LNSG) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.812500 0.676025 27.29 5.00% - 240,690 FINAL - 0.812500 0.676025 27.29 10.00% - 197,208 REMARKS - 15.00% - 165,414 20.00% - 141,491 25.00% - 123,017
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 3,446 0 0 2,330 0 0.000 27.29 0.00 2004 1 3,157 0 0 2,134 0 0.000 27.29 0.00 2005 1 2,892 0 0 1,955 0 0.000 27.29 0.00 2006 1 2,648 0 0 1,790 0 0.000 27.29 0.00 2007 1 2,426 0 0 1,640 0 0.000 27.29 0.00 2008 1 2,222 0 0 1,502 0 0.000 27.29 0.00 2009 1 2,035 0 0 1,376 0 0.000 27.29 0.00 2010 1 1,864 0 0 1,260 0 0.000 27.29 0.00 2011 1 1,707 0 0 1,154 0 0.000 27.29 0.00 2012 1 1,564 0 0 1,057 0 0.000 27.29 0.00 2013 1 1,432 0 0 968 0 0.000 27.29 0.00 2014 1 1,312 0 0 887 0 0.000 27.29 0.00 2015 1 1,202 0 0 813 0 0.000 27.29 0.00 2016 1 1,100 0 0 744 0 0.000 27.29 0.00 2017 1 1,008 0 0 681 0 0.000 27.29 0.00 SUB-TOTAL 30,015 0 0 20,291 0 0.000 27.29 0.00 REMAINDER 1,070 0 0 723 0 0.000 27.29 0.00 TOTAL 31,085 0 0 21,014 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 31,085 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 63,583 0 0 0 63,583 388 0 63,195 2004 58,238 0 0 0 58,238 355 0 57,883 2005 53,343 0 0 0 53,343 326 0 53,017 2006 48,859 0 0 0 48,859 298 0 48,561 2007 44,752 0 0 0 44,752 273 0 44,479 2008 40,990 0 0 0 40,990 250 0 40,740 2009 37,544 0 0 0 37,544 229 0 37,315 2010 34,388 0 0 0 34,388 209 0 34,179 2011 31,498 0 0 0 31,498 192 0 31,306 2012 28,850 0 0 0 28,850 176 0 28,674 2013 26,425 0 0 0 26,425 162 0 26,263 2014 24,203 0 0 0 24,203 147 0 24,056 2015 22,169 0 0 0 22,169 136 0 22,033 2016 20,306 0 0 0 20,306 123 0 20,183 2017 18,598 0 0 0 18,598 114 0 18,484 SUB-TOT 553,746 0 0 0 553,746 3,378 0 550,368 REMAIN 19,732 0 0 0 19,732 120 0 19,612 TOTAL 573,478 0 0 0 573,478 3,498 0 569,980
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 15,971 0 9,750 0 25,721 37,474 37,474 35,283 2004 15,970 0 0 0 15,970 41,913 79,387 36,148 2005 15,971 0 0 0 15,971 37,046 116,433 28,923 2006 15,970 0 0 0 15,970 32,591 149,024 23,034 2007 15,971 0 0 0 15,971 28,508 177,532 18,240 2008 15,970 0 0 0 15,970 24,770 202,302 14,346 2009 15,971 0 0 0 15,971 21,344 223,646 11,192 2010 15,970 0 0 0 15,970 18,209 241,855 8,643 2011 15,971 0 0 0 15,971 15,335 257,190 6,590 2012 15,970 0 0 0 15,970 12,704 269,894 4,942 2013 15,971 0 0 0 15,971 10,292 280,186 3,626 2014 15,970 0 0 0 15,970 8,086 288,272 2,579 2015 15,971 0 0 0 15,971 6,062 294,334 1,751 2016 15,970 0 0 0 15,970 4,213 298,547 1,103 2017 15,971 0 0 0 15,971 2,513 301,060 596 SUBTOT 239,558 0 9,750 0 249,308 301,060 196,996 REMAIN 18,632 0 0 0 18,632 980 302,040 212 TOTAL 258,190 0 9,750 0 267,940 302,040 197,208 LIFE OF EVALUATION IS 16.17 YEARS. FINAL PRODUCTION RATE: 73 BBLS/MO
TENGASCO, INC. TABLE 155 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SANDFORD FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 26-T17S-R14W PROVED BEN TEMPERO #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820312 27.29 5.00% - 253,046 FINAL - 1.000000 0.820312 27.29 10.00% - 199,702 REMARKS - 15.00% - 164,455 20.00% - 139,731 25.00% - 121,527
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 2,588 0 0 2,123 0 0.000 27.29 0.00 2004 1 2,313 0 0 1,897 0 0.000 27.29 0.00 2005 1 2,091 0 0 1,716 0 0.000 27.29 0.00 2006 1 1,907 0 0 1,564 0 0.000 27.29 0.00 2007 1 1,754 0 0 1,439 0 0.000 27.29 0.00 2008 1 1,623 0 0 1,331 0 0.000 27.29 0.00 2009 1 1,510 0 0 1,239 0 0.000 27.29 0.00 2010 1 1,411 0 0 1,158 0 0.000 27.29 0.00 2011 1 1,326 0 0 1,087 0 0.000 27.29 0.00 2012 1 1,250 0 0 1,025 0 0.000 27.29 0.00 2013 1 1,181 0 0 969 0 0.000 27.29 0.00 2014 1 1,120 0 0 919 0 0.000 27.29 0.00 2015 1 1,066 0 0 874 0 0.000 27.29 0.00 2016 1 1,015 0 0 833 0 0.000 27.29 0.00 2017 1 970 0 0 796 0 0.000 27.29 0.00 SUB-TOTAL 23,125 0 0 18,970 0 0.000 27.29 0.00 REMAINDER 7,877 0 0 6,461 0 0.000 27.29 0.00 TOTAL 31,002 0 0 25,431 0 0.000 27.29 0.00 CUMULATIVE 112,154 0 0 ULTIMATE 143,156 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 57,938 0 0 0 57,938 353 0 57,585 2004 51,780 0 0 0 51,780 316 0 51,464 2005 46,806 0 0 0 46,806 286 0 46,520 2006 42,700 0 0 0 42,700 260 0 42,440 2007 39,257 0 0 0 39,257 240 0 39,017 2008 36,327 0 0 0 36,327 221 0 36,106 2009 33,802 0 0 0 33,802 207 0 33,595 2010 31,606 0 0 0 31,606 192 0 31,414 2011 29,676 0 0 0 29,676 181 0 29,495 2012 27,969 0 0 0 27,969 171 0 27,798 2013 26,447 0 0 0 26,447 161 0 26,286 2014 25,081 0 0 0 25,081 153 0 24,928 2015 23,850 0 0 0 23,850 146 0 23,704 2016 22,733 0 0 0 22,733 138 0 22,595 2017 21,716 0 0 0 21,716 133 0 21,583 SUB-TOT 517,688 0 0 0 517,688 3,158 0 514,530 REMAIN 176,330 0 0 0 176,330 1,076 0 175,254 TOTAL 694,018 0 0 0 694,018 4,234 0 689,784
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 13,908 0 0 0 13,908 43,677 43,677 41,626 2004 13,908 0 0 0 13,908 37,556 81,233 32,397 2005 13,908 0 0 0 13,908 32,612 113,845 25,464 2006 13,908 0 0 0 13,908 28,532 142,377 20,165 2007 13,908 0 0 0 13,908 25,109 167,486 16,063 2008 13,908 0 0 0 13,908 22,198 189,684 12,855 2009 13,908 0 0 0 13,908 19,687 209,371 10,319 2010 13,908 0 0 0 13,908 17,506 226,877 8,307 2011 13,908 0 0 0 13,908 15,587 242,464 6,694 2012 13,908 0 0 0 13,908 13,890 256,354 5,401 2013 13,908 0 0 0 13,908 12,378 268,732 4,356 2014 13,908 0 0 0 13,908 11,020 279,752 3,511 2015 13,908 0 0 0 13,908 9,796 289,548 2,825 2016 13,908 0 0 0 13,908 8,687 298,235 2,268 2017 13,908 0 0 0 13,908 7,675 305,910 1,814 SUBTOT 208,620 0 0 0 208,620 305,910 194,065 REMAIN 141,398 0 0 0 141,398 33,856 339,766 5,637 TOTAL 350,018 0 0 0 350,018 339,766 199,702 LIFE OF EVALUATION IS 25.17 YEARS. FINAL PRODUCTION RATE: 52 BBLS/MO
TENGASCO, INC. TABLE 156 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SANDFORD FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 26-T17S-R14W PROVED BEN TEMPERO #5 PUD (ARBUCKLE) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820312 27.29 5.00% - 353,990 FINAL - 1.000000 0.820312 27.29 10.00% - 238,543 REMARKS - 15.00% - 168,969 20.00% - 124,043 25.00% - 93,420
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 3,782 0 0 3,102 0 0.000 27.29 0.00 2005 1 3,562 0 0 2,923 0 0.000 27.29 0.00 2006 1 2,857 0 0 2,343 0 0.000 27.29 0.00 2007 1 2,697 0 0 2,212 0 0.000 27.29 0.00 2008 1 2,547 0 0 2,090 0 0.000 27.29 0.00 2009 1 2,405 0 0 1,973 0 0.000 27.29 0.00 2010 1 2,272 0 0 1,863 0 0.000 27.29 0.00 2011 1 2,144 0 0 1,759 0 0.000 27.29 0.00 2012 1 2,026 0 0 1,662 0 0.000 27.29 0.00 2013 1 1,912 0 0 1,569 0 0.000 27.29 0.00 2014 1 1,806 0 0 1,481 0 0.000 27.29 0.00 2015 1 1,706 0 0 1,399 0 0.000 27.29 0.00 2016 1 1,610 0 0 1,321 0 0.000 27.29 0.00 2017 1 1,521 0 0 1,248 0 0.000 27.29 0.00 SUB-TOTAL 32,847 0 0 26,945 0 0.000 27.29 0.00 REMAINDER 13,138 0 0 10,777 0 0.000 27.29 0.00 TOTAL 45,985 0 0 37,722 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 45,985 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 84,667 0 0 0 84,667 516 0 84,151 2005 79,746 0 0 0 79,746 487 0 79,259 2006 63,943 0 0 0 63,943 390 0 63,553 2007 60,383 0 0 0 60,383 368 0 60,015 2008 57,019 0 0 0 57,019 348 0 56,671 2009 53,845 0 0 0 53,845 329 0 53,516 2010 50,845 0 0 0 50,845 310 0 50,535 2011 48,015 0 0 0 48,015 293 0 47,722 2012 45,340 0 0 0 45,340 276 0 45,064 2013 42,815 0 0 0 42,815 261 0 42,554 2014 40,431 0 0 0 40,431 247 0 40,184 2015 38,179 0 0 0 38,179 233 0 37,946 2016 36,053 0 0 0 36,053 220 0 35,833 2017 34,045 0 0 0 34,045 207 0 33,838 SUB-TOT 735,326 0 0 0 735,326 4,485 0 730,841 REMAIN 294,100 0 0 0 294,100 1,794 0 292,306 TOTAL 1,029,426 0 0 0 1,029,426 6,279 0 1,023,147
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 6,954 0 100,000 0 106,954 -22,803 -22,803 -20,740 2005 13,908 0 0 0 13,908 65,351 42,548 51,312 2006 13,908 0 0 0 13,908 49,645 92,193 35,070 2007 13,908 0 0 0 13,908 46,107 138,300 29,485 2008 13,908 0 0 0 13,908 42,763 181,063 24,754 2009 13,908 0 0 0 13,908 39,608 220,671 20,754 2010 13,908 0 0 0 13,908 36,627 257,298 17,374 2011 13,908 0 0 0 13,908 33,814 291,112 14,519 2012 13,908 0 0 0 13,908 31,156 322,268 12,110 2013 13,908 0 0 0 13,908 28,646 350,914 10,080 2014 13,908 0 0 0 13,908 26,276 377,190 8,369 2015 13,908 0 0 0 13,908 24,038 401,228 6,930 2016 13,908 0 0 0 13,908 21,925 423,153 5,723 2017 13,908 0 0 0 13,908 19,930 443,083 4,709 SUBTOT 187,758 0 100,000 0 287,758 443,083 220,449 REMAIN 172,871 0 0 0 172,871 119,435 562,518 18,094 TOTAL 360,629 0 100,000 0 460,629 562,518 238,543 LIFE OF EVALUATION IS 27.43 YEARS. FINAL PRODUCTION RATE: 60 BBLS/MO
TENGASCO, INC. TABLE 157 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SCHWINDT FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 30-T17S-R18W PROVED JACOBS -B- #3 (CNGL-LNSG-MSSP-VIOL) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 194,131 FINAL - 1.000000 0.875000 27.29 10.00% - 153,919 REMARKS - 15.00% - 126,446 20.00% - 106,834 25.00% - 92,289
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,729 0 0 1,513 0 0.000 27.29 0.00 2004 1 1,617 0 0 1,415 0 0.000 27.29 0.00 2005 1 1,512 0 0 1,323 0 0.000 27.29 0.00 2006 1 1,413 0 0 1,236 0 0.000 27.29 0.00 2007 1 1,322 0 0 1,157 0 0.000 27.29 0.00 2008 1 1,236 0 0 1,081 0 0.000 27.29 0.00 2009 1 1,155 0 0 1,011 0 0.000 27.29 0.00 2010 1 1,080 0 0 945 0 0.000 27.29 0.00 2011 1 1,010 0 0 884 0 0.000 27.29 0.00 2012 1 945 0 0 826 0 0.000 27.29 0.00 2013 1 883 0 0 773 0 0.000 27.29 0.00 2014 1 825 0 0 722 0 0.000 27.29 0.00 2015 1 772 0 0 676 0 0.000 27.29 0.00 2016 1 722 0 0 631 0 0.000 27.29 0.00 2017 1 675 0 0 591 0 0.000 27.29 0.00 SUB-TOTAL 16,896 0 0 14,784 0 0.000 27.29 0.00 REMAINDER 3,112 0 0 2,723 0 0.000 27.29 0.00 TOTAL 20,008 0 0 17,507 0 0.000 27.29 0.00 CUMULATIVE 75,445 0 0 ULTIMATE 95,453 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 41,292 0 0 0 41,292 252 0 41,040 2004 38,608 0 0 0 38,608 235 0 38,373 2005 36,099 0 0 0 36,099 221 0 35,878 2006 33,752 0 0 0 33,752 205 0 33,547 2007 31,558 0 0 0 31,558 193 0 31,365 2008 29,507 0 0 0 29,507 180 0 29,327 2009 27,589 0 0 0 27,589 168 0 27,421 2010 25,796 0 0 0 25,796 158 0 25,638 2011 24,119 0 0 0 24,119 147 0 23,972 2012 22,551 0 0 0 22,551 137 0 22,414 2013 21,086 0 0 0 21,086 129 0 20,957 2014 19,714 0 0 0 19,714 120 0 19,594 2015 18,434 0 0 0 18,434 113 0 18,321 2016 17,235 0 0 0 17,235 105 0 17,130 2017 16,115 0 0 0 16,115 98 0 16,017 SUB-TOT 403,455 0 0 0 403,455 2,461 0 400,994 REMAIN 74,303 0 0 0 74,303 453 0 73,850 TOTAL 477,758 0 0 0 477,758 2,914 0 474,844
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 10,548 0 0 0 10,548 30,492 30,492 29,044 2004 10,548 0 0 0 10,548 27,825 58,317 23,993 2005 10,548 0 0 0 10,548 25,330 83,647 19,771 2006 10,548 0 0 0 10,548 22,999 106,646 16,250 2007 10,548 0 0 0 10,548 20,817 127,463 13,315 2008 10,548 0 0 0 10,548 18,779 146,242 10,873 2009 10,548 0 0 0 10,548 16,873 163,115 8,844 2010 10,548 0 0 0 10,548 15,090 178,205 7,160 2011 10,548 0 0 0 10,548 13,424 191,629 5,766 2012 10,548 0 0 0 10,548 11,866 203,495 4,614 2013 10,548 0 0 0 10,548 10,409 213,904 3,664 2014 10,548 0 0 0 10,548 9,046 222,950 2,882 2015 10,548 0 0 0 10,548 7,773 230,723 2,243 2016 10,548 0 0 0 10,548 6,582 237,305 1,719 2017 10,548 0 0 0 10,548 5,469 242,774 1,293 SUBTOT 158,220 0 0 0 158,220 242,774 151,431 REMAIN 60,651 0 0 0 60,651 13,199 255,973 2,488 TOTAL 218,871 0 0 0 218,871 255,973 153,919 LIFE OF EVALUATION IS 20.75 YEARS. FINAL PRODUCTION RATE: 37 BBLS/MO
TENGASCO, INC. TABLE 158 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SPRING CREEK FIELD, TREGO COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 32-T12S-R21W PROVED RIDGWAY #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.779300 27.29 5.00% - 153,711 FINAL - 1.000000 0.779300 27.29 10.00% - 128,849 REMARKS - 15.00% - 110,152 20.00% - 95,770 25.00% - 84,474
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 2,315 0 0 1,804 0 0.000 27.29 0.00 2004 1 2,153 0 0 1,678 0 0.000 27.29 0.00 2005 1 2,002 0 0 1,560 0 0.000 27.29 0.00 2006 1 1,862 0 0 1,451 0 0.000 27.29 0.00 2007 1 1,732 0 0 1,350 0 0.000 27.29 0.00 2008 1 1,610 0 0 1,255 0 0.000 27.29 0.00 2009 1 1,498 0 0 1,167 0 0.000 27.29 0.00 2010 1 1,393 0 0 1,086 0 0.000 27.29 0.00 2011 1 1,296 0 0 1,009 0 0.000 27.29 0.00 2012 1 1,204 0 0 939 0 0.000 27.29 0.00 2013 1 1,121 0 0 873 0 0.000 27.29 0.00 2014 1 1,042 0 0 812 0 0.000 27.29 0.00 2015 1 969 0 0 755 0 0.000 27.29 0.00 2016 1 828 0 0 646 0 0.000 27.29 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 21,025 0 0 16,385 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 21,025 0 0 16,385 0 0.000 27.29 0.00 CUMULATIVE 111,917 0 0 ULTIMATE 132,942 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 49,233 0 0 0 49,233 300 0 48,933 2004 45,787 0 0 0 45,787 280 0 45,507 2005 42,581 0 0 0 42,581 259 0 42,322 2006 39,601 0 0 0 39,601 242 0 39,359 2007 36,829 0 0 0 36,829 225 0 36,604 2008 34,251 0 0 0 34,251 209 0 34,042 2009 31,853 0 0 0 31,853 194 0 31,659 2010 29,624 0 0 0 29,624 181 0 29,443 2011 27,550 0 0 0 27,550 168 0 27,382 2012 25,621 0 0 0 25,621 156 0 25,465 2013 23,828 0 0 0 23,828 145 0 23,683 2014 22,160 0 0 0 22,160 135 0 22,025 2015 20,609 0 0 0 20,609 126 0 20,483 2016 17,621 0 0 0 17,621 108 0 17,513 2017 0 0 0 0 0 0 0 0 SUB-TOT 447,148 0 0 0 447,148 2,728 0 444,420 REMAIN 0 0 0 0 0 0 0 0 TOTAL 447,148 0 0 0 447,148 2,728 0 444,420
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 18,456 0 0 0 18,456 30,477 30,477 29,036 2004 18,456 0 0 0 18,456 27,051 57,528 23,331 2005 18,456 0 0 0 18,456 23,866 81,394 18,633 2006 18,456 0 0 0 18,456 20,903 102,297 14,775 2007 18,456 0 0 0 18,456 18,148 120,445 11,612 2008 18,456 0 0 0 18,456 15,586 136,031 9,028 2009 18,456 0 0 0 18,456 13,203 149,234 6,924 2010 18,456 0 0 0 18,456 10,987 160,221 5,216 2011 18,456 0 0 0 18,456 8,926 169,147 3,838 2012 18,456 0 0 0 18,456 7,009 176,156 2,728 2013 18,456 0 0 0 18,456 5,227 181,383 1,843 2014 18,456 0 0 0 18,456 3,569 184,952 1,140 2015 18,456 0 0 0 18,456 2,027 186,979 587 2016 16,918 0 0 0 16,918 595 187,574 158 2017 0 0 0 0 0 0 187,574 0 SUBTOT 256,846 0 0 0 256,846 187,574 128,849 REMAIN 0 0 0 0 0 0 187,574 0 TOTAL 256,846 0 0 0 256,846 187,574 128,849 LIFE OF EVALUATION IS 13.92 YEARS. FINAL PRODUCTION RATE: 73 BBLS/MO
TENGASCO, INC. TABLE 159 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STOCKTON FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 35-T7S-R17W PROVED HINDMAN #1 (TOPEKA) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.809370 27.29 5.00% - 57,725 FINAL - 1.000000 0.809370 27.29 10.00% - 44,269 REMARKS - 15.00% - 35,492 20.00% - 29,453 25.00% - 25,102
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 685 0 0 554 0 0.000 27.29 0.00 2004 1 663 0 0 537 0 0.000 27.29 0.00 2005 1 641 0 0 519 0 0.000 27.29 0.00 2006 1 622 0 0 503 0 0.000 27.29 0.00 2007 1 601 0 0 487 0 0.000 27.29 0.00 2008 1 582 0 0 471 0 0.000 27.29 0.00 2009 1 563 0 0 456 0 0.000 27.29 0.00 2010 1 546 0 0 441 0 0.000 27.29 0.00 2011 1 528 0 0 427 0 0.000 27.29 0.00 2012 1 511 0 0 414 0 0.000 27.29 0.00 2013 1 494 0 0 400 0 0.000 27.29 0.00 2014 1 479 0 0 388 0 0.000 27.29 0.00 2015 1 464 0 0 375 0 0.000 27.29 0.00 2016 1 448 0 0 363 0 0.000 27.29 0.00 2017 1 435 0 0 352 0 0.000 27.29 0.00 SUB-TOTAL 8,262 0 0 6,687 0 0.000 27.29 0.00 REMAINDER 2,927 0 0 2,369 0 0.000 27.29 0.00 TOTAL 11,189 0 0 9,056 0 0.000 27.29 0.00 CUMULATIVE 50,095 0 0 ULTIMATE 61,284 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 15,126 0 0 0 15,126 92 0 15,034 2004 14,641 0 0 0 14,641 90 0 14,551 2005 14,174 0 0 0 14,174 86 0 14,088 2006 13,719 0 0 0 13,719 84 0 13,635 2007 13,281 0 0 0 13,281 81 0 13,200 2008 12,856 0 0 0 12,856 78 0 12,778 2009 12,444 0 0 0 12,444 76 0 12,368 2010 12,046 0 0 0 12,046 74 0 11,972 2011 11,660 0 0 0 11,660 71 0 11,589 2012 11,288 0 0 0 11,288 69 0 11,219 2013 10,926 0 0 0 10,926 66 0 10,860 2014 10,577 0 0 0 10,577 65 0 10,512 2015 10,238 0 0 0 10,238 62 0 10,176 2016 9,910 0 0 0 9,910 61 0 9,849 2017 9,594 0 0 0 9,594 58 0 9,536 SUB-TOT 182,480 0 0 0 182,480 1,113 0 181,367 REMAIN 64,656 0 0 0 64,656 395 0 64,261 TOTAL 247,136 0 0 0 247,136 1,508 0 245,628
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,296 0 0 0 7,296 7,738 7,738 7,369 2004 7,296 0 0 0 7,296 7,255 14,993 6,254 2005 7,296 0 0 0 7,296 6,792 21,785 5,300 2006 7,296 0 0 0 7,296 6,339 28,124 4,478 2007 7,296 0 0 0 7,296 5,904 34,028 3,776 2008 7,296 0 0 0 7,296 5,482 39,510 3,173 2009 7,296 0 0 0 7,296 5,072 44,582 2,658 2010 7,296 0 0 0 7,296 4,676 49,258 2,218 2011 7,296 0 0 0 7,296 4,293 53,551 1,843 2012 7,296 0 0 0 7,296 3,923 57,474 1,525 2013 7,296 0 0 0 7,296 3,564 61,038 1,255 2014 7,296 0 0 0 7,296 3,216 64,254 1,024 2015 7,296 0 0 0 7,296 2,880 67,134 831 2016 7,296 0 0 0 7,296 2,553 69,687 666 2017 7,296 0 0 0 7,296 2,240 71,927 530 SUBTOT 109,440 0 0 0 109,440 71,927 42,900 REMAIN 56,544 0 0 0 56,544 7,717 79,644 1,369 TOTAL 165,984 0 0 0 165,984 79,644 44,269 LIFE OF EVALUATION IS 22.75 YEARS. FINAL PRODUCTION RATE: 28 BBLS/MO
TENGASCO, INC. TABLE 160 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STOCKTON FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 26-T7S-R17W PROVED STEBBINS #1 (HOWARD) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.925000 0.751570 27.29 5.00% - 103,340 FINAL - 0.925000 0.751570 27.29 10.00% - 75,611 REMARKS - 15.00% - 58,961 20.00% - 48,113 25.00% - 40,571
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 908 0 0 682 0 0.000 27.29 0.00 2004 1 876 0 0 659 0 0.000 27.29 0.00 2005 1 845 0 0 635 0 0.000 27.29 0.00 2006 1 816 0 0 613 0 0.000 27.29 0.00 2007 1 787 0 0 592 0 0.000 27.29 0.00 2008 1 760 0 0 570 0 0.000 27.29 0.00 2009 1 733 0 0 551 0 0.000 27.29 0.00 2010 1 707 0 0 532 0 0.000 27.29 0.00 2011 1 683 0 0 513 0 0.000 27.29 0.00 2012 1 658 0 0 495 0 0.000 27.29 0.00 2013 1 636 0 0 478 0 0.000 27.29 0.00 2014 1 613 0 0 461 0 0.000 27.29 0.00 2015 1 592 0 0 445 0 0.000 27.29 0.00 2016 1 572 0 0 429 0 0.000 27.29 0.00 2017 1 551 0 0 414 0 0.000 27.29 0.00 SUB-TOTAL 10,737 0 0 8,069 0 0.000 27.29 0.00 REMAINDER 6,344 0 0 4,769 0 0.000 27.29 0.00 TOTAL 17,081 0 0 12,838 0 0.000 27.29 0.00 CUMULATIVE 46,248 0 0 ULTIMATE 63,329 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 18,618 0 0 0 18,618 114 0 18,504 2004 17,966 0 0 0 17,966 109 0 17,857 2005 17,338 0 0 0 17,338 106 0 17,232 2006 16,730 0 0 0 16,730 102 0 16,628 2007 16,146 0 0 0 16,146 98 0 16,048 2008 15,580 0 0 0 15,580 96 0 15,484 2009 15,034 0 0 0 15,034 91 0 14,943 2010 14,509 0 0 0 14,509 89 0 14,420 2011 14,000 0 0 0 14,000 85 0 13,915 2012 13,511 0 0 0 13,511 83 0 13,428 2013 13,038 0 0 0 13,038 79 0 12,959 2014 12,581 0 0 0 12,581 77 0 12,504 2015 12,142 0 0 0 12,142 74 0 12,068 2016 11,716 0 0 0 11,716 71 0 11,645 2017 11,306 0 0 0 11,306 69 0 11,237 SUB-TOT 220,215 0 0 0 220,215 1,343 0 218,872 REMAIN 130,131 0 0 0 130,131 794 0 129,337 TOTAL 350,346 0 0 0 350,346 2,137 0 348,209
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,427 0 0 0 6,427 12,077 12,077 11,500 2004 6,427 0 0 0 6,427 11,430 23,507 9,853 2005 6,427 0 0 0 6,427 10,805 34,312 8,431 2006 6,427 0 0 0 6,427 10,201 44,513 7,205 2007 6,427 0 0 0 6,427 9,621 54,134 6,152 2008 6,426 0 0 0 6,426 9,058 63,192 5,243 2009 6,427 0 0 0 6,427 8,516 71,708 4,462 2010 6,427 0 0 0 6,427 7,993 79,701 3,790 2011 6,427 0 0 0 6,427 7,488 87,189 3,215 2012 6,427 0 0 0 6,427 7,001 94,190 2,721 2013 6,427 0 0 0 6,427 6,532 100,722 2,298 2014 6,427 0 0 0 6,427 6,077 106,799 1,936 2015 6,427 0 0 0 6,427 5,641 112,440 1,626 2016 6,427 0 0 0 6,427 5,218 117,658 1,362 2017 6,426 0 0 0 6,426 4,811 122,469 1,136 SUBTOT 96,403 0 0 0 96,403 122,469 70,930 REMAIN 97,475 0 0 0 97,475 31,862 154,331 4,681 TOTAL 193,878 0 0 0 193,878 154,331 75,611 LIFE OF EVALUATION IS 30.17 YEARS. FINAL PRODUCTION RATE: 26 BBLS/MO
TENGASCO, INC. TABLE 161 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STOCKTON FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 26-T7S-R17W PROVED WATTS #1 PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.925000 0.809380 27.29 5.00% - 31,893 FINAL - 0.925000 0.809380 27.29 10.00% - 27,227 REMARKS - 15.00% - 23,599 20.00% - 20,730 25.00% - 18,427
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 714 0 0 578 0 0.000 27.29 0.00 2004 1 677 0 0 548 0 0.000 27.29 0.00 2005 1 644 0 0 521 0 0.000 27.29 0.00 2006 1 612 0 0 496 0 0.000 27.29 0.00 2007 1 581 0 0 470 0 0.000 27.29 0.00 2008 1 552 0 0 447 0 0.000 27.29 0.00 2009 1 525 0 0 424 0 0.000 27.29 0.00 2010 1 498 0 0 404 0 0.000 27.29 0.00 2011 1 474 0 0 383 0 0.000 27.29 0.00 2012 1 449 0 0 364 0 0.000 27.29 0.00 2013 1 428 0 0 346 0 0.000 27.29 0.00 2014 1 272 0 0 220 0 0.000 27.29 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 6,426 0 0 5,201 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 6,426 0 0 5,201 0 0.000 27.29 0.00 CUMULATIVE 42,692 0 0 ULTIMATE 49,118 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 15,761 0 0 0 15,761 96 0 15,665 2004 14,972 0 0 0 14,972 91 0 14,881 2005 14,224 0 0 0 14,224 87 0 14,137 2006 13,513 0 0 0 13,513 83 0 13,430 2007 12,838 0 0 0 12,838 78 0 12,760 2008 12,195 0 0 0 12,195 74 0 12,121 2009 11,586 0 0 0 11,586 71 0 11,515 2010 11,006 0 0 0 11,006 67 0 10,939 2011 10,456 0 0 0 10,456 64 0 10,392 2012 9,933 0 0 0 9,933 61 0 9,872 2013 9,437 0 0 0 9,437 57 0 9,380 2014 6,027 0 0 0 6,027 37 0 5,990 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 141,948 0 0 0 141,948 866 0 141,082 REMAIN 0 0 0 0 0 0 0 0 TOTAL 141,948 0 0 0 141,948 866 0 141,082
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 8,836 0 0 0 8,836 6,829 6,829 6,506 2004 8,835 0 0 0 8,835 6,046 12,875 5,215 2005 8,836 0 0 0 8,836 5,301 18,176 4,139 2006 8,835 0 0 0 8,835 4,595 22,771 3,248 2007 8,836 0 0 0 8,836 3,924 26,695 2,511 2008 8,836 0 0 0 8,836 3,285 29,980 1,904 2009 8,835 0 0 0 8,835 2,680 32,660 1,406 2010 8,836 0 0 0 8,836 2,103 34,763 999 2011 8,835 0 0 0 8,835 1,557 36,320 670 2012 8,836 0 0 0 8,836 1,036 37,356 404 2013 8,836 0 0 0 8,836 544 37,900 192 2014 5,890 0 0 0 5,890 100 38,000 33 2015 0 0 0 0 0 0 38,000 0 2016 0 0 0 0 0 0 38,000 0 2017 0 0 0 0 0 0 38,000 0 SUBTOT 103,082 0 0 0 103,082 38,000 27,227 REMAIN 0 0 0 0 0 0 38,000 0 TOTAL 103,082 0 0 0 103,082 38,000 27,227 LIFE OF EVALUATION IS 11.67 YEARS. FINAL PRODUCTION RATE: 34 BBLS/MO
TENGASCO, INC. TABLE 162 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STREMEL FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 30-T16S-R16W PROVED OCHS #1 & 3 (MISSISSIPPIAN) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF (A) $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 24,527 0 182 (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES, ULTIMATE 24,527 0 182 SHRINKAGE FACTOR = 8.00 %
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 163 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STREMEL FIELD, RUSH COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 30-T16S-R16W PROVED URBAN -D- LEASE (KSSC-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 16,939 FINAL - 1.000000 0.875000 27.29 10.00% - 15,804 REMARKS - 15.00% - 14,785 20.00% - 13,870 25.00% - 13,045
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 552 0 0 483 0 0.000 27.29 0.00 2004 2 464 0 0 406 0 0.000 27.29 0.00 2005 2 392 0 0 343 0 0.000 27.29 0.00 2006 2 309 0 0 270 0 0.000 27.29 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 1,717 0 0 1,502 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 1,717 0 0 1,502 0 0.000 27.29 0.00 CUMULATIVE 58,413 0 0 ULTIMATE 60,130 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 13,170 0 0 0 13,170 80 0 13,090 2004 11,100 0 0 0 11,100 68 0 11,032 2005 9,356 0 0 0 9,356 57 0 9,299 2006 7,374 0 0 0 7,374 45 0 7,329 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 41,000 0 0 0 41,000 250 0 40,750 REMAIN 0 0 0 0 0 0 0 0 TOTAL 41,000 0 0 0 41,000 250 0 40,750
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 5,736 0 0 0 5,736 7,354 7,354 7,017 2004 5,736 0 0 0 5,736 5,296 12,650 4,577 2005 5,736 0 0 0 5,736 3,563 16,213 2,789 2006 5,332 0 0 0 5,332 1,997 18,210 1,421 2007 0 0 0 0 0 0 18,210 0 2008 0 0 0 0 0 0 18,210 0 2009 0 0 0 0 0 0 18,210 0 2010 0 0 0 0 0 0 18,210 0 2011 0 0 0 0 0 0 18,210 0 2012 0 0 0 0 0 0 18,210 0 2013 0 0 0 0 0 0 18,210 0 2014 0 0 0 0 0 0 18,210 0 2015 0 0 0 0 0 0 18,210 0 2016 0 0 0 0 0 0 18,210 0 2017 0 0 0 0 0 0 18,210 0 SUBTOT 22,540 0 0 0 22,540 18,210 15,804 REMAIN 0 0 0 0 0 0 18,210 0 TOTAL 22,540 0 0 0 22,540 18,210 15,804 LIFE OF EVALUATION IS 3.93 YEARS. FINAL PRODUCTION RATE: 26 BBLS/MO
TENGASCO, INC. TABLE 164 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 THACKER FIELD, RUSSELL COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 29-T13S-R13W PROVED THACKER #2 (KC-LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.847656 27.29 5.00% - 78,309 FINAL - 1.000000 0.847656 27.29 10.00% - 70,566 REMARKS - 15.00% - 64,031 20.00% - 58,471 25.00% - 53,707
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,611 0 0 1,366 0 0.000 27.29 0.00 2004 1 1,380 0 0 1,169 0 0.000 27.29 0.00 2005 1 1,181 0 0 1,001 0 0.000 27.29 0.00 2006 1 1,010 0 0 857 0 0.000 27.29 0.00 2007 1 866 0 0 733 0 0.000 27.29 0.00 2008 1 740 0 0 628 0 0.000 27.29 0.00 2009 1 634 0 0 537 0 0.000 27.29 0.00 2010 1 415 0 0 352 0 0.000 27.29 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 7,837 0 0 6,643 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 7,837 0 0 6,643 0 0.000 27.29 0.00 CUMULATIVE 24,304 0 0 ULTIMATE 32,141 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 37,277 0 0 0 37,277 227 0 37,050 2004 31,910 0 0 0 31,910 195 0 31,715 2005 27,315 0 0 0 27,315 167 0 27,148 2006 23,381 0 0 0 23,381 142 0 23,239 2007 20,014 0 0 0 20,014 122 0 19,892 2008 17,133 0 0 0 17,133 105 0 17,028 2009 14,665 0 0 0 14,665 89 0 14,576 2010 9,595 0 0 0 9,595 59 0 9,536 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 181,290 0 0 0 181,290 1,106 0 180,184 REMAIN 0 0 0 0 0 0 0 0 TOTAL 181,290 0 0 0 181,290 1,106 0 180,184
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 11,952 0 0 0 11,952 25,098 25,098 23,934 2004 11,952 0 0 0 11,952 19,763 44,861 17,063 2005 11,952 0 0 0 11,952 15,196 60,057 11,879 2006 11,952 0 0 0 11,952 11,287 71,344 7,989 2007 11,952 0 0 0 11,952 7,940 79,284 5,091 2008 11,952 0 0 0 11,952 5,076 84,360 2,949 2009 11,952 0 0 0 11,952 2,624 86,984 1,384 2010 8,964 0 0 0 8,964 572 87,556 277 2011 0 0 0 0 0 0 87,556 0 2012 0 0 0 0 0 0 87,556 0 2013 0 0 0 0 0 0 87,556 0 2014 0 0 0 0 0 0 87,556 0 2015 0 0 0 0 0 0 87,556 0 2016 0 0 0 0 0 0 87,556 0 2017 0 0 0 0 0 0 87,556 0 SUBTOT 92,628 0 0 0 92,628 87,556 70,566 REMAIN 0 0 0 0 0 0 87,556 0 TOTAL 92,628 0 0 0 92,628 87,556 70,566 LIFE OF EVALUATION IS 7.75 YEARS. FINAL PRODUCTION RATE: 44 BBLS/MO
TENGASCO, INC. TABLE 165 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 TRAPP FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 16-T16S-R13W PROVED DEUTSCH (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 27.29 5.00% - 188 FINAL - 1.000000 0.820313 27.29 10.00% - 185 REMARKS - 15.00% - 183 20.00% - 181 25.00% - 178
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 316 0 0 259 0 0.000 27.29 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 316 0 0 259 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 316 0 0 259 0 0.000 27.29 0.00 CUMULATIVE 17,270 0 0 ULTIMATE 17,586 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 7,073 0 0 0 7,073 43 0 7,030 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 7,073 0 0 0 7,073 43 0 7,030 REMAIN 0 0 0 0 0 0 0 0 TOTAL 7,073 0 0 0 7,073 43 0 7,030
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,840 0 0 0 6,840 190 190 185 2004 0 0 0 0 0 0 190 0 2005 0 0 0 0 0 0 190 0 2006 0 0 0 0 0 0 190 0 2007 0 0 0 0 0 0 190 0 2008 0 0 0 0 0 0 190 0 2009 0 0 0 0 0 0 190 0 2010 0 0 0 0 0 0 190 0 2011 0 0 0 0 0 0 190 0 2012 0 0 0 0 0 0 190 0 2013 0 0 0 0 0 0 190 0 2014 0 0 0 0 0 0 190 0 2015 0 0 0 0 0 0 190 0 2016 0 0 0 0 0 0 190 0 2017 0 0 0 0 0 0 190 0 SUBTOT 6,840 0 0 0 6,840 190 185 REMAIN 0 0 0 0 0 0 190 0 TOTAL 6,840 0 0 0 6,840 190 185 LIFE OF EVALUATION IS 0.75 YEARS. FINAL PRODUCTION RATE: 34 BBLS/MO
TENGASCO, INC. TABLE 166 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 TRAPP FIELD, BARTON COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 8-T16S-R13W PROVED HOWLIER #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.937000 0.768633 27.29 5.00% - 82,536 FINAL - 0.937000 0.768633 27.29 10.00% - 67,609 REMARKS - 15.00% - 56,797 20.00% - 48,731 25.00% - 42,550
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,129 0 0 868 0 0.000 27.29 0.00 2004 1 1,061 0 0 815 0 0.000 27.29 0.00 2005 1 997 0 0 767 0 0.000 27.29 0.00 2006 1 938 0 0 720 0 0.000 27.29 0.00 2007 1 881 0 0 678 0 0.000 27.29 0.00 2008 1 828 0 0 636 0 0.000 27.29 0.00 2009 1 779 0 0 599 0 0.000 27.29 0.00 2010 1 732 0 0 562 0 0.000 27.29 0.00 2011 1 688 0 0 529 0 0.000 27.29 0.00 2012 1 647 0 0 497 0 0.000 27.29 0.00 2013 1 608 0 0 468 0 0.000 27.29 0.00 2014 1 571 0 0 439 0 0.000 27.29 0.00 2015 1 537 0 0 413 0 0.000 27.29 0.00 2016 1 505 0 0 388 0 0.000 27.29 0.00 2017 1 475 0 0 365 0 0.000 27.29 0.00 SUB-TOTAL 11,376 0 0 8,744 0 0.000 27.29 0.00 REMAINDER 518 0 0 398 0 0.000 27.29 0.00 TOTAL 11,894 0 0 9,142 0 0.000 27.29 0.00 CUMULATIVE 18,731 0 0 ULTIMATE 30,625 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 23,676 0 0 0 23,676 144 0 23,532 2004 22,255 0 0 0 22,255 136 0 22,119 2005 20,921 0 0 0 20,921 128 0 20,793 2006 19,665 0 0 0 19,665 120 0 19,545 2007 18,485 0 0 0 18,485 113 0 18,372 2008 17,376 0 0 0 17,376 106 0 17,270 2009 16,333 0 0 0 16,333 99 0 16,234 2010 15,353 0 0 0 15,353 94 0 15,259 2011 14,432 0 0 0 14,432 88 0 14,344 2012 13,567 0 0 0 13,567 83 0 13,484 2013 12,752 0 0 0 12,752 77 0 12,675 2014 11,987 0 0 0 11,987 73 0 11,914 2015 11,268 0 0 0 11,268 69 0 11,199 2016 10,592 0 0 0 10,592 65 0 10,527 2017 9,956 0 0 0 9,956 61 0 9,895 SUB-TOT 238,618 0 0 0 238,618 1,456 0 237,162 REMAIN 10,863 0 0 0 10,863 66 0 10,797 TOTAL 249,481 0 0 0 249,481 1,522 0 247,959
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 8,916 0 0 0 8,916 14,616 14,616 13,923 2004 8,917 0 0 0 8,917 13,202 27,818 11,385 2005 8,916 0 0 0 8,916 11,877 39,695 9,271 2006 8,917 0 0 0 8,917 10,628 50,323 7,510 2007 8,916 0 0 0 8,916 9,456 59,779 6,050 2008 8,917 0 0 0 8,917 8,353 68,132 4,837 2009 8,916 0 0 0 8,916 7,318 75,450 3,836 2010 8,917 0 0 0 8,917 6,342 81,792 3,010 2011 8,916 0 0 0 8,916 5,428 87,220 2,333 2012 8,917 0 0 0 8,917 4,567 91,787 1,776 2013 8,916 0 0 0 8,916 3,759 95,546 1,324 2014 8,917 0 0 0 8,917 2,997 98,543 956 2015 8,916 0 0 0 8,916 2,283 100,826 659 2016 8,917 0 0 0 8,917 1,610 102,436 422 2017 8,916 0 0 0 8,916 979 103,415 232 SUBTOT 133,747 0 0 0 133,747 103,415 67,524 REMAIN 10,403 0 0 0 10,403 394 103,809 85 TOTAL 144,150 0 0 0 144,150 103,809 67,609 LIFE OF EVALUATION IS 16.17 YEARS. FINAL PRODUCTION RATE: 36 BBLS/MO
TENGASCO, INC. TABLE 167 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 WEBSTER FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 33-T8S-R19W PROVED CERROW-CERROW -A- #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 101,804 FINAL - 1.000000 0.875000 27.29 10.00% - 83,510 REMARKS - 15.00% - 70,290 20.00% - 60,435 25.00% - 52,879
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,048 0 0 917 0 0.000 27.29 0.00 2004 1 964 0 0 843 0 0.000 27.29 0.00 2005 1 886 0 0 776 0 0.000 27.29 0.00 2006 1 816 0 0 714 0 0.000 27.29 0.00 2007 1 751 0 0 657 0 0.000 27.29 0.00 2008 1 690 0 0 604 0 0.000 27.29 0.00 2009 1 636 0 0 556 0 0.000 27.29 0.00 2010 1 584 0 0 511 0 0.000 27.29 0.00 2011 1 538 0 0 471 0 0.000 27.29 0.00 2012 1 494 0 0 433 0 0.000 27.29 0.00 2013 1 456 0 0 398 0 0.000 27.29 0.00 2014 1 418 0 0 366 0 0.000 27.29 0.00 2015 1 386 0 0 337 0 0.000 27.29 0.00 2016 1 354 0 0 310 0 0.000 27.29 0.00 2017 1 326 0 0 286 0 0.000 27.29 0.00 SUB-TOTAL 9,347 0 0 8,179 0 0.000 27.29 0.00 REMAINDER 554 0 0 484 0 0.000 27.29 0.00 TOTAL 9,901 0 0 8,663 0 0.000 27.29 0.00 CUMULATIVE 73,529 0 0 ULTIMATE 83,430 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 25,018 0 0 0 25,018 153 0 24,865 2004 23,017 0 0 0 23,017 140 0 22,877 2005 21,175 0 0 0 21,175 129 0 21,046 2006 19,481 0 0 0 19,481 119 0 19,362 2007 17,923 0 0 0 17,923 109 0 17,814 2008 16,489 0 0 0 16,489 101 0 16,388 2009 15,170 0 0 0 15,170 92 0 15,078 2010 13,956 0 0 0 13,956 86 0 13,870 2011 12,840 0 0 0 12,840 78 0 12,762 2012 11,812 0 0 0 11,812 72 0 11,740 2013 10,868 0 0 0 10,868 66 0 10,802 2014 9,998 0 0 0 9,998 61 0 9,937 2015 9,198 0 0 0 9,198 56 0 9,142 2016 8,463 0 0 0 8,463 52 0 8,411 2017 7,785 0 0 0 7,785 47 0 7,738 SUB-TOT 223,193 0 0 0 223,193 1,361 0 221,832 REMAIN 13,224 0 0 0 13,224 81 0 13,143 TOTAL 236,417 0 0 0 236,417 1,442 0 234,975
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,324 0 0 0 6,324 18,541 18,541 17,664 2004 6,324 0 0 0 6,324 16,553 35,094 14,275 2005 6,324 0 0 0 6,324 14,722 49,816 11,494 2006 6,324 0 0 0 6,324 13,038 62,854 9,214 2007 6,324 0 0 0 6,324 11,490 74,344 7,351 2008 6,324 0 0 0 6,324 10,064 84,408 5,828 2009 6,324 0 0 0 6,324 8,754 93,162 4,590 2010 6,324 0 0 0 6,324 7,546 100,708 3,582 2011 6,324 0 0 0 6,324 6,438 107,146 2,766 2012 6,324 0 0 0 6,324 5,416 112,562 2,107 2013 6,324 0 0 0 6,324 4,478 117,040 1,577 2014 6,324 0 0 0 6,324 3,613 120,653 1,152 2015 6,324 0 0 0 6,324 2,818 123,471 814 2016 6,324 0 0 0 6,324 2,087 125,558 546 2017 6,324 0 0 0 6,324 1,414 126,972 335 SUBTOT 94,860 0 0 0 94,860 126,972 83,295 REMAIN 12,121 0 0 0 12,121 1,022 127,994 215 TOTAL 106,981 0 0 0 106,981 127,994 83,510 LIFE OF EVALUATION IS 16.92 YEARS. FINAL PRODUCTION RATE: 22 BBLS/MO
TENGASCO, INC. TABLE 168 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 WEBSTER FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 33-T8S-R19W PROVED LOWRY #1 (ARBUCKLE) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.847656 27.29 5.00% - 9,348 FINAL - 1.000000 0.847656 27.29 10.00% - 8,653 REMARKS - 15.00% - 8,038 20.00% - 7,492 25.00% - 7,006
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 567 0 0 481 0 0.000 27.29 0.00 2004 1 528 0 0 447 0 0.000 27.29 0.00 2005 1 490 0 0 416 0 0.000 27.29 0.00 2006 1 456 0 0 386 0 0.000 27.29 0.00 2007 1 425 0 0 360 0 0.000 27.29 0.00 2008 1 67 0 0 57 0 0.000 27.29 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 2,533 0 0 2,147 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 2,533 0 0 2,147 0 0.000 27.29 0.00 CUMULATIVE 20,014 0 0 ULTIMATE 22,547 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 13,120 0 0 0 13,120 80 0 13,040 2004 12,202 0 0 0 12,202 74 0 12,128 2005 11,347 0 0 0 11,347 70 0 11,277 2006 10,554 0 0 0 10,554 64 0 10,490 2007 9,814 0 0 0 9,814 60 0 9,754 2008 1,568 0 0 0 1,568 9 0 1,559 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 58,605 0 0 0 58,605 357 0 58,248 REMAIN 0 0 0 0 0 0 0 0 TOTAL 58,605 0 0 0 58,605 357 0 58,248
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 9,312 0 0 0 9,312 3,728 3,728 3,556 2004 9,312 0 0 0 9,312 2,816 6,544 2,432 2005 9,312 0 0 0 9,312 1,965 8,509 1,538 2006 9,312 0 0 0 9,312 1,178 9,687 836 2007 9,312 0 0 0 9,312 442 10,129 286 2008 1,552 0 0 0 1,552 7 10,136 5 2009 0 0 0 0 0 0 10,136 0 2010 0 0 0 0 0 0 10,136 0 2011 0 0 0 0 0 0 10,136 0 2012 0 0 0 0 0 0 10,136 0 2013 0 0 0 0 0 0 10,136 0 2014 0 0 0 0 0 0 10,136 0 2015 0 0 0 0 0 0 10,136 0 2016 0 0 0 0 0 0 10,136 0 2017 0 0 0 0 0 0 10,136 0 SUBTOT 48,112 0 0 0 48,112 10,136 8,653 REMAIN 0 0 0 0 0 0 10,136 0 TOTAL 48,112 0 0 0 48,112 10,136 8,653 LIFE OF EVALUATION IS 5.17 YEARS. FINAL PRODUCTION RATE: 34 BBLS/MO
TENGASCO, INC. TABLE 169 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 WERTH NORTH FIELD, ELLIS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 34-T12S-R20W PROVED SCHNELLER LEASE (ABCK-LNSG) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.820313 27.29 5.00% - 169,184 FINAL - 1.000000 0.820313 27.29 10.00% - 134,363 REMARKS - 15.00% - 110,388 20.00% - 93,197 25.00% - 80,422
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 1,895 0 0 1,554 0 0.000 27.29 0.00 2004 3 1,800 0 0 1,477 0 0.000 27.29 0.00 2005 3 1,710 0 0 1,403 0 0.000 27.29 0.00 2006 3 1,625 0 0 1,333 0 0.000 27.29 0.00 2007 3 1,543 0 0 1,266 0 0.000 27.29 0.00 2008 3 1,467 0 0 1,203 0 0.000 27.29 0.00 2009 3 1,393 0 0 1,142 0 0.000 27.29 0.00 2010 3 1,323 0 0 1,086 0 0.000 27.29 0.00 2011 3 1,257 0 0 1,031 0 0.000 27.29 0.00 2012 3 1,194 0 0 980 0 0.000 27.29 0.00 2013 3 1,134 0 0 930 0 0.000 27.29 0.00 2014 3 1,078 0 0 884 0 0.000 27.29 0.00 2015 3 1,024 0 0 840 0 0.000 27.29 0.00 2016 3 973 0 0 798 0 0.000 27.29 0.00 2017 3 924 0 0 758 0 0.000 27.29 0.00 SUB-TOTAL 20,340 0 0 16,685 0 0.000 27.29 0.00 REMAINDER 3,558 0 0 2,919 0 0.000 27.29 0.00 TOTAL 23,898 0 0 19,604 0 0.000 27.29 0.00 CUMULATIVE 172,203 0 0 ULTIMATE 196,101 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 42,422 0 0 0 42,422 259 0 42,163 2004 40,300 0 0 0 40,300 246 0 40,054 2005 38,284 0 0 0 38,284 233 0 38,051 2006 36,370 0 0 0 36,370 222 0 36,148 2007 34,551 0 0 0 34,551 211 0 34,340 2008 32,824 0 0 0 32,824 200 0 32,624 2009 31,181 0 0 0 31,181 190 0 30,991 2010 29,623 0 0 0 29,623 181 0 29,442 2011 28,141 0 0 0 28,141 172 0 27,969 2012 26,733 0 0 0 26,733 163 0 26,570 2013 25,397 0 0 0 25,397 155 0 25,242 2014 24,127 0 0 0 24,127 147 0 23,980 2015 22,920 0 0 0 22,920 140 0 22,780 2016 21,773 0 0 0 21,773 132 0 21,641 2017 20,685 0 0 0 20,685 127 0 20,558 SUB-TOT 455,331 0 0 0 455,331 2,778 0 452,553 REMAIN 79,668 0 0 0 79,668 485 0 79,183 TOTAL 534,999 0 0 0 534,999 3,263 0 531,736
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 15,948 0 0 0 15,948 26,215 26,215 24,969 2004 15,948 0 0 0 15,948 24,106 50,321 20,784 2005 15,948 0 0 0 15,948 22,103 72,424 17,251 2006 15,948 0 0 0 15,948 20,200 92,624 14,272 2007 15,948 0 0 0 15,948 18,392 111,016 11,764 2008 15,948 0 0 0 15,948 16,676 127,692 9,655 2009 15,948 0 0 0 15,948 15,043 142,735 7,884 2010 15,948 0 0 0 15,948 13,494 156,229 6,403 2011 15,948 0 0 0 15,948 12,021 168,250 5,163 2012 15,948 0 0 0 15,948 10,622 178,872 4,130 2013 15,948 0 0 0 15,948 9,294 188,166 3,272 2014 15,948 0 0 0 15,948 8,032 196,198 2,559 2015 15,948 0 0 0 15,948 6,832 203,030 1,972 2016 15,948 0 0 0 15,948 5,693 208,723 1,487 2017 15,948 0 0 0 15,948 4,610 213,333 1,090 SUBTOT 239,220 0 0 0 239,220 213,333 132,655 REMAIN 70,437 0 0 0 70,437 8,746 222,079 1,708 TOTAL 309,657 0 0 0 309,657 222,079 134,363 LIFE OF EVALUATION IS 19.42 YEARS. FINAL PRODUCTION RATE: 60 BBLS/MO
TENGASCO, INC. TABLE 170 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 18-T9S-R16W PROVED DOUGHERTY EAST #1 (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.934400 0.766500 27.29 5.00% - 97,751 FINAL - 0.934400 0.766500 27.29 10.00% - 68,060 REMARKS - 15.00% - 51,644 20.00% - 41,475 25.00% - 34,623
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 686 0 0 525 0 0.000 27.29 0.00 2004 1 664 0 0 510 0 0.000 27.29 0.00 2005 1 645 0 0 495 0 0.000 27.29 0.00 2006 1 626 0 0 479 0 0.000 27.29 0.00 2007 1 607 0 0 465 0 0.000 27.29 0.00 2008 1 589 0 0 451 0 0.000 27.29 0.00 2009 1 571 0 0 438 0 0.000 27.29 0.00 2010 1 554 0 0 425 0 0.000 27.29 0.00 2011 1 537 0 0 411 0 0.000 27.29 0.00 2012 1 521 0 0 400 0 0.000 27.29 0.00 2013 1 505 0 0 387 0 0.000 27.29 0.00 2014 1 491 0 0 376 0 0.000 27.29 0.00 2015 1 475 0 0 365 0 0.000 27.29 0.00 2016 1 462 0 0 353 0 0.000 27.29 0.00 2017 1 447 0 0 343 0 0.000 27.29 0.00 SUB-TOTAL 8,380 0 0 6,423 0 0.000 27.29 0.00 REMAINDER 6,450 0 0 4,944 0 0.000 27.29 0.00 TOTAL 14,830 0 0 11,367 0 0.000 27.29 0.00 CUMULATIVE 44,009 0 0 ULTIMATE 58,839 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 14,339 0 0 0 14,339 87 0 14,252 2004 13,909 0 0 0 13,909 85 0 13,824 2005 13,492 0 0 0 13,492 83 0 13,409 2006 13,087 0 0 0 13,087 79 0 13,008 2007 12,695 0 0 0 12,695 78 0 12,617 2008 12,313 0 0 0 12,313 75 0 12,238 2009 11,945 0 0 0 11,945 73 0 11,872 2010 11,586 0 0 0 11,586 71 0 11,515 2011 11,238 0 0 0 11,238 68 0 11,170 2012 10,901 0 0 0 10,901 67 0 10,834 2013 10,574 0 0 0 10,574 64 0 10,510 2014 10,257 0 0 0 10,257 63 0 10,194 2015 9,949 0 0 0 9,949 60 0 9,889 2016 9,651 0 0 0 9,651 59 0 9,592 2017 9,361 0 0 0 9,361 57 0 9,304 SUB-TOT 175,297 0 0 0 175,297 1,069 0 174,228 REMAIN 134,914 0 0 0 134,914 823 0 134,091 TOTAL 310,211 0 0 0 310,211 1,892 0 308,319
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,317 0 0 0 4,317 9,935 9,935 9,460 2004 4,317 0 0 0 4,317 9,507 19,442 8,194 2005 4,317 0 0 0 4,317 9,092 28,534 7,094 2006 4,317 0 0 0 4,317 8,691 37,225 6,138 2007 4,317 0 0 0 4,317 8,300 45,525 5,306 2008 4,317 0 0 0 4,317 7,921 53,446 4,584 2009 4,316 0 0 0 4,316 7,556 61,002 3,959 2010 4,317 0 0 0 4,317 7,198 68,200 3,413 2011 4,317 0 0 0 4,317 6,853 75,053 2,942 2012 4,317 0 0 0 4,317 6,517 81,570 2,532 2013 4,317 0 0 0 4,317 6,193 87,763 2,179 2014 4,317 0 0 0 4,317 5,877 93,640 1,871 2015 4,317 0 0 0 4,317 5,572 99,212 1,606 2016 4,317 0 0 0 4,317 5,275 104,487 1,377 2017 4,317 0 0 0 4,317 4,987 109,474 1,178 SUBTOT 64,754 0 0 0 64,754 109,474 61,833 REMAIN 83,635 0 0 0 83,635 50,456 159,930 6,227 TOTAL 148,389 0 0 0 148,389 159,930 68,060 LIFE OF EVALUATION IS 34.37 YEARS. FINAL PRODUCTION RATE: 20 BBLS/MO
TENGASCO, INC. TABLE 171 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 18-T9S-R16W PROVED DOUGHERTY EAST #1 BP (ARBUCKLE) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.934400 0.766500 27.29 5.00% - 34,749 FINAL - 0.934400 0.766500 27.29 10.00% - 21,895 REMARKS - OPERATING COSTS CARRIED WITH PROVED PRODUCING. 15.00% - 13,837 20.00% - 8,769 25.00% - 5,573
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 1 640 0 0 491 0 0.000 27.29 0.00 2011 1 960 0 0 735 0 0.000 27.29 0.00 2012 1 960 0 0 736 0 0.000 27.29 0.00 2013 1 640 0 0 491 0 0.000 27.29 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 3,200 0 0 2,453 0 0.000 27.29 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 3,200 0 0 2,453 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 3,200 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 13,387 0 0 0 13,387 82 0 13,305 2011 20,081 0 0 0 20,081 122 0 19,959 2012 20,082 0 0 0 20,082 123 0 19,959 2013 13,387 0 0 0 13,387 81 0 13,306 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 66,937 0 0 0 66,937 408 0 66,529 REMAIN 0 0 0 0 0 0 0 0 TOTAL 66,937 0 0 0 66,937 408 0 66,529
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 11,213 0 11,213 2,092 2,092 822 2011 0 0 0 0 0 19,959 22,051 8,564 2012 0 0 0 0 0 19,959 42,010 7,753 2013 0 0 0 0 0 13,306 55,316 4,756 2014 0 0 0 0 0 0 55,316 0 2015 0 0 0 0 0 0 55,316 0 2016 0 0 0 0 0 0 55,316 0 2017 0 0 0 0 0 0 55,316 0 SUBTOT 0 0 11,213 0 11,213 55,316 21,895 REMAIN 0 0 0 0 0 0 55,316 0 TOTAL 0 0 11,213 0 11,213 55,316 21,895 LIFE OF EVALUATION IS 10.67 YEARS. FINAL PRODUCTION RATE: 80 BBLS/MO
TENGASCO, INC. TABLE 172 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 18-T9S-R16W PROVED DOUGHERTY EAST #2 PUD (ARBUCKLE) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.934400 0.766500 27.29 5.00% - 292,849 FINAL - 0.934400 0.766500 27.29 10.00% - 163,429 REMARKS - 15.00% - 99,406 20.00% - 63,520 25.00% - 41,514
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 2,533 0 0 1,941 0 0.000 27.29 0.00 2005 1 1,774 0 0 1,361 0 0.000 27.29 0.00 2006 1 1,725 0 0 1,321 0 0.000 27.29 0.00 2007 1 1,675 0 0 1,284 0 0.000 27.29 0.00 2008 1 1,628 0 0 1,248 0 0.000 27.29 0.00 2009 1 1,581 0 0 1,212 0 0.000 27.29 0.00 2010 1 1,537 0 0 1,178 0 0.000 27.29 0.00 2011 1 1,493 0 0 1,145 0 0.000 27.29 0.00 2012 1 1,451 0 0 1,112 0 0.000 27.29 0.00 2013 1 1,409 0 0 1,080 0 0.000 27.29 0.00 2014 1 1,370 0 0 1,050 0 0.000 27.29 0.00 2015 1 1,330 0 0 1,020 0 0.000 27.29 0.00 2016 1 1,293 0 0 990 0 0.000 27.29 0.00 2017 1 1,256 0 0 963 0 0.000 27.29 0.00 SUB-TOTAL 22,055 0 0 16,905 0 0.000 27.29 0.00 REMAINDER 17,975 0 0 13,778 0 0.000 27.29 0.00 TOTAL 40,030 0 0 30,683 0 0.000 27.29 0.00 CUMULATIVE 0 0 0 ULTIMATE 40,030 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 52,983 0 0 0 52,983 323 0 52,660 2005 37,119 0 0 0 37,119 227 0 36,892 2006 36,069 0 0 0 36,069 220 0 35,849 2007 35,044 0 0 0 35,044 213 0 34,831 2008 34,050 0 0 0 34,050 208 0 33,842 2009 33,082 0 0 0 33,082 202 0 32,880 2010 32,144 0 0 0 32,144 196 0 31,948 2011 31,231 0 0 0 31,231 191 0 31,040 2012 30,344 0 0 0 30,344 185 0 30,159 2013 29,483 0 0 0 29,483 179 0 29,304 2014 28,646 0 0 0 28,646 175 0 28,471 2015 27,833 0 0 0 27,833 170 0 27,663 2016 27,042 0 0 0 27,042 165 0 26,877 2017 26,275 0 0 0 26,275 160 0 26,115 SUB-TOT 461,345 0 0 0 461,345 2,814 0 458,531 REMAIN 375,994 0 0 0 375,994 2,294 0 373,700 TOTAL 837,339 0 0 0 837,339 5,108 0 832,231
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 2,158 0 93,440 0 95,598 -42,938 -42,938 -37,406 2005 4,317 0 0 0 4,317 32,575 -10,363 25,413 2006 4,317 0 0 0 4,317 31,532 21,169 22,267 2007 4,317 0 0 0 4,317 30,514 51,683 19,506 2008 4,317 0 0 0 4,317 29,525 81,208 17,085 2009 4,317 0 0 0 4,317 28,563 109,771 14,962 2010 4,317 0 0 0 4,317 27,631 137,402 13,102 2011 4,317 0 0 0 4,317 26,723 164,125 11,470 2012 4,317 0 0 0 4,317 25,842 189,967 10,040 2013 4,317 0 0 0 4,317 24,987 214,954 8,788 2014 4,317 0 0 0 4,317 24,154 239,108 7,690 2015 4,317 0 0 0 4,317 23,346 262,454 6,728 2016 4,317 0 0 0 4,317 22,560 285,014 5,885 2017 4,317 0 0 0 4,317 21,798 306,812 5,148 SUBTOT 58,279 0 93,440 0 151,719 306,812 130,678 REMAIN 81,167 0 0 0 81,167 292,533 599,345 32,751 TOTAL 139,446 0 93,440 0 232,886 599,345 163,429 LIFE OF EVALUATION IS 33.80 YEARS. FINAL PRODUCTION RATE: 60 BBLS/MO
TENGASCO, INC. TABLE 173 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 YOHE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 33-T8S-R18W PROVED FINNESY LEASE (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 200,564 FINAL - 1.000000 0.875000 27.29 10.00% - 160,268 REMARKS - 15.00% - 132,398 20.00% - 112,312 25.00% - 97,309
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 3 1,817 0 0 1,590 0 0.000 27.29 0.00 2004 3 1,690 0 0 1,479 0 0.000 27.29 0.00 2005 3 1,572 0 0 1,375 0 0.000 27.29 0.00 2006 3 1,462 0 0 1,279 0 0.000 27.29 0.00 2007 3 1,359 0 0 1,190 0 0.000 27.29 0.00 2008 3 1,264 0 0 1,106 0 0.000 27.29 0.00 2009 3 1,176 0 0 1,029 0 0.000 27.29 0.00 2010 3 1,094 0 0 956 0 0.000 27.29 0.00 2011 3 1,017 0 0 890 0 0.000 27.29 0.00 2012 3 945 0 0 828 0 0.000 27.29 0.00 2013 3 880 0 0 769 0 0.000 27.29 0.00 2014 3 818 0 0 716 0 0.000 27.29 0.00 2015 3 760 0 0 666 0 0.000 27.29 0.00 2016 3 708 0 0 619 0 0.000 27.29 0.00 2017 3 658 0 0 575 0 0.000 27.29 0.00 SUB-TOTAL 17,220 0 0 15,067 0 0.000 27.29 0.00 REMAINDER 2,623 0 0 2,296 0 0.000 27.29 0.00 TOTAL 19,843 0 0 17,363 0 0.000 27.29 0.00 CUMULATIVE 93,686 0 0 ULTIMATE 113,529 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 43,394 0 0 0 43,394 265 0 43,129 2004 40,356 0 0 0 40,356 246 0 40,110 2005 37,532 0 0 0 37,532 229 0 37,303 2006 34,904 0 0 0 34,904 213 0 34,691 2007 32,461 0 0 0 32,461 198 0 32,263 2008 30,189 0 0 0 30,189 184 0 30,005 2009 28,075 0 0 0 28,075 171 0 27,904 2010 26,110 0 0 0 26,110 159 0 25,951 2011 24,283 0 0 0 24,283 149 0 24,134 2012 22,582 0 0 0 22,582 137 0 22,445 2013 21,002 0 0 0 21,002 128 0 20,874 2014 19,532 0 0 0 19,532 120 0 19,412 2015 18,165 0 0 0 18,165 110 0 18,055 2016 16,893 0 0 0 16,893 103 0 16,790 2017 15,710 0 0 0 15,710 96 0 15,614 SUB-TOT 411,188 0 0 0 411,188 2,508 0 408,680 REMAIN 62,637 0 0 0 62,637 382 0 62,255 TOTAL 473,825 0 0 0 473,825 2,890 0 470,935
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 10,512 0 0 0 10,512 32,617 32,617 31,070 2004 10,512 0 0 0 10,512 29,598 62,215 25,522 2005 10,512 0 0 0 10,512 26,791 89,006 20,913 2006 10,512 0 0 0 10,512 24,179 113,185 17,085 2007 10,512 0 0 0 10,512 21,751 134,936 13,913 2008 10,512 0 0 0 10,512 19,493 154,429 11,287 2009 10,512 0 0 0 10,512 17,392 171,821 9,116 2010 10,512 0 0 0 10,512 15,439 187,260 7,326 2011 10,512 0 0 0 10,512 13,622 200,882 5,852 2012 10,512 0 0 0 10,512 11,933 212,815 4,640 2013 10,512 0 0 0 10,512 10,362 223,177 3,648 2014 10,512 0 0 0 10,512 8,900 232,077 2,836 2015 10,512 0 0 0 10,512 7,543 239,620 2,176 2016 10,512 0 0 0 10,512 6,278 245,898 1,640 2017 10,512 0 0 0 10,512 5,102 251,000 1,207 SUBTOT 157,680 0 0 0 157,680 251,000 158,231 REMAIN 51,684 0 0 0 51,684 10,571 261,571 2,037 TOTAL 209,364 0 0 0 209,364 261,571 160,268 LIFE OF EVALUATION IS 19.92 YEARS. FINAL PRODUCTION RATE: 37 BBLS/MO
TENGASCO, INC. TABLE 174 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 YOHE FIELD, ROOKS COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR 33-T8S-R18W PROVED MOSHER LEASE (LANSING) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 27.29 5.00% - 430,724 FINAL - 1.000000 0.875000 27.29 10.00% - 306,143 REMARKS - 15.00% - 235,799 20.00% - 191,379 25.00% - 160,984
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 2 2,342 0 0 2,049 0 0.000 27.29 0.00 2004 2 2,229 0 0 1,951 0 0.000 27.29 0.00 2005 2 2,123 0 0 1,857 0 0.000 27.29 0.00 2006 2 2,021 0 0 1,768 0 0.000 27.29 0.00 2007 2 1,923 0 0 1,683 0 0.000 27.29 0.00 2008 2 1,831 0 0 1,603 0 0.000 27.29 0.00 2009 2 1,744 0 0 1,525 0 0.000 27.29 0.00 2010 2 1,660 0 0 1,453 0 0.000 27.29 0.00 2011 2 1,580 0 0 1,382 0 0.000 27.29 0.00 2012 2 1,504 0 0 1,316 0 0.000 27.29 0.00 2013 2 1,432 0 0 1,253 0 0.000 27.29 0.00 2014 2 1,363 0 0 1,193 0 0.000 27.29 0.00 2015 2 1,298 0 0 1,136 0 0.000 27.29 0.00 2016 2 1,235 0 0 1,081 0 0.000 27.29 0.00 2017 2 1,177 0 0 1,029 0 0.000 27.29 0.00 SUB-TOTAL 25,462 0 0 22,279 0 0.000 27.29 0.00 REMAINDER 15,803 0 0 13,828 0 0.000 27.29 0.00 TOTAL 41,265 0 0 36,107 0 0.000 27.29 0.00 CUMULATIVE 70,457 0 0 ULTIMATE 111,722 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 55,922 0 0 0 55,922 341 0 55,581 2004 53,238 0 0 0 53,238 325 0 52,913 2005 50,683 0 0 0 50,683 309 0 50,374 2006 48,250 0 0 0 48,250 294 0 47,956 2007 45,934 0 0 0 45,934 281 0 45,653 2008 43,729 0 0 0 43,729 266 0 43,463 2009 41,630 0 0 0 41,630 254 0 41,376 2010 39,632 0 0 0 39,632 242 0 39,390 2011 37,729 0 0 0 37,729 230 0 37,499 2012 35,918 0 0 0 35,918 219 0 35,699 2013 34,195 0 0 0 34,195 209 0 33,986 2014 32,553 0 0 0 32,553 198 0 32,355 2015 30,990 0 0 0 30,990 189 0 30,801 2016 29,503 0 0 0 29,503 180 0 29,323 2017 28,087 0 0 0 28,087 172 0 27,915 SUB-TOT 607,993 0 0 0 607,993 3,709 0 604,284 REMAIN 377,355 0 0 0 377,355 2,302 0 375,053 TOTAL 985,348 0 0 0 985,348 6,011 0 979,337
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,680 0 0 0 7,680 47,901 47,901 45,614 2004 7,680 0 0 0 7,680 45,233 93,134 38,992 2005 7,680 0 0 0 7,680 42,694 135,828 33,314 2006 7,680 0 0 0 7,680 40,276 176,104 28,448 2007 7,680 0 0 0 7,680 37,973 214,077 24,280 2008 7,680 0 0 0 7,680 35,783 249,860 20,711 2009 7,680 0 0 0 7,680 33,696 283,556 17,654 2010 7,680 0 0 0 7,680 31,710 315,266 15,039 2011 7,680 0 0 0 7,680 29,819 345,085 12,802 2012 7,680 0 0 0 7,680 28,019 373,104 10,889 2013 7,680 0 0 0 7,680 26,306 399,410 9,254 2014 7,680 0 0 0 7,680 24,675 424,085 7,858 2015 7,680 0 0 0 7,680 23,121 447,206 6,665 2016 7,680 0 0 0 7,680 21,643 468,849 5,647 2017 7,680 0 0 0 7,680 20,235 489,084 4,780 SUBTOT 115,200 0 0 0 115,200 489,084 281,947 REMAIN 176,640 0 0 0 176,640 198,413 687,497 24,196 TOTAL 291,840 0 0 0 291,840 687,497 306,143 LIFE OF EVALUATION IS 38.00 YEARS. FINAL PRODUCTION RATE: 31 BBLS/MO
TENGASCO, INC. TABLE 175 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 ALL FIELDS, RUSH COUNTY, KANSAS GAS LEASE TENGASCO, INC. - OPERATOR PROVED OTIS COMPRESSOR STATION (ALL) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - -888,028 FINAL - 1.000000 10.00% - -506,804 REMARKS - 15.00% - -334,021 20.00% - -243,820 25.00% - -190,760
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 43,728 0 0 0 43,728 -43,728 -43,728 -41,621 2004 43,728 0 0 0 43,728 -43,728 -87,456 -37,676 2005 44,381 0 0 0 44,381 -44,381 -131,837 -34,605 2006 45,712 0 0 0 45,712 -45,712 -177,549 -32,265 2007 47,083 0 0 0 47,083 -47,083 -224,632 -30,083 2008 48,496 0 0 0 48,496 -48,496 -273,128 -28,048 2009 49,951 0 0 0 49,951 -49,951 -323,079 -26,151 2010 51,449 0 0 0 51,449 -51,449 -374,528 -24,383 2011 52,993 0 0 0 52,993 -52,993 -427,521 -22,734 2012 54,583 0 0 0 54,583 -54,583 -482,104 -21,196 2013 56,220 0 0 0 56,220 -56,220 -538,324 -19,763 2014 57,907 0 0 0 57,907 -57,907 -596,231 -18,426 2015 59,644 0 0 0 59,644 -59,644 -655,875 -17,180 2016 61,433 0 0 0 61,433 -61,433 -717,308 -16,018 2017 63,276 0 0 0 63,276 -63,276 -780,584 -14,934 SUBTOT 780,584 0 0 0 780,584 -780,584 -385,083 REMAIN 1,086,176 0 0 0 1,086,176 -1,086,176 -1,866,760 -121,721 TOTAL 1,866,760 0 0 0 1,866,760 -1,866,760 -506,804 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 176 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 VARIOUS FIELD, ALL COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR PROVED KANSAS FIXED COSTS 1PDP (ALL) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - -4,061,130 FINAL - 1.000000 10.00% - -2,736,220 REMARKS - 15.00% - -2,007,625 20.00% - -1,565,876 25.00% - -1,277,130
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 355,560 0 0 0 355,560 -355,560 -355,560 -338,428 2004 308,172 0 0 0 308,172 -308,172 -663,732 -265,520 2005 299,364 0 0 0 299,364 -299,364 -963,096 -233,482 2006 309,636 0 0 0 309,636 -309,636 -1,272,732 -218,603 2007 309,636 0 0 0 309,636 -309,636 -1,582,368 -197,883 2008 309,636 0 0 0 309,636 -309,636 -1,892,004 -179,125 2009 313,272 0 0 0 313,272 -313,272 -2,205,276 -164,051 2010 313,272 0 0 0 313,272 -313,272 -2,518,548 -148,501 2011 313,272 0 0 0 313,272 -313,272 -2,831,820 -134,424 2012 313,272 0 0 0 313,272 -313,272 -3,145,092 -121,683 2013 313,272 0 0 0 313,272 -313,272 -3,458,364 -110,149 2014 315,564 0 0 0 315,564 -315,564 -3,773,928 -100,438 2015 315,564 0 0 0 315,564 -315,564 -4,089,492 -90,917 2016 315,564 0 0 0 315,564 -315,564 -4,405,056 -82,300 2017 315,564 0 0 0 315,564 -315,564 -4,720,620 -74,498 SUBTOT 4,720,620 0 0 0 4,720,620 -4,720,620 -2,460,002 REMAIN 2,088,464 0 0 0 2,088,464 -2,088,464 -6,809,084 -276,218 TOTAL 6,809,084 0 0 0 6,809,084 -6,809,084 -2,736,220 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 177 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 VARIOUS FIELD, ALL COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR PROVED KANSAS FIXED COSTS 2PBP (ALL) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - -130,869 FINAL - 1.000000 10.00% - -103,599 REMARKS - 15.00% - -83,830 20.00% - -69,148 25.00% - -57,995
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,440 0 0 0 4,440 -4,440 -4,440 -4,226 2004 21,000 0 0 0 21,000 -21,000 -25,440 -18,094 2005 24,468 0 0 0 24,468 -24,468 -49,908 -19,083 2006 19,776 0 0 0 19,776 -19,776 -69,684 -13,962 2007 17,040 0 0 0 17,040 -17,040 -86,724 -10,890 2008 17,040 0 0 0 17,040 -17,040 -103,764 -9,857 2009 13,116 0 0 0 13,116 -13,116 -116,880 -6,869 2010 10,948 0 0 0 10,948 -10,948 -127,828 -5,189 2011 10,948 0 0 0 10,948 -10,948 -138,776 -4,698 2012 10,948 0 0 0 10,948 -10,948 -149,724 -4,253 2013 9,768 0 0 0 9,768 -9,768 -159,492 -3,434 2014 5,892 0 0 0 5,892 -5,892 -165,384 -1,876 2015 4,056 0 0 0 4,056 -4,056 -169,440 -1,168 2016 0 0 0 0 0 0 -169,440 0 2017 0 0 0 0 0 0 -169,440 0 SUBTOT 169,440 0 0 0 169,440 -169,440 -103,599 REMAIN 0 0 0 0 0 0 -169,440 0 TOTAL 169,440 0 0 0 169,440 -169,440 -103,599 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 178 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 VARIOUS FIELD, ALL COUNTY, KANSAS OIL LEASE TENGASCO, INC. - OPERATOR PROVED KANSAS FIXED COSTS 3PUD (ALL) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - -474,704 FINAL - 1.000000 10.00% - -283,607 REMARKS - 15.00% - -190,844 20.00% - -138,566 25.00% - -105,915
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 30,828 0 0 0 30,828 -30,828 -30,828 -26,561 2005 36,168 0 0 0 36,168 -36,168 -66,996 -28,209 2006 32,412 0 0 0 32,412 -32,412 -99,408 -22,883 2007 32,412 0 0 0 32,412 -32,412 -131,820 -20,713 2008 32,412 0 0 0 32,412 -32,412 -164,232 -18,751 2009 35,582 0 0 0 35,582 -35,582 -199,814 -18,633 2010 35,583 0 0 0 35,583 -35,583 -235,397 -16,868 2011 35,582 0 0 0 35,582 -35,582 -270,979 -15,268 2012 35,583 0 0 0 35,583 -35,583 -306,562 -13,821 2013 35,582 0 0 0 35,582 -35,582 -342,144 -12,511 2014 39,984 0 0 0 39,984 -39,984 -382,128 -12,726 2015 39,984 0 0 0 39,984 -39,984 -422,112 -11,520 2016 39,984 0 0 0 39,984 -39,984 -462,096 -10,428 2017 39,984 0 0 0 39,984 -39,984 -502,080 -9,439 SUBTOT 502,080 0 0 0 502,080 -502,080 -238,331 REMAIN 456,202 0 0 0 456,202 -456,202 -958,282 -45,276 TOTAL 958,282 0 0 0 958,282 -958,282 -283,607 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 179 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STATE SUMMARY TOTAL PROVED TENNESSEE PROPERTIES ALL CATEGORIES
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 49,866,999 FINAL - 10.00% - 36,230,728 REMARKS - 15.00% - 28,179,286 20.00% - 22,750,068 25.00% - 18,830,703
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 43 46,014 0 1,234 33,932 0 958.371 26.90 4.22 2004 64 32,586 0 2,620 24,265 0 2,002.464 26.90 4.22 2005 75 26,594 0 2,642 19,888 0 2,105.680 26.90 4.22 2006 83 15,982 0 2,752 12,422 0 2,216.311 26.90 4.22 2007 85 10,643 0 2,483 8,335 0 2,007.372 26.90 4.22 2008 82 6,904 0 1,959 5,380 0 1,568.839 26.90 4.22 2009 74 4,545 0 1,605 3,539 0 1,273.016 26.90 4.22 2010 69 3,238 0 1,303 2,682 0 1,022.548 26.90 4.22 2011 57 2,363 0 1,218 2,068 0 953.057 26.90 4.22 2012 48 1,934 0 943 1,692 0 734.624 26.90 4.22 2013 45 1,584 0 859 1,385 0 652.929 26.90 4.22 2014 43 1,299 0 759 1,138 0 584.687 26.90 4.22 2015 42 1,067 0 657 933 0 500.666 26.90 4.22 2016 35 618 0 512 541 0 387.053 26.90 4.22 2017 31 107 0 475 93 0 356.961 26.90 4.22 SUB-TOTAL 155,478 0 22,021 118,293 0 17,324.578 26.90 4.22 REMAINDER 70,978 0 8,339 49,139 0 6,173.998 26.90 4.22 TOTAL 226,456 0 30,360 167,432 0 23,498.576 26.90 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 912,715 0 4,044,326 0 4,957,041 27,383 121,331 4,808,327 2004 652,789 0 8,450,400 0 9,103,189 19,583 253,514 8,830,092 2005 534,957 0 8,885,969 0 9,420,926 16,048 266,573 9,138,305 2006 334,175 0 9,352,832 0 9,687,007 10,026 280,590 9,396,391 2007 224,215 0 8,471,106 0 8,695,321 6,727 254,129 8,434,465 2008 144,702 0 6,620,503 0 6,765,205 4,341 198,617 6,562,247 2009 95,208 0 5,372,124 0 5,467,332 2,856 161,159 5,303,317 2010 72,133 0 4,315,149 0 4,387,282 2,164 129,454 4,255,664 2011 55,629 0 4,021,897 0 4,077,526 1,668 120,658 3,955,200 2012 45,514 0 3,100,116 0 3,145,630 1,367 93,002 3,051,261 2013 37,283 0 2,755,360 0 2,792,643 1,118 82,664 2,708,861 2014 30,581 0 2,467,378 0 2,497,959 917 74,016 2,423,026 2015 25,114 0 2,112,808 0 2,137,922 754 63,392 2,073,776 2016 14,549 0 1,633,367 0 1,647,916 436 48,997 1,598,483 2017 2,510 0 1,506,371 0 1,508,881 76 45,190 1,463,615 SUB-TOT 3,182,074 0 73,109,706 0 76,291,780 95,464 2,193,286 74,003,030 REMAIN 1,321,831 0 26,054,275 0 27,376,106 39,655 781,629 26,554,822 TOTAL 4,503,905 0 99,163,981 0 103,667,886 135,119 2,974,915 100,557,852
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 231,868 0 1,685,000 0 1,916,868 2,891,459 2,891,459 2,716,576 2004 374,896 0 3,670,000 0 4,044,896 4,785,196 7,676,655 4,083,227 2005 459,868 0 2,425,000 0 2,884,868 6,253,437 13,930,092 4,876,498 2006 535,571 0 1,815,000 0 2,350,571 7,045,820 20,975,912 4,970,425 2007 573,419 0 625,000 0 1,198,419 7,236,046 28,211,958 4,621,640 2008 530,400 0 20,000 0 550,400 6,011,847 34,223,805 3,484,673 2009 480,340 0 0 0 480,340 4,822,977 39,046,782 2,530,438 2010 427,826 0 0 0 427,826 3,827,838 42,874,620 1,818,406 2011 362,346 0 30,000 0 392,346 3,562,854 46,437,474 1,529,361 2012 311,250 0 0 0 311,250 2,740,011 49,177,485 1,066,046 2013 297,766 0 10,000 0 307,766 2,401,095 51,578,580 845,112 2014 293,386 0 25,000 0 318,386 2,104,640 53,683,220 670,968 2015 270,139 0 0 0 270,139 1,803,637 55,486,857 520,772 2016 217,843 0 0 0 217,843 1,380,640 56,867,497 360,533 2017 200,400 0 20,000 0 220,400 1,243,215 58,110,712 293,620 SUBTOT 5,567,318 0 10,325,000 0 15,892,318 58,110,712 34,388,295 REMAIN 3,601,692 0 265,000 0 3,866,692 22,688,130 80,798,842 1,842,433 TOTAL 9,169,010 0 10,590,000 0 19,759,010 80,798,842 36,230,728 LIFE OF SUMMARY IS 50.00 YEARS.
TENGASCO, INC. TABLE 180 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STATE SUMMARY PROVED TENNESSEE PROPERTIES PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 8,341,433 FINAL - 10.00% - 6,286,395 REMARKS - 15.00% - 5,099,074 20.00% - 4,321,003 25.00% - 3,767,390
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 25 9,490 0 477 7,819 0 353.110 26.90 4.22 2004 24 7,603 0 380 6,230 0 279.279 26.90 4.22 2005 24 6,097 0 322 4,969 0 235.868 26.90 4.22 2006 22 4,895 0 280 3,963 0 206.479 26.90 4.22 2007 21 3,935 0 253 3,164 0 185.899 26.90 4.22 2008 21 3,165 0 233 2,528 0 170.151 26.90 4.22 2009 21 2,550 0 215 2,021 0 157.447 26.90 4.22 2010 21 1,799 0 200 1,504 0 146.905 26.90 4.22 2011 20 1,298 0 187 1,136 0 136.370 26.90 4.22 2012 18 1,028 0 172 900 0 126.837 26.90 4.22 2013 18 815 0 166 712 0 119.954 26.90 4.22 2014 18 645 0 155 565 0 113.569 26.90 4.22 2015 17 511 0 147 447 0 106.251 26.90 4.22 2016 17 145 0 135 127 0 99.500 26.90 4.22 2017 15 0 0 126 0 0 94.142 0.00 4.22 SUB-TOTAL 43,976 0 3,448 36,085 0 2,531.761 26.90 4.22 REMAINDER 0 0 1,656 0 0 1,207.819 0.00 4.22 TOTAL 43,976 0 5,104 36,085 0 3,739.580 26.90 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 210,322 0 1,490,123 0 1,700,445 6,310 44,704 1,649,431 2004 167,605 0 1,178,559 0 1,346,164 5,028 35,358 1,305,778 2005 133,638 0 995,361 0 1,128,999 4,009 29,858 1,095,132 2006 106,617 0 871,344 0 977,961 3,198 26,141 948,622 2007 85,117 0 784,493 0 869,610 2,554 23,537 843,519 2008 68,000 0 718,036 0 786,036 2,040 21,542 762,454 2009 54,368 0 664,428 0 718,796 1,631 19,928 697,237 2010 40,457 0 619,936 0 660,393 1,214 18,601 640,578 2011 30,557 0 575,486 0 606,043 916 17,264 587,863 2012 24,203 0 535,252 0 559,455 727 16,057 542,671 2013 19,169 0 506,205 0 525,374 575 15,188 509,611 2014 15,184 0 479,259 0 494,443 455 14,376 479,612 2015 12,026 0 448,378 0 460,404 361 13,454 446,589 2016 3,425 0 419,893 0 423,318 103 12,594 410,621 2017 0 0 397,279 0 397,279 0 11,917 385,362 SUB-TOT 970,688 0 10,684,032 0 11,654,720 29,121 320,519 11,305,080 REMAIN 0 0 5,096,997 0 5,096,997 0 152,910 4,944,087 TOTAL 970,688 0 15,781,029 0 16,751,717 29,121 473,429 16,249,167
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 159,168 0 0 0 159,168 1,490,263 1,490,263 1,422,215 2004 157,896 0 0 0 157,896 1,147,882 2,638,145 990,744 2005 148,068 0 0 0 148,068 947,064 3,585,209 739,695 2006 141,168 0 0 0 141,168 807,454 4,392,663 570,754 2007 139,968 0 0 0 139,968 703,551 5,096,214 450,104 2008 139,968 0 0 0 139,968 622,486 5,718,700 360,453 2009 139,968 0 0 0 139,968 557,269 6,275,969 292,083 2010 136,921 0 0 0 136,921 503,657 6,779,626 238,938 2011 128,676 0 0 0 128,676 459,187 7,238,813 197,179 2012 121,200 0 0 0 121,200 421,471 7,660,284 163,823 2013 121,200 0 0 0 121,200 388,411 8,048,695 136,657 2014 120,600 0 0 0 120,600 359,012 8,407,707 114,340 2015 114,000 0 0 0 114,000 332,589 8,740,296 95,884 2016 101,600 0 0 0 101,600 309,021 9,049,317 80,638 2017 96,600 0 0 0 96,600 288,762 9,338,079 68,209 SUBTOT 1,967,001 0 0 0 1,967,001 9,338,079 5,921,716 REMAIN 1,620,038 0 0 0 1,620,038 3,324,049 12,662,128 364,679 TOTAL 3,587,039 0 0 0 3,587,039 12,662,128 6,286,395 LIFE OF SUMMARY IS 50.00 YEARS.
TENGASCO, INC. TABLE 181 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STATE SUMMARY PROVED TENNESSEE PROPERTIES SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 1,461,339 FINAL - 10.00% - 1,241,527 REMARKS - 15.00% - 1,075,952 20.00% - 946,156 25.00% - 841,315
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 5 13,365 0 27 5,848 0 11.845 26.90 4.22 2004 8 12,060 0 156 6,729 0 78.727 26.90 4.22 2005 7 6,190 0 111 3,944 0 58.492 26.90 4.22 2006 7 3,465 0 79 2,566 0 43.680 26.90 4.22 2007 5 2,855 0 43 2,142 0 18.944 26.90 4.22 2008 4 2,387 0 37 1,803 0 16.395 26.90 4.22 2009 4 1,995 0 33 1,518 0 14.587 26.90 4.22 2010 4 1,439 0 31 1,178 0 13.208 26.90 4.22 2011 3 1,065 0 27 932 0 12.115 26.90 4.22 2012 3 906 0 26 792 0 11.112 26.90 4.22 2013 2 769 0 11 673 0 4.720 26.90 4.22 2014 2 654 0 10 573 0 4.436 26.90 4.22 2015 2 556 0 9 486 0 4.192 26.90 4.22 2016 2 473 0 9 414 0 3.977 26.90 4.22 2017 2 107 0 9 93 0 3.778 26.90 4.22 SUB-TOTAL 48,286 0 618 29,691 0 300.208 26.90 4.22 REMAINDER 0 0 47 0 0 20.538 0.00 4.22 TOTAL 48,286 0 665 29,691 0 320.746 26.90 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 157,280 0 49,984 0 207,264 4,719 1,500 201,045 2004 181,031 0 332,228 0 513,259 5,431 9,966 497,862 2005 106,102 0 246,837 0 352,939 3,183 7,406 342,350 2006 69,023 0 184,328 0 253,351 2,071 5,530 245,750 2007 57,620 0 79,946 0 137,566 1,729 2,398 133,439 2008 48,498 0 69,184 0 117,682 1,454 2,075 114,153 2009 40,840 0 61,559 0 102,399 1,225 1,847 99,327 2010 31,676 0 55,738 0 87,414 950 1,672 84,792 2011 25,072 0 51,125 0 76,197 752 1,534 73,911 2012 21,311 0 46,894 0 68,205 640 1,406 66,159 2013 18,114 0 19,917 0 38,031 543 598 36,890 2014 15,397 0 18,721 0 34,118 462 561 33,095 2015 13,088 0 17,689 0 30,777 393 531 29,853 2016 11,124 0 16,783 0 27,907 333 504 27,070 2017 2,510 0 15,945 0 18,455 76 478 17,901 SUB-TOT 798,686 0 1,266,878 0 2,065,564 23,961 38,006 2,003,597 REMAIN 0 0 86,671 0 86,671 0 2,600 84,071 TOTAL 798,686 0 1,353,549 0 2,152,235 23,961 40,606 2,087,668
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 11,800 0 0 0 11,800 189,245 189,245 176,680 2004 40,000 0 0 0 40,000 457,862 647,107 396,301 2005 37,200 0 0 0 37,200 305,150 952,257 238,573 2006 29,903 0 0 0 29,903 215,847 1,168,104 152,796 2007 21,620 0 0 0 21,620 111,819 1,279,923 71,581 2008 21,600 0 0 0 21,600 92,553 1,372,476 53,622 2009 21,600 0 0 0 21,600 77,727 1,450,203 40,761 2010 18,800 0 0 0 18,800 65,992 1,516,195 31,322 2011 16,800 0 0 0 16,800 57,111 1,573,306 24,533 2012 16,733 0 0 0 16,733 49,426 1,622,732 19,227 2013 13,200 0 0 0 13,200 23,690 1,646,422 8,341 2014 13,200 0 0 0 13,200 19,895 1,666,317 6,341 2015 13,200 0 0 0 13,200 16,653 1,682,970 4,806 2016 13,200 0 0 0 13,200 13,870 1,696,840 3,622 2017 6,000 0 0 0 6,000 11,901 1,708,741 2,812 SUBTOT 294,856 0 0 0 294,856 1,708,741 1,231,318 REMAIN 23,653 0 0 0 23,653 60,418 1,769,159 10,209 TOTAL 318,509 0 0 0 318,509 1,769,159 1,241,527 LIFE OF SUMMARY IS 21.57 YEARS.
TENGASCO, INC. TABLE 182 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STATE SUMMARY PROVED TENNESSEE PROPERTIES BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 8,920,728 FINAL - 10.00% - 5,423,080 REMARKS - 15.00% - 3,932,641 20.00% - 3,098,640 25.00% - 2,561,817
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 4 23,159 0 144 20,265 0 101.825 26.90 4.22 2004 5 12,923 0 136 11,306 0 100.088 26.90 4.22 2005 5 14,307 0 113 10,975 0 80.857 26.90 4.22 2006 6 7,622 0 160 5,893 0 95.828 26.90 4.22 2007 8 3,853 0 241 3,029 0 169.376 26.90 4.22 2008 8 1,352 0 214 1,049 0 150.094 26.90 4.22 2009 6 0 0 200 0 0 144.308 0.00 4.22 2010 6 0 0 165 0 0 117.515 0.00 4.22 2011 6 0 0 325 0 0 255.853 0.00 4.22 2012 7 0 0 228 0 0 174.312 0.00 4.22 2013 7 0 0 218 0 0 149.126 0.00 4.22 2014 5 0 0 168 0 0 117.760 0.00 4.22 2015 6 0 0 139 0 0 97.997 0.00 4.22 2016 5 0 0 118 0 0 84.319 0.00 4.22 2017 5 0 0 113 0 0 82.103 0.00 4.22 SUB-TOTAL 63,216 0 2,682 52,517 0 1,921.361 26.90 4.22 REMAINDER 70,978 0 4,539 49,139 0 3,359.804 26.90 4.22 TOTAL 134,194 0 7,221 101,656 0 5,281.165 26.90 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 545,113 0 429,701 0 974,814 16,354 12,891 945,569 2004 304,153 0 422,372 0 726,525 9,124 12,672 704,729 2005 295,217 0 341,219 0 636,436 8,856 10,235 617,345 2006 158,535 0 404,395 0 562,930 4,757 12,133 546,040 2007 81,478 0 714,765 0 796,243 2,444 21,442 772,357 2008 28,204 0 633,396 0 661,600 847 19,004 641,749 2009 0 0 608,980 0 608,980 0 18,269 590,711 2010 0 0 495,914 0 495,914 0 14,877 481,037 2011 0 0 1,079,701 0 1,079,701 0 32,391 1,047,310 2012 0 0 735,597 0 735,597 0 22,067 713,530 2013 0 0 629,313 0 629,313 0 18,880 610,433 2014 0 0 496,946 0 496,946 0 14,908 482,038 2015 0 0 413,548 0 413,548 0 12,408 401,140 2016 0 0 355,826 0 355,826 0 10,674 345,152 2017 0 0 346,471 0 346,471 0 10,395 336,076 SUB-TOT 1,412,700 0 8,108,144 0 9,520,844 42,382 243,246 9,235,216 REMAIN 1,321,831 0 14,178,375 0 15,500,206 39,655 425,350 15,035,201 TOTAL 2,734,531 0 22,286,519 0 25,021,050 82,037 668,596 24,270,417
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 30,000 0 85,000 0 115,000 830,569 830,569 790,591 2004 37,200 0 20,000 0 57,200 647,529 1,478,098 559,135 2005 46,000 0 25,000 0 71,000 546,345 2,024,443 426,623 2006 52,500 0 15,000 0 67,500 478,540 2,502,983 337,920 2007 60,082 0 25,000 0 85,082 687,275 3,190,258 438,752 2008 44,297 0 20,000 0 64,297 577,452 3,767,710 334,068 2009 36,000 0 0 0 36,000 554,711 4,322,421 291,053 2010 36,000 0 0 0 36,000 445,037 4,767,458 211,317 2011 40,781 0 30,000 0 70,781 976,529 5,743,987 416,943 2012 37,006 0 0 0 37,006 676,524 6,420,511 263,674 2013 33,766 0 10,000 0 43,766 566,667 6,987,178 199,710 2014 33,000 0 25,000 0 58,000 424,038 7,411,216 135,532 2015 34,193 0 0 0 34,193 366,947 7,778,163 105,949 2016 32,400 0 0 0 32,400 312,752 8,090,915 81,649 2017 33,000 0 20,000 0 53,000 283,076 8,373,991 66,840 SUBTOT 586,225 0 275,000 0 861,225 8,373,991 4,659,756 REMAIN 1,247,965 0 265,000 0 1,512,965 13,522,236 21,896,227 763,324 TOTAL 1,834,190 0 540,000 0 2,374,190 21,896,227 5,423,080 LIFE OF SUMMARY IS 50.00 YEARS.
TENGASCO, INC. TABLE 183 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STATE SUMMARY PROVED TENNESSEE PROPERTIES UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 31,143,499 FINAL - 10.00% - 23,279,726 REMARKS - 15.00% - 18,071,619 20.00% - 14,384,269 25.00% - 11,660,181
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 9 0 0 586 0 0 491.592 0.00 4.22 2004 27 0 0 1,948 0 0 1,544.370 0.00 4.22 2005 39 0 0 2,096 0 0 1,730.463 0.00 4.22 2006 48 0 0 2,233 0 0 1,870.323 0.00 4.22 2007 51 0 0 1,946 0 0 1,633.153 0.00 4.22 2008 49 0 0 1,475 0 0 1,232.200 0.00 4.22 2009 43 0 0 1,157 0 0 956.673 0.00 4.22 2010 38 0 0 907 0 0 744.920 0.00 4.22 2011 28 0 0 679 0 0 548.718 0.00 4.22 2012 20 0 0 517 0 0 422.363 0.00 4.22 2013 18 0 0 464 0 0 379.129 0.00 4.22 2014 18 0 0 426 0 0 348.922 0.00 4.22 2015 17 0 0 362 0 0 292.226 0.00 4.22 2016 11 0 0 250 0 0 199.257 0.00 4.22 2017 9 0 0 227 0 0 176.938 0.00 4.22 SUB-TOTAL 0 0 15,273 0 0 12,571.247 0.00 4.22 REMAINDER 0 0 2,097 0 0 1,585.837 0.00 4.22 TOTAL 0 0 17,370 0 0 14,157.084 0.00 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 2,074,518 0 2,074,518 0 62,236 2,012,282 2004 0 0 6,517,241 0 6,517,241 0 195,518 6,321,723 2005 0 0 7,302,552 0 7,302,552 0 219,074 7,083,478 2006 0 0 7,892,765 0 7,892,765 0 236,786 7,655,979 2007 0 0 6,891,902 0 6,891,902 0 206,752 6,685,150 2008 0 0 5,199,887 0 5,199,887 0 155,996 5,043,891 2009 0 0 4,037,157 0 4,037,157 0 121,115 3,916,042 2010 0 0 3,143,561 0 3,143,561 0 94,304 3,049,257 2011 0 0 2,315,585 0 2,315,585 0 69,469 2,246,116 2012 0 0 1,782,373 0 1,782,373 0 53,472 1,728,901 2013 0 0 1,599,925 0 1,599,925 0 47,998 1,551,927 2014 0 0 1,472,452 0 1,472,452 0 44,171 1,428,281 2015 0 0 1,233,193 0 1,233,193 0 36,999 1,196,194 2016 0 0 840,865 0 840,865 0 25,225 815,640 2017 0 0 746,676 0 746,676 0 22,400 724,276 SUB-TOT 0 0 53,050,652 0 53,050,652 0 1,591,515 51,459,137 REMAIN 0 0 6,692,232 0 6,692,232 0 200,769 6,491,463 TOTAL 0 0 59,742,884 0 59,742,884 0 1,792,284 57,950,600
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 30,900 0 1,600,000 0 1,630,900 381,382 381,382 327,090 2004 139,800 0 3,650,000 0 3,789,800 2,531,923 2,913,305 2,137,047 2005 228,600 0 2,400,000 0 2,628,600 4,454,878 7,368,183 3,471,607 2006 312,000 0 1,800,000 0 2,112,000 5,543,979 12,912,162 3,908,955 2007 351,749 0 600,000 0 951,749 5,733,401 18,645,563 3,661,203 2008 324,535 0 0 0 324,535 4,719,356 23,364,919 2,736,530 2009 282,772 0 0 0 282,772 3,633,270 26,998,189 1,906,541 2010 236,105 0 0 0 236,105 2,813,152 29,811,341 1,336,829 2011 176,089 0 0 0 176,089 2,070,027 31,881,368 890,706 2012 136,311 0 0 0 136,311 1,592,590 33,473,958 619,322 2013 129,600 0 0 0 129,600 1,422,327 34,896,285 500,404 2014 126,586 0 0 0 126,586 1,301,695 36,197,980 414,755 2015 108,746 0 0 0 108,746 1,087,448 37,285,428 314,133 2016 70,643 0 0 0 70,643 744,997 38,030,425 194,624 2017 64,800 0 0 0 64,800 659,476 38,689,901 155,759 SUBTOT 2,719,236 0 10,050,000 0 12,769,236 38,689,901 22,575,505 REMAIN 710,036 0 0 0 710,036 5,781,427 44,471,328 704,221 TOTAL 3,429,272 0 10,050,000 0 13,479,272 44,471,328 23,279,726 LIFE OF SUMMARY IS 46.65 YEARS.
TENGASCO, INC. TABLE 184 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STATE SUMMARY TOTAL PROBABLE TENNESSEE PROPERTIES BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 45,647 FINAL - 10.00% - 32,968 REMARKS - 15.00% - 24,838 20.00% - 19,413 25.00% - 15,646
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 27 0 0 1.661 0.00 4.22 2005 1 0 0 22 0 0 1.375 0.00 4.22 2006 1 0 0 19 0 0 1.200 0.00 4.22 2007 1 0 0 17 0 0 1.078 0.00 4.22 2008 1 0 0 16 0 0 0.987 0.00 4.22 2009 1 0 0 14 0 0 0.916 0.00 4.22 2010 1 0 0 14 0 0 0.859 0.00 4.22 2011 1 0 0 13 0 0 0.802 0.00 4.22 2012 1 0 0 12 0 0 0.750 0.00 4.22 2013 1 0 0 11 0 0 0.712 0.00 4.22 2014 1 0 0 34 0 0 2.061 0.00 4.22 2015 1 0 0 28 0 0 1.782 0.00 4.22 2016 1 0 0 19 0 0 1.153 0.00 4.22 2017 1 0 0 13 0 0 0.810 0.00 4.22 SUB-TOTAL 0 0 259 0 0 16.146 0.00 4.22 REMAINDER 0 0 0 0 0 0.022 0.00 4.22 TOTAL 0 0 259 0 0 16.168 0.00 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 7,011 0 7,011 0 210 6,801 2005 0 0 5,802 0 5,802 0 174 5,628 2006 0 0 5,063 0 5,063 0 152 4,911 2007 0 0 4,549 0 4,549 0 137 4,412 2008 0 0 4,166 0 4,166 0 125 4,041 2009 0 0 3,867 0 3,867 0 116 3,751 2010 0 0 3,623 0 3,623 0 108 3,515 2011 0 0 3,385 0 3,385 0 102 3,283 2012 0 0 3,165 0 3,165 0 95 3,070 2013 0 0 3,007 0 3,007 0 90 2,917 2014 0 0 8,697 0 8,697 0 261 8,436 2015 0 0 7,520 0 7,520 0 226 7,294 2016 0 0 4,867 0 4,867 0 146 4,721 2017 0 0 3,419 0 3,419 0 102 3,317 SUB-TOT 0 0 68,141 0 68,141 0 2,044 66,097 REMAIN 0 0 91 0 91 0 3 88 TOTAL 0 0 68,232 0 68,232 0 2,047 66,185
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 6,801 6,801 5,871 2005 0 0 0 0 0 5,628 12,429 4,395 2006 0 0 0 0 0 4,911 17,340 3,470 2007 0 0 0 0 0 4,412 21,752 2,822 2008 0 0 0 0 0 4,041 25,793 2,339 2009 0 0 0 0 0 3,751 29,544 1,966 2010 0 0 0 0 0 3,515 33,059 1,667 2011 0 0 0 0 0 3,283 36,342 1,410 2012 0 0 0 0 0 3,070 39,412 1,193 2013 0 0 0 0 0 2,917 42,329 1,026 2014 0 0 0 0 0 8,436 50,765 2,659 2015 0 0 0 0 0 7,294 58,059 2,110 2016 0 0 0 0 0 4,721 62,780 1,235 2017 0 0 0 0 0 3,317 66,097 785 SUBTOT 0 0 0 0 0 66,097 32,948 REMAIN 0 0 0 0 0 88 66,185 20 TOTAL 0 0 0 0 0 66,185 32,968 LIFE OF SUMMARY IS 15.03 YEARS.
TENGASCO, INC. TABLE 185 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 STATE SUMMARY TOTAL POSSIBLE TENNESSEE PROPERTIES UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 5.00% - 4,284,225 FINAL - 10.00% - 3,185,002 REMARKS - 15.00% - 2,378,901 20.00% - 1,783,727 25.00% - 1,341,618
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 4 0 0 106 0 0 93.393 0.00 4.22 2006 14 0 0 715 0 0 623.939 0.00 4.22 2007 14 0 0 576 0 0 503.808 0.00 4.22 2008 14 0 0 409 0 0 360.038 0.00 4.22 2009 14 0 0 310 0 0 272.546 0.00 4.22 2010 12 0 0 211 0 0 181.732 0.00 4.22 2011 8 0 0 109 0 0 94.770 0.00 4.22 2012 4 0 0 64 0 0 56.899 0.00 4.22 2013 3 0 0 30 0 0 26.400 0.00 4.22 2014 1 0 0 16 0 0 14.226 0.00 4.22 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 2,546 0 0 2,227.751 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 2,546 0 0 2,227.751 0.00 4.22 CUMULATIVE ULTIMATE
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 394,118 0 394,118 0 11,824 382,294 2006 0 0 2,633,019 0 2,633,019 0 78,990 2,554,029 2007 0 0 2,126,073 0 2,126,073 0 63,783 2,062,290 2008 0 0 1,519,360 0 1,519,360 0 45,582 1,473,778 2009 0 0 1,150,142 0 1,150,142 0 34,503 1,115,639 2010 0 0 766,907 0 766,907 0 23,004 743,903 2011 0 0 399,927 0 399,927 0 11,998 387,929 2012 0 0 240,113 0 240,113 0 7,203 232,910 2013 0 0 111,408 0 111,408 0 3,343 108,065 2014 0 0 60,033 0 60,033 0 1,801 58,232 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 9,401,100 0 9,401,100 0 282,031 9,119,069 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 9,401,100 0 9,401,100 0 282,031 9,119,069
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 9,000 0 800,000 0 809,000 -426,706 -426,706 -327,786 2006 75,000 0 2,000,000 0 2,075,000 479,029 52,323 315,056 2007 100,800 0 0 0 100,800 1,961,490 2,013,813 1,258,271 2008 100,800 0 0 0 100,800 1,372,978 3,386,791 796,076 2009 92,682 0 0 0 92,682 1,022,957 4,409,748 537,271 2010 68,580 0 0 0 68,580 675,323 5,085,071 321,748 2011 36,976 0 0 0 36,976 350,953 5,436,024 151,535 2012 23,269 0 0 0 23,269 209,641 5,645,665 81,700 2013 11,184 0 0 0 11,184 96,881 5,742,546 34,489 2014 6,291 0 0 0 6,291 51,941 5,794,487 16,642 2015 0 0 0 0 0 0 5,794,487 0 2016 0 0 0 0 0 0 5,794,487 0 2017 0 0 0 0 0 0 5,794,487 0 SUBTOT 524,582 0 2,800,000 0 3,324,582 5,794,487 3,185,002 REMAIN 0 0 0 0 0 0 5,794,487 0 TOTAL 524,582 0 2,800,000 0 3,324,582 5,794,487 3,185,002 LIFE OF SUMMARY IS 11.87 YEARS.
TENGASCO, INC. TABLE 186 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED ANITA COLSON #1 (KNOX) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 9 ULTIMATE 0 0 9
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 187 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED ANITA COLSON #1 BP (TRENTON) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 0.875000 26.90 4.22 5.00% - 378,741 FINAL - 1.000000 0.875000 0.875000 26.90 4.22 10.00% - 357,571 REMARKS - 15.00% - 338,381 20.00% - 320,929 25.00% - 305,010
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 7,927 0 17 6,937 0 15.233 26.90 4.22 2004 1 4,002 0 9 3,501 0 7.689 26.90 4.22 2005 1 2,019 0 5 1,767 0 3.881 26.90 4.22 2006 1 1,020 0 2 892 0 1.959 26.90 4.22 2007 1 495 0 1 433 0 0.951 26.90 4.22 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 15,463 0 34 13,530 0 29.713 26.90 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 15,463 0 34 13,530 0 29.713 26.90 4.22 CUMULATIVE 0 0 0 ULTIMATE 15,463 0 34
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 186,594 0 64,282 0 250,876 5,598 1,928 243,350 2004 94,181 0 32,446 0 126,627 2,825 974 122,828 2005 47,537 0 16,376 0 63,913 1,426 491 61,996 2006 23,994 0 8,266 0 32,260 720 248 31,292 2007 11,646 0 4,012 0 15,658 350 120 15,188 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 363,952 0 125,382 0 489,334 10,919 3,761 474,654 REMAIN 0 0 0 0 0 0 0 0 TOTAL 363,952 0 125,382 0 489,334 10,919 3,761 474,654
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 9,600 0 25,000 0 34,600 208,750 208,750 198,887 2004 9,600 0 0 0 9,600 113,228 321,978 98,149 2005 9,600 0 0 0 9,600 52,396 374,374 41,136 2006 9,600 0 0 0 9,600 21,692 396,066 15,438 2007 9,082 0 0 0 9,082 6,106 402,172 3,961 2008 0 0 0 0 0 0 402,172 0 2009 0 0 0 0 0 0 402,172 0 2010 0 0 0 0 0 0 402,172 0 2011 0 0 0 0 0 0 402,172 0 2012 0 0 0 0 0 0 402,172 0 2013 0 0 0 0 0 0 402,172 0 2014 0 0 0 0 0 0 402,172 0 2015 0 0 0 0 0 0 402,172 0 2016 0 0 0 0 0 0 402,172 0 2017 0 0 0 0 0 0 402,172 0 SUBTOT 47,482 0 25,000 0 72,482 402,172 357,571 REMAIN 0 0 0 0 0 0 402,172 0 TOTAL 47,482 0 25,000 0 72,482 402,172 357,571 LIFE OF EVALUATION IS 4.95 YEARS. FINAL PRODUCTION RATE: 31 BBLS/MO
TENGASCO, INC. TABLE 188 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED ANITA COLSON #2 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 404,702 FINAL - 1.000000 0.875000 4.22 10.00% - 323,487 REMARKS - 15.00% - 272,476 20.00% - 237,412 25.00% - 211,660
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 30 0 0 26.645 0.00 4.22 2004 1 0 0 20 0 0 17.214 0.00 4.22 2005 1 0 0 15 0 0 13.305 0.00 4.22 2006 1 0 0 13 0 0 11.063 0.00 4.22 2007 1 0 0 11 0 0 9.579 0.00 4.22 2008 1 0 0 10 0 0 8.510 0.00 4.22 2009 1 0 0 8 0 0 7.697 0.00 4.22 2010 1 0 0 9 0 0 7.054 0.00 4.22 2011 1 0 0 7 0 0 6.531 0.00 4.22 2012 1 0 0 7 0 0 6.095 0.00 4.22 2013 1 0 0 6 0 0 5.726 0.00 4.22 2014 1 0 0 7 0 0 5.407 0.00 4.22 2015 1 0 0 6 0 0 5.129 0.00 4.22 2016 1 0 0 5 0 0 4.872 0.00 4.22 2017 1 0 0 5 0 0 4.629 0.00 4.22 SUB-TOTAL 0 0 159 0 0 139.456 0.00 4.22 REMAINDER 0 0 62 0 0 53.603 0.00 4.22 TOTAL 0 0 221 0 0 193.059 0.00 4.22 CUMULATIVE 0 0 59 ULTIMATE 0 0 280
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 112,441 0 112,441 0 3,373 109,068 2004 0 0 72,645 0 72,645 0 2,180 70,465 2005 0 0 56,149 0 56,149 0 1,684 54,465 2006 0 0 46,688 0 46,688 0 1,401 45,287 2007 0 0 40,422 0 40,422 0 1,212 39,210 2008 0 0 35,912 0 35,912 0 1,078 34,834 2009 0 0 32,483 0 32,483 0 974 31,509 2010 0 0 29,769 0 29,769 0 893 28,876 2011 0 0 27,562 0 27,562 0 827 26,735 2012 0 0 25,722 0 25,722 0 772 24,950 2013 0 0 24,161 0 24,161 0 725 23,436 2014 0 0 22,819 0 22,819 0 684 22,135 2015 0 0 21,643 0 21,643 0 649 20,994 2016 0 0 20,561 0 20,561 0 617 19,944 2017 0 0 19,533 0 19,533 0 586 18,947 SUB-TOT 0 0 588,510 0 588,510 0 17,655 570,855 REMAIN 0 0 226,207 0 226,207 0 6,786 219,421 TOTAL 0 0 814,717 0 814,717 0 24,441 790,276
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 101,868 101,868 97,471 2004 7,200 0 0 0 7,200 63,265 165,133 54,665 2005 7,200 0 0 0 7,200 47,265 212,398 36,937 2006 7,200 0 0 0 7,200 38,087 250,485 26,932 2007 7,200 0 0 0 7,200 32,010 282,495 20,484 2008 7,200 0 0 0 7,200 27,634 310,129 16,004 2009 7,200 0 0 0 7,200 24,309 334,438 12,743 2010 7,200 0 0 0 7,200 21,676 356,114 10,284 2011 7,200 0 0 0 7,200 19,535 375,649 8,389 2012 7,200 0 0 0 7,200 17,750 393,399 6,900 2013 7,200 0 0 0 7,200 16,236 409,635 5,713 2014 7,200 0 0 0 7,200 14,935 424,570 4,756 2015 7,200 0 0 0 7,200 13,794 438,364 3,977 2016 7,200 0 0 0 7,200 12,744 451,108 3,326 2017 7,200 0 0 0 7,200 11,747 462,855 2,775 SUBTOT 108,000 0 0 0 108,000 462,855 311,356 REMAIN 132,000 0 0 0 132,000 87,421 550,276 12,131 TOTAL 240,000 0 0 0 240,000 550,276 323,487 LIFE OF EVALUATION IS 33.33 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 189 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 12-T1S-R74E PROVED BOBBY YEARY #1 (REEDSVILLE-TRENTON) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 5.00% - 0 FINAL - 0.500000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 6 ULTIMATE 0 0 6
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 190 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 12-T1S-R74E PROVED BOBBY YEARY #1BP (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 5.00% - 0 FINAL - 0.500000 10.00% - 0 REMARKS - NO RESERVES ASSIGNED. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 191 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED BOBBY YEARY #2 (STONES RIVER) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 26.90 5.00% - 50,811 FINAL - 0.500000 0.437500 26.90 10.00% - 46,185 REMARKS - 15.00% - 42,237 20.00% - 38,844 25.00% - 35,907
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,990 0 0 871 0 0.000 26.90 0.00 2004 1 1,592 0 0 696 0 0.000 26.90 0.00 2005 1 1,273 0 0 557 0 0.000 26.90 0.00 2006 1 1,019 0 0 446 0 0.000 26.90 0.00 2007 1 815 0 0 356 0 0.000 26.90 0.00 2008 1 652 0 0 286 0 0.000 26.90 0.00 2009 1 521 0 0 228 0 0.000 26.90 0.00 2010 1 186 0 0 81 0 0.000 26.90 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 8,048 0 0 3,521 0 0.000 26.90 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 8,048 0 0 3,521 0 0.000 26.90 0.00 CUMULATIVE 2,217 0 0 ULTIMATE 10,265 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 23,417 0 0 0 23,417 703 0 22,714 2004 18,733 0 0 0 18,733 562 0 18,171 2005 14,987 0 0 0 14,987 449 0 14,538 2006 11,990 0 0 0 11,990 360 0 11,630 2007 9,591 0 0 0 9,591 288 0 9,303 2008 7,673 0 0 0 7,673 230 0 7,443 2009 6,139 0 0 0 6,139 184 0 5,955 2010 2,180 0 0 0 2,180 65 0 2,115 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 94,710 0 0 0 94,710 2,841 0 91,869 REMAIN 0 0 0 0 0 0 0 0 TOTAL 94,710 0 0 0 94,710 2,841 0 91,869
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,800 0 0 0 4,800 17,914 17,914 17,091 2004 4,800 0 0 0 4,800 13,371 31,285 11,549 2005 4,800 0 0 0 4,800 9,738 41,023 7,616 2006 4,800 0 0 0 4,800 6,830 47,853 4,837 2007 4,800 0 0 0 4,800 4,503 52,356 2,888 2008 4,800 0 0 0 4,800 2,643 54,999 1,537 2009 4,800 0 0 0 4,800 1,155 56,154 611 2010 2,000 0 0 0 2,000 115 56,269 56 2011 0 0 0 0 0 0 56,269 0 2012 0 0 0 0 0 0 56,269 0 2013 0 0 0 0 0 0 56,269 0 2014 0 0 0 0 0 0 56,269 0 2015 0 0 0 0 0 0 56,269 0 2016 0 0 0 0 0 0 56,269 0 2017 0 0 0 0 0 0 56,269 0 SUBTOT 35,600 0 0 0 35,600 56,269 46,185 REMAIN 0 0 0 0 0 0 56,269 0 TOTAL 35,600 0 0 0 35,600 56,269 46,185 LIFE OF EVALUATION IS 7.42 YEARS. FINAL PRODUCTION RATE: 36 BBLS/MO
TENGASCO, INC. TABLE 192 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED BOBBY YEARY #3 (STONES RIVER) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 5.00% - 0 FINAL - 0.500000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 535 0 0 ULTIMATE 535 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 193 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE MILLER PETROLEUM - OPERATOR 11-T1S-R74E PROVED CHERYL SMITH #1 (TRENTON) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 26.90 5.00% - 51,548 FINAL - 0.500000 0.437500 26.90 10.00% - 49,701 REMARKS - 15.00% - 47,931 20.00% - 46,236 25.00% - 44,612
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 4,333 0 0 1,896 0 0.000 26.90 0.00 2004 1 807 0 0 353 0 0.000 26.90 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 5,140 0 0 2,249 0 0.000 26.90 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 5,140 0 0 2,249 0 0.000 26.90 0.00 CUMULATIVE 0 0 0 ULTIMATE 5,140 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 50,992 0 0 0 50,992 1,530 0 49,462 2004 9,501 0 0 0 9,501 285 0 9,216 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 60,493 0 0 0 60,493 1,815 0 58,678 REMAIN 0 0 0 0 0 0 0 0 TOTAL 60,493 0 0 0 60,493 1,815 0 58,678
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,400 0 0 0 2,400 47,062 47,062 43,985 2004 2,800 0 0 0 2,800 6,416 53,478 5,716 2005 0 0 0 0 0 0 53,478 0 2006 0 0 0 0 0 0 53,478 0 2007 0 0 0 0 0 0 53,478 0 2008 0 0 0 0 0 0 53,478 0 2009 0 0 0 0 0 0 53,478 0 2010 0 0 0 0 0 0 53,478 0 2011 0 0 0 0 0 0 53,478 0 2012 0 0 0 0 0 0 53,478 0 2013 0 0 0 0 0 0 53,478 0 2014 0 0 0 0 0 0 53,478 0 2015 0 0 0 0 0 0 53,478 0 2016 0 0 0 0 0 0 53,478 0 2017 0 0 0 0 0 0 53,478 0 SUBTOT 5,200 0 0 0 5,200 53,478 49,701 REMAIN 0 0 0 0 0 0 53,478 0 TOTAL 5,200 0 0 0 5,200 53,478 49,701 LIFE OF EVALUATION IS 1.58 YEARS. FINAL PRODUCTION RATE: 41 BBLS/MO
TENGASCO, INC. TABLE 194 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED CHERYL SMITH #2 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 665,144 FINAL - 1.000000 0.875000 4.22 10.00% - 532,049 REMARKS - 15.00% - 434,567 20.00% - 361,133 25.00% - 304,344
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 66 0 0 57.789 0.00 4.22 2004 1 0 0 46 0 0 40.643 0.00 4.22 2005 1 0 0 35 0 0 29.757 0.00 4.22 2006 1 0 0 27 0 0 24.118 0.00 4.22 2007 1 0 0 24 0 0 20.570 0.00 4.22 2008 1 0 0 20 0 0 18.096 0.00 4.22 2009 1 0 0 19 0 0 16.253 0.00 4.22 2010 1 0 0 17 0 0 14.818 0.00 4.22 2011 1 0 0 15 0 0 13.663 0.00 4.22 2012 1 0 0 15 0 0 12.710 0.00 4.22 2013 1 0 0 14 0 0 11.907 0.00 4.22 2014 1 0 0 12 0 0 11.221 0.00 4.22 2015 1 0 0 9 0 0 7.581 0.00 4.22 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 319 0 0 279.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 319 0 0 279.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 319
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 243,868 0 243,868 0 7,316 236,552 2004 0 0 171,514 0 171,514 0 5,145 166,369 2005 0 0 125,574 0 125,574 0 3,768 121,806 2006 0 0 101,778 0 101,778 0 3,053 98,725 2007 0 0 86,807 0 86,807 0 2,604 84,203 2008 0 0 76,363 0 76,363 0 2,291 74,072 2009 0 0 68,587 0 68,587 0 2,058 66,529 2010 0 0 62,532 0 62,532 0 1,876 60,656 2011 0 0 57,658 0 57,658 0 1,729 55,929 2012 0 0 53,636 0 53,636 0 1,610 52,026 2013 0 0 50,249 0 50,249 0 1,507 48,742 2014 0 0 47,352 0 47,352 0 1,421 45,931 2015 0 0 31,989 0 31,989 0 959 31,030 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,177,907 0 1,177,907 0 35,337 1,142,570 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,177,907 0 1,177,907 0 35,337 1,142,570
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,000 0 200,000 0 206,000 30,552 30,552 22,816 2004 7,200 0 0 0 7,200 159,169 189,721 137,602 2005 7,200 0 0 0 7,200 114,606 304,327 89,576 2006 7,200 0 0 0 7,200 91,525 395,852 64,720 2007 7,200 0 0 0 7,200 77,003 472,855 49,273 2008 7,200 0 0 0 7,200 66,872 539,727 38,727 2009 7,200 0 0 0 7,200 59,329 599,056 31,097 2010 7,200 0 0 0 7,200 53,456 652,512 25,360 2011 7,200 0 0 0 7,200 48,729 701,241 20,925 2012 7,200 0 0 0 7,200 44,826 746,067 17,423 2013 7,200 0 0 0 7,200 41,542 787,609 14,615 2014 7,200 0 0 0 7,200 38,731 826,340 12,334 2015 5,098 0 0 0 5,098 25,932 852,272 7,581 2016 0 0 0 0 0 0 852,272 0 2017 0 0 0 0 0 0 852,272 0 SUBTOT 90,298 0 200,000 0 290,298 852,272 532,049 REMAIN 0 0 0 0 0 0 852,272 0 TOTAL 90,298 0 200,000 0 290,298 852,272 532,049 LIFE OF EVALUATION IS 12.71 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 195 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED CHEVRON REED #1 (KNOX) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 5.00% - 0 FINAL - 0.500000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 1 ULTIMATE 0 0 1
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 196 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED D. SUTTON HEIRS #1 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.678444 4.22 5.00% - 579,608 FINAL - 1.000000 0.678444 4.22 10.00% - 424,107 REMARKS - 15.00% - 335,941 20.00% - 279,592 25.00% - 240,445
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 34 0 0 23.388 0.00 4.22 2004 1 0 0 29 0 0 19.016 0.00 4.22 2005 1 0 0 24 0 0 16.462 0.00 4.22 2006 1 0 0 21 0 0 14.732 0.00 4.22 2007 1 0 0 20 0 0 13.459 0.00 4.22 2008 1 0 0 19 0 0 12.472 0.00 4.22 2009 1 0 0 17 0 0 11.676 0.00 4.22 2010 1 0 0 16 0 0 11.018 0.00 4.22 2011 1 0 0 16 0 0 10.454 0.00 4.22 2012 1 0 0 14 0 0 9.931 0.00 4.22 2013 1 0 0 14 0 0 9.435 0.00 4.22 2014 1 0 0 13 0 0 8.963 0.00 4.22 2015 1 0 0 13 0 0 8.515 0.00 4.22 2016 1 0 0 12 0 0 8.089 0.00 4.22 2017 1 0 0 11 0 0 7.685 0.00 4.22 SUB-TOTAL 0 0 273 0 0 185.295 0.00 4.22 REMAINDER 0 0 165 0 0 111.727 0.00 4.22 TOTAL 0 0 438 0 0 297.022 0.00 4.22 CUMULATIVE 0 0 111 ULTIMATE 0 0 549
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 98,697 0 98,697 0 2,961 95,736 2004 0 0 80,248 0 80,248 0 2,407 77,841 2005 0 0 69,469 0 69,469 0 2,084 67,385 2006 0 0 62,168 0 62,168 0 1,865 60,303 2007 0 0 56,797 0 56,797 0 1,704 55,093 2008 0 0 52,630 0 52,630 0 1,579 51,051 2009 0 0 49,274 0 49,274 0 1,478 47,796 2010 0 0 46,495 0 46,495 0 1,395 45,100 2011 0 0 44,117 0 44,117 0 1,324 42,793 2012 0 0 41,910 0 41,910 0 1,257 40,653 2013 0 0 39,815 0 39,815 0 1,195 38,620 2014 0 0 37,824 0 37,824 0 1,134 36,690 2015 0 0 35,933 0 35,933 0 1,078 34,855 2016 0 0 34,136 0 34,136 0 1,024 33,112 2017 0 0 32,430 0 32,430 0 973 31,457 SUB-TOT 0 0 781,943 0 781,943 0 23,458 758,485 REMAIN 0 0 471,487 0 471,487 0 14,145 457,342 TOTAL 0 0 1,253,430 0 1,253,430 0 37,603 1,215,827
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 88,536 88,536 84,462 2004 7,200 0 0 0 7,200 70,641 159,177 60,956 2005 7,200 0 0 0 7,200 60,185 219,362 46,994 2006 7,200 0 0 0 7,200 53,103 272,465 37,525 2007 7,200 0 0 0 7,200 47,893 320,358 30,632 2008 7,200 0 0 0 7,200 43,851 364,209 25,385 2009 7,200 0 0 0 7,200 40,596 404,805 21,271 2010 7,200 0 0 0 7,200 37,900 442,705 17,976 2011 7,200 0 0 0 7,200 35,593 478,298 15,280 2012 7,200 0 0 0 7,200 33,453 511,751 13,001 2013 7,200 0 0 0 7,200 31,420 543,171 11,053 2014 7,200 0 0 0 7,200 29,490 572,661 9,391 2015 7,200 0 0 0 7,200 27,655 600,316 7,972 2016 7,200 0 0 0 7,200 25,912 626,228 6,762 2017 7,200 0 0 0 7,200 24,257 650,485 5,729 SUBTOT 108,000 0 0 0 108,000 650,485 394,389 REMAIN 203,400 0 0 0 203,400 253,942 904,427 29,718 TOTAL 311,400 0 0 0 311,400 904,427 424,107 LIFE OF EVALUATION IS 43.25 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 197 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED D. SUTTON HEIRS #1 BP (TRENTON) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.678444 4.22 5.00% - 51,142 FINAL - 1.000000 0.678444 4.22 10.00% - 5,268 REMARKS - 15.00% - 552 20.00% - 59 25.00% - 6
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 206 0 0 139.763 0.00 4.22 TOTAL 0 0 206 0 0 139.763 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 206
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 589,800 0 589,800 0 17,694 572,106 TOTAL 0 0 589,800 0 589,800 0 17,694 572,106
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 47,071 0 20,000 0 67,071 505,035 505,035 5,268 TOTAL 47,071 0 20,000 0 67,071 505,035 5,268 LIFE OF EVALUATION IS 49.79 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 198 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED D. SUTTON HEIRS #3 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.678444 4.22 5.00% - 3,527,951 FINAL - 1.000000 0.678444 4.22 10.00% - 2,374,595 REMARKS - 15.00% - 1,759,543 20.00% - 1,377,253 25.00% - 1,115,777
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 258 0 0 175.224 0.00 4.22 2005 1 0 0 175 0 0 118.856 0.00 4.22 2006 1 0 0 142 0 0 96.219 0.00 4.22 2007 1 0 0 123 0 0 83.038 0.00 4.22 2008 1 0 0 109 0 0 74.133 0.00 4.22 2009 1 0 0 100 0 0 67.597 0.00 4.22 2010 1 0 0 92 0 0 62.534 0.00 4.22 2011 1 0 0 86 0 0 58.463 0.00 4.22 2012 1 0 0 81 0 0 55.096 0.00 4.22 2013 1 0 0 77 0 0 52.253 0.00 4.22 2014 1 0 0 73 0 0 49.647 0.00 4.22 2015 1 0 0 70 0 0 47.165 0.00 4.22 2016 1 0 0 66 0 0 44.807 0.00 4.22 2017 1 0 0 63 0 0 42.566 0.00 4.22 SUB-TOTAL 0 0 1,515 0 0 1,027.598 0.00 4.22 REMAINDER 0 0 957 0 0 649.282 0.00 4.22 TOTAL 0 0 2,472 0 0 1,676.880 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 2,472
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 739,444 0 739,444 0 22,183 717,261 2005 0 0 501,573 0 501,573 0 15,048 486,525 2006 0 0 406,045 0 406,045 0 12,181 393,864 2007 0 0 350,419 0 350,419 0 10,512 339,907 2008 0 0 312,842 0 312,842 0 9,386 303,456 2009 0 0 285,258 0 285,258 0 8,557 276,701 2010 0 0 263,894 0 263,894 0 7,917 255,977 2011 0 0 246,714 0 246,714 0 7,402 239,312 2012 0 0 232,507 0 232,507 0 6,975 225,532 2013 0 0 220,507 0 220,507 0 6,615 213,892 2014 0 0 209,511 0 209,511 0 6,285 203,226 2015 0 0 199,036 0 199,036 0 5,971 193,065 2016 0 0 189,084 0 189,084 0 5,673 183,411 2017 0 0 179,629 0 179,629 0 5,389 174,240 SUB-TOT 0 0 4,336,463 0 4,336,463 0 130,094 4,206,369 REMAIN 0 0 2,739,971 0 2,739,971 0 82,199 2,657,772 TOTAL 0 0 7,076,434 0 7,076,434 0 212,293 6,864,141
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 7,200 0 250,000 0 257,200 460,061 460,061 389,304 2005 7,200 0 0 0 7,200 479,325 939,386 374,653 2006 7,200 0 0 0 7,200 386,664 1,326,050 273,376 2007 7,200 0 0 0 7,200 332,707 1,658,757 212,854 2008 7,200 0 0 0 7,200 296,256 1,955,013 171,531 2009 7,200 0 0 0 7,200 269,501 2,224,514 141,230 2010 7,200 0 0 0 7,200 248,777 2,473,291 118,000 2011 7,200 0 0 0 7,200 232,112 2,705,403 99,652 2012 7,200 0 0 0 7,200 218,332 2,923,735 84,846 2013 7,200 0 0 0 7,200 206,692 3,130,427 72,706 2014 7,200 0 0 0 7,200 196,026 3,326,453 62,419 2015 7,200 0 0 0 7,200 185,865 3,512,318 53,573 2016 7,200 0 0 0 7,200 176,211 3,688,529 45,976 2017 7,200 0 0 0 7,200 167,040 3,855,569 39,453 SUBTOT 100,800 0 250,000 0 350,800 3,855,569 2,139,573 REMAIN 227,904 0 0 0 227,904 2,429,868 6,285,437 235,022 TOTAL 328,704 0 250,000 0 578,704 6,285,437 2,374,595 LIFE OF EVALUATION IS 46.65 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 199 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED DARNELL SUTTON #1 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 1 ULTIMATE 0 0 1
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 200 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 6-T1S-R75E PROVED DEANNA CROSS #1 (KNOX) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 309,754 FINAL - 0.500000 0.437500 4.22 10.00% - 256,810 REMARKS - 15.00% - 215,960 20.00% - 183,911 25.00% - 158,363
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 56 0 0 24.582 0.00 4.22 2005 1 0 0 37 0 0 16.095 0.00 4.22 2006 1 0 0 29 0 0 12.495 0.00 4.22 2007 1 0 0 23 0 0 10.412 0.00 4.22 2008 1 0 0 21 0 0 9.027 0.00 4.22 2009 1 0 0 18 0 0 8.027 0.00 4.22 2010 1 0 0 17 0 0 7.265 0.00 4.22 2011 1 0 0 15 0 0 6.662 0.00 4.22 2012 1 0 0 14 0 0 6.059 0.00 4.22 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 230 0 0 100.624 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 230 0 0 100.624 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 230
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 103,737 0 103,737 0 3,112 100,625 2005 0 0 67,920 0 67,920 0 2,038 65,882 2006 0 0 52,728 0 52,728 0 1,582 51,146 2007 0 0 43,940 0 43,940 0 1,318 42,622 2008 0 0 38,095 0 38,095 0 1,143 36,952 2009 0 0 33,876 0 33,876 0 1,016 32,860 2010 0 0 30,660 0 30,660 0 920 29,740 2011 0 0 28,113 0 28,113 0 843 27,270 2012 0 0 25,569 0 25,569 0 767 24,802 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 424,638 0 424,638 0 12,739 411,899 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 424,638 0 424,638 0 12,739 411,899
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 3,600 0 0 0 3,600 97,025 97,025 84,007 2005 3,600 0 0 0 3,600 62,282 159,307 48,705 2006 3,600 0 0 0 3,600 47,546 206,853 33,629 2007 3,600 0 0 0 3,600 39,022 245,875 24,974 2008 3,600 0 0 0 3,600 33,352 279,227 19,317 2009 3,600 0 0 0 3,600 29,260 308,487 15,338 2010 3,600 0 0 0 3,600 26,140 334,627 12,402 2011 3,600 0 0 0 3,600 23,670 358,297 10,164 2012 3,533 0 0 0 3,533 21,269 379,566 8,274 2013 0 0 0 0 0 0 379,566 0 2014 0 0 0 0 0 0 379,566 0 2015 0 0 0 0 0 0 379,566 0 2016 0 0 0 0 0 0 379,566 0 2017 0 0 0 0 0 0 379,566 0 SUBTOT 32,333 0 0 0 32,333 379,566 256,810 REMAIN 0 0 0 0 0 0 379,566 0 TOTAL 32,333 0 0 0 32,333 379,566 256,810 LIFE OF EVALUATION IS 9.98 YEARS. FINAL PRODUCTION RATE: 1.1 MMCF/MO
TENGASCO, INC. TABLE 201 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 6-T1S-R75E PROVED DEANNA CROSS #1 BP (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 226,018 FINAL - 0.500000 0.437500 4.22 10.00% - 122,558 REMARKS - 15.00% - 67,168 20.00% - 37,177 25.00% - 20,766
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 1 0 0 71 0 0 31.014 0.00 4.22 2014 1 0 0 51 0 0 22.232 0.00 4.22 2015 1 0 0 39 0 0 17.026 0.00 4.22 2016 1 0 0 30 0 0 13.336 0.00 4.22 2017 1 0 0 24 0 0 10.646 0.00 4.22 SUB-TOTAL 0 0 215 0 0 94.254 0.00 4.22 REMAINDER 0 0 41 0 0 17.600 0.00 4.22 TOTAL 0 0 256 0 0 111.854 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 256
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 130,881 0 130,881 0 3,926 126,955 2014 0 0 93,819 0 93,819 0 2,815 91,004 2015 0 0 71,851 0 71,851 0 2,156 69,695 2016 0 0 56,278 0 56,278 0 1,688 54,590 2017 0 0 44,925 0 44,925 0 1,348 43,577 SUB-TOT 0 0 397,754 0 397,754 0 11,933 385,821 REMAIN 0 0 74,271 0 74,271 0 2,228 72,043 TOTAL 0 0 472,025 0 472,025 0 14,161 457,864
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 3,600 0 10,000 0 13,600 113,355 113,355 39,882 2014 3,600 0 0 0 3,600 87,404 200,759 27,885 2015 3,600 0 0 0 3,600 66,095 266,854 19,085 2016 3,600 0 0 0 3,600 50,990 317,844 13,326 2017 3,600 0 0 0 3,600 39,977 357,821 9,456 SUBTOT 18,000 0 10,000 0 28,000 357,821 109,634 REMAIN 8,261 0 0 0 8,261 63,782 421,603 12,924 TOTAL 26,261 0 10,000 0 36,261 421,603 122,558 LIFE OF EVALUATION IS 17.29 YEARS. FINAL PRODUCTION RATE: 1.2 MMCF/MO
TENGASCO, INC. TABLE 202 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE MILLER PETROLEUM - OPERATOR 6-T1S-R75E PROVED DEWEY SUTTON #1 (TRENTON) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 5.00% - 0 FINAL - 0.500000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 8,665 0 0 ULTIMATE 8,665 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 203 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED DORIS HELTON #1 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 41,622 FINAL - 1.000000 0.875000 4.22 10.00% - 38,139 REMARKS - 15.00% - 35,175 20.00% - 32,630 25.00% - 30,428
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 7 0 0 6.084 0.00 4.22 2004 1 0 0 5 0 0 4.262 0.00 4.22 2005 1 0 0 4 0 0 3.391 0.00 4.22 2006 1 0 0 3 0 0 2.863 0.00 4.22 2007 1 0 0 3 0 0 2.502 0.00 4.22 2008 1 0 0 2 0 0 2.237 0.00 4.22 2009 1 0 0 3 0 0 2.033 0.00 4.22 2010 1 0 0 2 0 0 1.870 0.00 4.22 2011 1 0 0 1 0 0 0.592 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 30 0 0 25.834 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 30 0 0 25.834 0.00 4.22 CUMULATIVE 0 0 8 ULTIMATE 0 0 38
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 25,674 0 25,674 0 770 24,904 2004 0 0 17,987 0 17,987 0 540 17,447 2005 0 0 14,311 0 14,311 0 429 13,882 2006 0 0 12,082 0 12,082 0 363 11,719 2007 0 0 10,559 0 10,559 0 316 10,243 2008 0 0 9,441 0 9,441 0 284 9,157 2009 0 0 8,578 0 8,578 0 257 8,321 2010 0 0 7,890 0 7,890 0 237 7,653 2011 0 0 2,500 0 2,500 0 75 2,425 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 109,022 0 109,022 0 3,271 105,751 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 109,022 0 109,022 0 3,271 105,751
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 17,704 17,704 16,941 2004 7,200 0 0 0 7,200 10,247 27,951 8,862 2005 7,200 0 0 0 7,200 6,682 34,633 5,229 2006 7,200 0 0 0 7,200 4,519 39,152 3,200 2007 7,200 0 0 0 7,200 3,043 42,195 1,952 2008 7,200 0 0 0 7,200 1,957 44,152 1,136 2009 7,200 0 0 0 7,200 1,121 45,273 591 2010 7,200 0 0 0 7,200 453 45,726 217 2011 2,400 0 0 0 2,400 25 45,751 11 2012 0 0 0 0 0 0 45,751 0 2013 0 0 0 0 0 0 45,751 0 2014 0 0 0 0 0 0 45,751 0 2015 0 0 0 0 0 0 45,751 0 2016 0 0 0 0 0 0 45,751 0 2017 0 0 0 0 0 0 45,751 0 SUBTOT 60,000 0 0 0 60,000 45,751 38,139 REMAIN 0 0 0 0 0 0 45,751 0 TOTAL 60,000 0 0 0 60,000 45,751 38,139 LIFE OF EVALUATION IS 8.33 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 204 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED DORIS HELTON #1 BP1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 1,320,768 FINAL - 1.000000 0.875000 4.22 10.00% - 745,979 REMARKS - 15.00% - 434,602 20.00% - 259,309 25.00% - 157,591
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 178 0 0 155.745 0.00 4.22 2012 1 0 0 102 0 0 89.129 0.00 4.22 2013 1 0 0 67 0 0 58.526 0.00 4.22 2014 1 0 0 52 0 0 45.478 0.00 4.22 2015 1 0 0 43 0 0 37.918 0.00 4.22 2016 1 0 0 38 0 0 32.884 0.00 4.22 2017 1 0 0 33 0 0 29.248 0.00 4.22 SUB-TOTAL 0 0 513 0 0 448.928 0.00 4.22 REMAINDER 0 0 203 0 0 177.283 0.00 4.22 TOTAL 0 0 716 0 0 626.211 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 716
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 657,244 0 657,244 0 19,717 637,527 2012 0 0 376,125 0 376,125 0 11,284 364,841 2013 0 0 246,978 0 246,978 0 7,409 239,569 2014 0 0 191,919 0 191,919 0 5,758 186,161 2015 0 0 160,015 0 160,015 0 4,800 155,215 2016 0 0 138,771 0 138,771 0 4,164 134,607 2017 0 0 123,425 0 123,425 0 3,702 119,723 SUB-TOT 0 0 1,894,477 0 1,894,477 0 56,834 1,837,643 REMAIN 0 0 748,135 0 748,135 0 22,444 725,691 TOTAL 0 0 2,642,612 0 2,642,612 0 79,278 2,563,334
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 4,800 0 20,000 0 24,800 612,727 612,727 260,587 2012 7,200 0 0 0 7,200 357,641 970,368 139,582 2013 7,200 0 0 0 7,200 232,369 1,202,737 81,913 2014 7,200 0 0 0 7,200 178,961 1,381,698 57,061 2015 7,200 0 0 0 7,200 148,015 1,529,713 42,704 2016 7,200 0 0 0 7,200 127,407 1,657,120 33,265 2017 7,200 0 0 0 7,200 112,523 1,769,643 26,589 SUBTOT 48,000 0 20,000 0 68,000 1,769,643 641,701 REMAIN 62,019 0 0 0 62,019 663,672 2,433,315 104,278 TOTAL 110,019 0 20,000 0 130,019 2,433,315 745,979 LIFE OF EVALUATION IS 23.61 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 205 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED DORIS HELTON #1 BP2 (TRENTON-STONES RIVER) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 97,338 FINAL - 1.000000 0.875000 4.22 10.00% - 27,320 REMARKS - 15.00% - 7,734 20.00% - 2,208 25.00% - 636
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 112 0 0 97.999 0.00 4.22 TOTAL 0 0 112 0 0 97.999 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 112
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 413,556 0 413,556 0 12,407 401,149 TOTAL 0 0 413,556 0 413,556 0 12,407 401,149
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 31,294 0 20,000 0 51,294 349,855 349,855 27,320 TOTAL 31,294 0 20,000 0 51,294 349,855 27,320 LIFE OF EVALUATION IS 28.01 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 206 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE F. WELLS #1 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 176,233 FINAL - 1.000000 0.875000 4.22 10.00% - 136,342 REMARKS - 15.00% - 105,237 20.00% - 80,968 25.00% - 62,026
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 34 0 0 30.079 0.00 4.22 2006 1 0 0 40 0 0 34.440 0.00 4.22 2007 1 0 0 26 0 0 23.290 0.00 4.22 2008 1 0 0 21 0 0 18.286 0.00 4.22 2009 1 0 0 6 0 0 5.029 0.00 4.22 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.124 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.124 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 126,935 0 126,935 0 3,808 123,127 2006 0 0 145,337 0 145,337 0 4,360 140,977 2007 0 0 98,286 0 98,286 0 2,949 95,337 2008 0 0 77,165 0 77,165 0 2,315 74,850 2009 0 0 21,224 0 21,224 0 636 20,588 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 3,600 0 200,000 0 203,600 -80,473 -80,473 -64,148 2006 7,200 0 0 0 7,200 133,777 53,304 94,872 2007 7,200 0 0 0 7,200 88,137 141,441 56,472 2008 7,200 0 0 0 7,200 67,650 209,091 39,207 2009 2,241 0 0 0 2,241 18,347 227,438 9,939 2010 0 0 0 0 0 0 227,438 0 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 136,342 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 136,342 LIFE OF EVALUATION IS 6.31 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 207 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 7-T1S-R75E PROVED FRED PORTRUM #1 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 2,421 FINAL - 1.000000 0.875000 4.22 10.00% - 2,326 REMARKS - 15.00% - 2,239 20.00% - 2,158 25.00% - 2,083
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 2 0 0 2.148 0.00 4.22 2004 1 0 0 3 0 0 1.920 0.00 4.22 2005 1 0 0 2 0 0 1.824 0.00 4.22 2006 1 0 0 0 0 0 0.295 0.00 4.22 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 7 0 0 6.187 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 7 0 0 6.187 0.00 4.22 CUMULATIVE 0 0 4 ULTIMATE 0 0 11
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 9,063 0 9,063 0 272 8,791 2004 0 0 8,102 0 8,102 0 243 7,859 2005 0 0 7,697 0 7,697 0 231 7,466 2006 0 0 1,245 0 1,245 0 37 1,208 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 26,107 0 26,107 0 783 25,324 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 26,107 0 26,107 0 783 25,324
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 1,591 1,591 1,540 2004 7,200 0 0 0 7,200 659 2,250 571 2005 7,200 0 0 0 7,200 266 2,516 210 2006 1,200 0 0 0 1,200 8 2,524 5 2007 0 0 0 0 0 0 2,524 0 2008 0 0 0 0 0 0 2,524 0 2009 0 0 0 0 0 0 2,524 0 2010 0 0 0 0 0 0 2,524 0 2011 0 0 0 0 0 0 2,524 0 2012 0 0 0 0 0 0 2,524 0 2013 0 0 0 0 0 0 2,524 0 2014 0 0 0 0 0 0 2,524 0 2015 0 0 0 0 0 0 2,524 0 2016 0 0 0 0 0 0 2,524 0 2017 0 0 0 0 0 0 2,524 0 SUBTOT 22,800 0 0 0 22,800 2,524 2,326 REMAIN 0 0 0 0 0 0 2,524 0 TOTAL 22,800 0 0 0 22,800 2,524 2,326 LIFE OF EVALUATION IS 3.17 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 208 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 7-T1S-R75E PROVED FRED PORTRUM #2 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 599 FINAL - 1.000000 0.875000 4.22 10.00% - 597 REMARKS - 15.00% - 595 20.00% - 593 25.00% - 591
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 1 0 0 0.440 0.00 4.22 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 1 0 0 0.440 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 1 0 0 0.440 0.00 4.22 CUMULATIVE 0 0 2 ULTIMATE 0 0 3
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 1,857 0 1,857 0 56 1,801 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,857 0 1,857 0 56 1,801 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,857 0 1,857 0 56 1,801
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,200 0 0 0 1,200 601 601 597 2004 0 0 0 0 0 0 601 0 2005 0 0 0 0 0 0 601 0 2006 0 0 0 0 0 0 601 0 2007 0 0 0 0 0 0 601 0 2008 0 0 0 0 0 0 601 0 2009 0 0 0 0 0 0 601 0 2010 0 0 0 0 0 0 601 0 2011 0 0 0 0 0 0 601 0 2012 0 0 0 0 0 0 601 0 2013 0 0 0 0 0 0 601 0 2014 0 0 0 0 0 0 601 0 2015 0 0 0 0 0 0 601 0 2016 0 0 0 0 0 0 601 0 2017 0 0 0 0 0 0 601 0 SUBTOT 1,200 0 0 0 1,200 601 597 REMAIN 0 0 0 0 0 0 601 0 TOTAL 1,200 0 0 0 1,200 601 597 LIFE OF EVALUATION IS 0.17 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 209 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED GARY PATTON #2 (KNOX) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 9 ULTIMATE 0 0 9
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 210 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED GARY PATTON #2 BP1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 1,385,518 FINAL - 1.000000 0.656250 4.22 10.00% - 1,053,647 REMARKS - 15.00% - 847,432 20.00% - 709,977 25.00% - 612,674
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 96 0 0 63.048 0.00 4.22 2004 1 0 0 71 0 0 46.793 0.00 4.22 2005 1 0 0 60 0 0 38.953 0.00 4.22 2006 1 0 0 52 0 0 34.088 0.00 4.22 2007 1 0 0 46 0 0 30.689 0.00 4.22 2008 1 0 0 43 0 0 28.140 0.00 4.22 2009 1 0 0 40 0 0 26.138 0.00 4.22 2010 1 0 0 37 0 0 24.510 0.00 4.22 2011 1 0 0 36 0 0 23.153 0.00 4.22 2012 1 0 0 33 0 0 21.988 0.00 4.22 2013 1 0 0 32 0 0 20.888 0.00 4.22 2014 1 0 0 30 0 0 19.844 0.00 4.22 2015 1 0 0 29 0 0 18.852 0.00 4.22 2016 1 0 0 27 0 0 17.909 0.00 4.22 2017 1 0 0 26 0 0 17.014 0.00 4.22 SUB-TOTAL 0 0 658 0 0 432.007 0.00 4.22 REMAINDER 0 0 137 0 0 89.840 0.00 4.22 TOTAL 0 0 795 0 0 521.847 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 795
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 266,061 0 266,061 0 7,982 258,079 2004 0 0 197,465 0 197,465 0 5,924 191,541 2005 0 0 164,382 0 164,382 0 4,931 159,451 2006 0 0 143,851 0 143,851 0 4,316 139,535 2007 0 0 129,506 0 129,506 0 3,885 125,621 2008 0 0 118,752 0 118,752 0 3,563 115,189 2009 0 0 110,301 0 110,301 0 3,309 106,992 2010 0 0 103,433 0 103,433 0 3,103 100,330 2011 0 0 97,707 0 97,707 0 2,931 94,776 2012 0 0 92,787 0 92,787 0 2,783 90,004 2013 0 0 88,149 0 88,149 0 2,645 85,504 2014 0 0 83,741 0 83,741 0 2,512 81,229 2015 0 0 79,554 0 79,554 0 2,387 77,167 2016 0 0 75,577 0 75,577 0 2,267 73,310 2017 0 0 71,797 0 71,797 0 2,154 69,643 SUB-TOT 0 0 1,823,063 0 1,823,063 0 54,692 1,768,371 REMAIN 0 0 379,125 0 379,125 0 11,374 367,751 TOTAL 0 0 2,202,188 0 2,202,188 0 66,066 2,136,122
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 20,000 0 27,200 230,879 230,879 219,682 2004 7,200 0 0 0 7,200 184,341 415,220 159,127 2005 7,200 0 0 0 7,200 152,251 567,471 118,901 2006 7,200 0 0 0 7,200 132,335 699,806 93,523 2007 7,200 0 0 0 7,200 118,421 818,227 75,743 2008 7,200 0 0 0 7,200 107,989 926,216 62,516 2009 7,200 0 0 0 7,200 99,792 1,026,008 52,289 2010 7,200 0 0 0 7,200 93,130 1,119,138 44,171 2011 7,200 0 0 0 7,200 87,576 1,206,714 37,596 2012 7,200 0 0 0 7,200 82,804 1,289,518 32,178 2013 7,200 0 0 0 7,200 78,304 1,367,822 27,545 2014 7,200 0 0 0 7,200 74,029 1,441,851 23,573 2015 7,200 0 0 0 7,200 69,967 1,511,818 20,168 2016 7,200 0 0 0 7,200 66,110 1,577,928 17,250 2017 7,200 0 0 0 7,200 62,443 1,640,371 14,748 SUBTOT 108,000 0 20,000 0 128,000 1,640,371 999,010 REMAIN 45,707 0 0 0 45,707 322,044 1,962,415 54,637 TOTAL 153,707 0 20,000 0 173,707 1,962,415 1,053,647 LIFE OF EVALUATION IS 21.35 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 211 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED GARY PATTON #2 BP2 (TRENTON-MURFREESBORO) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 0.656250 26.90 4.22 5.00% - 143,022 FINAL - 1.000000 0.656250 0.656250 26.90 4.22 10.00% - 45,857 REMARKS - 15.00% - 14,823 20.00% - 4,829 25.00% - 1,585
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 20,616 0 69 13,530 0 45.230 26.90 4.22 TOTAL 20,616 0 69 13,530 0 45.230 26.90 4.22 CUMULATIVE 0 0 0 ULTIMATE 20,616 0 69
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 363,945 0 190,869 0 554,814 10,918 5,726 538,170 TOTAL 363,945 0 190,869 0 554,814 10,918 5,726 538,170
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 63,308 0 25,000 0 88,308 449,862 449,862 45,857 TOTAL 63,308 0 25,000 0 88,308 449,862 45,857 LIFE OF EVALUATION IS 28.01 YEARS. FINAL PRODUCTION RATE: 31 BBLS/MO
TENGASCO, INC. TABLE 212 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE GUY TOBEY #1 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 174,048 FINAL - 1.000000 0.875000 4.22 10.00% - 132,989 REMARKS - 15.00% - 101,387 20.00% - 77,051 25.00% - 58,306
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 20 0 0 17.254 0.00 4.22 2006 1 0 0 46 0 0 40.155 0.00 4.22 2007 1 0 0 28 0 0 25.172 0.00 4.22 2008 1 0 0 22 0 0 19.274 0.00 4.22 2009 1 0 0 11 0 0 9.271 0.00 4.22 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 72,813 0 72,813 0 2,184 70,629 2006 0 0 169,452 0 169,452 0 5,084 164,368 2007 0 0 106,225 0 106,225 0 3,187 103,038 2008 0 0 81,336 0 81,336 0 2,440 78,896 2009 0 0 39,121 0 39,121 0 1,173 37,948 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,800 0 200,000 0 201,800 -131,171 -131,171 -99,728 2006 7,200 0 0 0 7,200 157,168 25,997 111,585 2007 7,200 0 0 0 7,200 95,838 121,835 61,424 2008 7,200 0 0 0 7,200 71,696 193,531 41,558 2009 4,041 0 0 0 4,041 33,907 227,438 18,150 2010 0 0 0 0 0 0 227,438 0 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 132,989 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 132,989 LIFE OF EVALUATION IS 6.56 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 213 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED HAZEL SUTTON #2 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 62,934 FINAL - 1.000000 0.875000 4.22 10.00% - 55,210 REMARKS - 15.00% - 49,136 20.00% - 44,264 25.00% - 40,285
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 7 0 0 6.560 0.00 4.22 2004 1 0 0 6 0 0 5.031 0.00 4.22 2005 1 0 0 5 0 0 4.167 0.00 4.22 2006 1 0 0 4 0 0 3.599 0.00 4.22 2007 1 0 0 4 0 0 3.192 0.00 4.22 2008 1 0 0 3 0 0 2.884 0.00 4.22 2009 1 0 0 3 0 0 2.641 0.00 4.22 2010 1 0 0 3 0 0 2.443 0.00 4.22 2011 1 0 0 2 0 0 2.279 0.00 4.22 2012 1 0 0 3 0 0 2.140 0.00 4.22 2013 1 0 0 2 0 0 2.020 0.00 4.22 2014 1 0 0 2 0 0 1.916 0.00 4.22 2015 1 0 0 3 0 0 1.820 0.00 4.22 2016 1 0 0 0 0 0 0.294 0.00 4.22 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 47 0 0 40.986 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 47 0 0 40.986 0.00 4.22 CUMULATIVE 0 0 32 ULTIMATE 0 0 79
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 27,685 0 27,685 0 831 26,854 2004 0 0 21,230 0 21,230 0 636 20,594 2005 0 0 17,582 0 17,582 0 528 17,054 2006 0 0 15,187 0 15,187 0 456 14,731 2007 0 0 13,471 0 13,471 0 404 13,067 2008 0 0 12,171 0 12,171 0 365 11,806 2009 0 0 11,144 0 11,144 0 334 10,810 2010 0 0 10,311 0 10,311 0 309 10,002 2011 0 0 9,618 0 9,618 0 289 9,329 2012 0 0 9,030 0 9,030 0 271 8,759 2013 0 0 8,525 0 8,525 0 256 8,269 2014 0 0 8,084 0 8,084 0 242 7,842 2015 0 0 7,680 0 7,680 0 231 7,449 2016 0 0 1,242 0 1,242 0 37 1,205 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 172,960 0 172,960 0 5,189 167,771 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 172,960 0 172,960 0 5,189 167,771
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 19,654 19,654 18,775 2004 7,200 0 0 0 7,200 13,394 33,048 11,572 2005 7,200 0 0 0 7,200 9,854 42,902 7,703 2006 7,200 0 0 0 7,200 7,531 50,433 5,328 2007 7,200 0 0 0 7,200 5,867 56,300 3,757 2008 7,200 0 0 0 7,200 4,606 60,906 2,670 2009 7,200 0 0 0 7,200 3,610 64,516 1,895 2010 7,200 0 0 0 7,200 2,802 67,318 1,331 2011 7,200 0 0 0 7,200 2,129 69,447 915 2012 7,200 0 0 0 7,200 1,559 71,006 608 2013 7,200 0 0 0 7,200 1,069 72,075 377 2014 7,200 0 0 0 7,200 642 72,717 205 2015 7,200 0 0 0 7,200 249 72,966 73 2016 1,200 0 0 0 1,200 5 72,971 1 2017 0 0 0 0 0 0 72,971 0 SUBTOT 94,800 0 0 0 94,800 72,971 55,210 REMAIN 0 0 0 0 0 0 72,971 0 TOTAL 94,800 0 0 0 94,800 72,971 55,210 LIFE OF EVALUATION IS 13.17 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 214 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 8-T1S-R75E PROVED HUGH ROBERTS #1 (REEDSVILLE) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 133,544 FINAL - 0.500000 0.437500 4.22 10.00% - 123,855 REMARKS - 15.00% - 115,074 20.00% - 107,100 25.00% - 99,845
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 27 0 0 11.845 0.00 4.22 2004 1 0 0 32 0 0 14.086 0.00 4.22 2005 1 0 0 22 0 0 9.656 0.00 4.22 2006 1 0 0 5 0 0 2.076 0.00 4.22 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 86 0 0 37.663 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 86 0 0 37.663 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 86
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 49,984 0 49,984 0 1,500 48,484 2004 0 0 59,442 0 59,442 0 1,783 57,659 2005 0 0 40,747 0 40,747 0 1,222 39,525 2006 0 0 8,761 0 8,761 0 263 8,498 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 158,934 0 158,934 0 4,768 154,166 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 158,934 0 158,934 0 4,768 154,166
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,800 0 0 0 1,800 46,684 46,684 43,427 2004 3,600 0 0 0 3,600 54,059 100,743 46,780 2005 3,600 0 0 0 3,600 35,925 136,668 28,090 2006 911 0 0 0 911 7,587 144,255 5,558 2007 0 0 0 0 0 0 144,255 0 2008 0 0 0 0 0 0 144,255 0 2009 0 0 0 0 0 0 144,255 0 2010 0 0 0 0 0 0 144,255 0 2011 0 0 0 0 0 0 144,255 0 2012 0 0 0 0 0 0 144,255 0 2013 0 0 0 0 0 0 144,255 0 2014 0 0 0 0 0 0 144,255 0 2015 0 0 0 0 0 0 144,255 0 2016 0 0 0 0 0 0 144,255 0 2017 0 0 0 0 0 0 144,255 0 SUBTOT 9,911 0 0 0 9,911 144,255 123,855 REMAIN 0 0 0 0 0 0 144,255 0 TOTAL 9,911 0 0 0 9,911 144,255 123,855 LIFE OF EVALUATION IS 3.25 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 215 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 8-T1S-R75E PROVED HUGH ROBERTS #1 BP (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 225,131 FINAL - 0.500000 0.437500 4.22 10.00% - 166,968 REMARKS - 15.00% - 125,096 20.00% - 94,621 25.00% - 72,205
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 31 0 0 13.585 0.00 4.22 2007 1 0 0 36 0 0 15.717 0.00 4.22 2008 1 0 0 29 0 0 12.852 0.00 4.22 2009 1 0 0 26 0 0 11.145 0.00 4.22 2010 1 0 0 23 0 0 9.979 0.00 4.22 2011 1 0 0 20 0 0 9.116 0.00 4.22 2012 1 0 0 20 0 0 8.445 0.00 4.22 2013 1 0 0 6 0 0 2.724 0.00 4.22 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 83.563 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 83.563 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 57,329 0 57,329 0 1,720 55,609 2007 0 0 66,327 0 66,327 0 1,990 64,337 2008 0 0 54,235 0 54,235 0 1,627 52,608 2009 0 0 47,032 0 47,032 0 1,411 45,621 2010 0 0 42,110 0 42,110 0 1,263 40,847 2011 0 0 38,470 0 38,470 0 1,154 37,316 2012 0 0 35,637 0 35,637 0 1,069 34,568 2013 0 0 11,494 0 11,494 0 345 11,149 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 352,634 0 352,634 0 10,579 342,055 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 352,634 0 352,634 0 10,579 342,055
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 2,400 0 10,000 0 12,400 43,209 43,209 29,851 2007 3,600 0 0 0 3,600 60,737 103,946 38,899 2008 3,600 0 0 0 3,600 49,008 152,954 28,393 2009 3,600 0 0 0 3,600 42,021 194,975 22,029 2010 3,600 0 0 0 3,600 37,247 232,222 17,672 2011 3,600 0 0 0 3,600 33,716 265,938 14,478 2012 3,600 0 0 0 3,600 30,968 296,906 12,037 2013 1,215 0 0 0 1,215 9,934 306,840 3,609 2014 0 0 0 0 0 0 306,840 0 2015 0 0 0 0 0 0 306,840 0 2016 0 0 0 0 0 0 306,840 0 2017 0 0 0 0 0 0 306,840 0 SUBTOT 25,215 0 10,000 0 35,215 306,840 166,968 REMAIN 0 0 0 0 0 0 306,840 0 TOTAL 25,215 0 10,000 0 35,215 306,840 166,968 LIFE OF EVALUATION IS 10.34 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 216 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 7-T1S-R75E PROVED JEFF JOHNSON #1 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 84,483 FINAL - 0.500000 0.437500 4.22 10.00% - 69,161 REMARKS - 15.00% - 58,707 20.00% - 51,170 25.00% - 45,486
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 13 0 0 5.789 0.00 4.22 2004 1 0 0 10 0 0 4.367 0.00 4.22 2005 1 0 0 8 0 0 3.588 0.00 4.22 2006 1 0 0 7 0 0 3.084 0.00 4.22 2007 1 0 0 7 0 0 2.727 0.00 4.22 2008 1 0 0 5 0 0 2.458 0.00 4.22 2009 1 0 0 5 0 0 2.247 0.00 4.22 2010 1 0 0 5 0 0 2.077 0.00 4.22 2011 1 0 0 5 0 0 1.935 0.00 4.22 2012 1 0 0 4 0 0 1.815 0.00 4.22 2013 1 0 0 4 0 0 1.712 0.00 4.22 2014 1 0 0 3 0 0 1.623 0.00 4.22 2015 1 0 0 4 0 0 1.542 0.00 4.22 2016 1 0 0 3 0 0 1.465 0.00 4.22 2017 1 0 0 3 0 0 1.391 0.00 4.22 SUB-TOTAL 0 0 86 0 0 37.820 0.00 4.22 REMAINDER 0 0 22 0 0 9.268 0.00 4.22 TOTAL 0 0 108 0 0 47.088 0.00 4.22 CUMULATIVE 0 0 51 ULTIMATE 0 0 159
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 24,431 0 24,431 0 733 23,698 2004 0 0 18,428 0 18,428 0 553 17,875 2005 0 0 15,140 0 15,140 0 454 14,686 2006 0 0 13,016 0 13,016 0 390 12,626 2007 0 0 11,509 0 11,509 0 346 11,163 2008 0 0 10,374 0 10,374 0 311 10,063 2009 0 0 9,484 0 9,484 0 284 9,200 2010 0 0 8,763 0 8,763 0 263 8,500 2011 0 0 8,165 0 8,165 0 245 7,920 2012 0 0 7,660 0 7,660 0 230 7,430 2013 0 0 7,226 0 7,226 0 217 7,009 2014 0 0 6,849 0 6,849 0 205 6,644 2015 0 0 6,505 0 6,505 0 196 6,309 2016 0 0 6,181 0 6,181 0 185 5,996 2017 0 0 5,871 0 5,871 0 176 5,695 SUB-TOT 0 0 159,602 0 159,602 0 4,788 154,814 REMAIN 0 0 39,113 0 39,113 0 1,173 37,940 TOTAL 0 0 198,715 0 198,715 0 5,961 192,754
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,600 0 0 0 3,600 20,098 20,098 19,194 2004 3,600 0 0 0 3,600 14,275 34,373 12,328 2005 3,600 0 0 0 3,600 11,086 45,459 8,662 2006 3,600 0 0 0 3,600 9,026 54,485 6,383 2007 3,600 0 0 0 3,600 7,563 62,048 4,840 2008 3,600 0 0 0 3,600 6,463 68,511 3,743 2009 3,600 0 0 0 3,600 5,600 74,111 2,936 2010 3,600 0 0 0 3,600 4,900 79,011 2,325 2011 3,600 0 0 0 3,600 4,320 83,331 1,856 2012 3,600 0 0 0 3,600 3,830 87,161 1,489 2013 3,600 0 0 0 3,600 3,409 90,570 1,200 2014 3,600 0 0 0 3,600 3,044 93,614 969 2015 3,600 0 0 0 3,600 2,709 96,323 782 2016 3,600 0 0 0 3,600 2,396 98,719 625 2017 3,600 0 0 0 3,600 2,095 100,814 495 SUBTOT 54,000 0 0 0 54,000 100,814 67,827 REMAIN 30,300 0 0 0 30,300 7,640 108,454 1,334 TOTAL 84,300 0 0 0 84,300 108,454 69,161 LIFE OF EVALUATION IS 23.42 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 217 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED JEFF JOHNSON #2 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 39,152 FINAL - 1.000000 0.875000 4.22 10.00% - 23,381 REMARKS - 15.00% - 9,952 20.00% - -1,482 25.00% - -11,216
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 19 0 0 16.689 0.00 4.22 2004 1 0 0 25 0 0 21.539 0.00 4.22 2005 1 0 0 17 0 0 15.268 0.00 4.22 2006 1 0 0 14 0 0 12.207 0.00 4.22 2007 1 0 0 5 0 0 4.066 0.00 4.22 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 80 0 0 69.769 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 80 0 0 69.769 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 80
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 70,429 0 70,429 0 2,113 68,316 2004 0 0 90,894 0 90,894 0 2,727 88,167 2005 0 0 64,432 0 64,432 0 1,933 62,499 2006 0 0 51,512 0 51,512 0 1,545 49,967 2007 0 0 17,158 0 17,158 0 515 16,643 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 294,425 0 294,425 0 8,833 285,592 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 294,425 0 294,425 0 8,833 285,592
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,600 0 200,000 0 203,600 -135,284 -135,284 -129,324 2004 7,200 0 0 0 7,200 80,967 -54,317 70,038 2005 7,200 0 0 0 7,200 55,299 982 43,235 2006 7,200 0 0 0 7,200 42,767 43,749 30,248 2007 2,708 0 0 0 2,708 13,935 57,684 9,184 2008 0 0 0 0 0 0 57,684 0 2009 0 0 0 0 0 0 57,684 0 2010 0 0 0 0 0 0 57,684 0 2011 0 0 0 0 0 0 57,684 0 2012 0 0 0 0 0 0 57,684 0 2013 0 0 0 0 0 0 57,684 0 2014 0 0 0 0 0 0 57,684 0 2015 0 0 0 0 0 0 57,684 0 2016 0 0 0 0 0 0 57,684 0 2017 0 0 0 0 0 0 57,684 0 SUBTOT 27,908 0 200,000 0 227,908 57,684 23,381 REMAIN 0 0 0 0 0 0 57,684 0 TOTAL 27,908 0 200,000 0 227,908 57,684 23,381 LIFE OF EVALUATION IS 4.38 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 218 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 12-T1S-R74E PROBABLE LANGE #1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.000000 0.062500 4.22 5.00% - 33,412 FINAL - 0.000000 0.062500 4.22 10.00% - 26,433 REMARKS - 15.00% - 21,330 20.00% - 17,521 25.00% - 14,620
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 27 0 0 1.661 0.00 4.22 2005 1 0 0 22 0 0 1.375 0.00 4.22 2006 1 0 0 19 0 0 1.200 0.00 4.22 2007 1 0 0 17 0 0 1.078 0.00 4.22 2008 1 0 0 16 0 0 0.987 0.00 4.22 2009 1 0 0 14 0 0 0.916 0.00 4.22 2010 1 0 0 14 0 0 0.859 0.00 4.22 2011 1 0 0 13 0 0 0.802 0.00 4.22 2012 1 0 0 12 0 0 0.750 0.00 4.22 2013 1 0 0 11 0 0 0.712 0.00 4.22 2014 1 0 0 4 0 0 0.203 0.00 4.22 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 169 0 0 10.543 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 169 0 0 10.543 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 169
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 7,011 0 7,011 0 210 6,801 2005 0 0 5,802 0 5,802 0 174 5,628 2006 0 0 5,063 0 5,063 0 152 4,911 2007 0 0 4,549 0 4,549 0 137 4,412 2008 0 0 4,166 0 4,166 0 125 4,041 2009 0 0 3,867 0 3,867 0 116 3,751 2010 0 0 3,623 0 3,623 0 108 3,515 2011 0 0 3,385 0 3,385 0 102 3,283 2012 0 0 3,165 0 3,165 0 95 3,070 2013 0 0 3,007 0 3,007 0 90 2,917 2014 0 0 858 0 858 0 26 832 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 44,496 0 44,496 0 1,335 43,161 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 44,496 0 44,496 0 1,335 43,161
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 6,801 6,801 5,871 2005 0 0 0 0 0 5,628 12,429 4,395 2006 0 0 0 0 0 4,911 17,340 3,470 2007 0 0 0 0 0 4,412 21,752 2,822 2008 0 0 0 0 0 4,041 25,793 2,339 2009 0 0 0 0 0 3,751 29,544 1,966 2010 0 0 0 0 0 3,515 33,059 1,667 2011 0 0 0 0 0 3,283 36,342 1,410 2012 0 0 0 0 0 3,070 39,412 1,193 2013 0 0 0 0 0 2,917 42,329 1,026 2014 0 0 0 0 0 832 43,161 274 2015 0 0 0 0 0 0 43,161 0 2016 0 0 0 0 0 0 43,161 0 2017 0 0 0 0 0 0 43,161 0 SUBTOT 0 0 0 0 0 43,161 26,433 REMAIN 0 0 0 0 0 0 43,161 0 TOTAL 0 0 0 0 0 43,161 26,433 LIFE OF EVALUATION IS 11.29 YEARS. FINAL PRODUCTION RATE: 0.9 MMCF/MO
TENGASCO, INC. TABLE 219 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 11-T1S-R74E PROBABLE LANGE #1 BP (TRENTON-SR-MB) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.000000 0.062500 4.22 5.00% - 12,235 FINAL - 0.000000 0.062500 4.22 10.00% - 6,535 REMARKS - 15.00% - 3,508 20.00% - 1,892 25.00% - 1,026
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 30 0 0 1.858 0.00 4.22 2015 1 0 0 28 0 0 1.782 0.00 4.22 2016 1 0 0 19 0 0 1.153 0.00 4.22 2017 1 0 0 13 0 0 0.810 0.00 4.22 SUB-TOTAL 0 0 90 0 0 5.603 0.00 4.22 REMAINDER 0 0 0 0 0 0.022 0.00 4.22 TOTAL 0 0 90 0 0 5.625 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 90
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 7,839 0 7,839 0 235 7,604 2015 0 0 7,520 0 7,520 0 226 7,294 2016 0 0 4,867 0 4,867 0 146 4,721 2017 0 0 3,419 0 3,419 0 102 3,317 SUB-TOT 0 0 23,645 0 23,645 0 709 22,936 REMAIN 0 0 91 0 91 0 3 88 TOTAL 0 0 23,736 0 23,736 0 712 23,024
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 7,604 7,604 2,385 2015 0 0 0 0 0 7,294 14,898 2,110 2016 0 0 0 0 0 4,721 19,619 1,235 2017 0 0 0 0 0 3,317 22,936 785 SUBTOT 0 0 0 0 0 22,936 6,515 REMAIN 0 0 0 0 0 88 23,024 20 TOTAL 0 0 0 0 0 23,024 6,535 LIFE OF EVALUATION IS 15.03 YEARS. FINAL PRODUCTION RATE: 0.9 MMCF/MO
TENGASCO, INC. TABLE 220 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED LAURA J. LAWSON #1 (MURFREESBORO) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 194,657 FINAL - 1.000000 0.875000 4.22 10.00% - 145,314 REMARKS - 15.00% - 114,817 20.00% - 94,538 25.00% - 80,233
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 9 0 0 7.778 0.00 4.22 2004 1 0 0 8 0 0 7.389 0.00 4.22 2005 1 0 0 8 0 0 7.019 0.00 4.22 2006 1 0 0 8 0 0 6.668 0.00 4.22 2007 1 0 0 7 0 0 6.335 0.00 4.22 2008 1 0 0 7 0 0 6.018 0.00 4.22 2009 1 0 0 7 0 0 5.717 0.00 4.22 2010 1 0 0 6 0 0 5.431 0.00 4.22 2011 1 0 0 6 0 0 5.160 0.00 4.22 2012 1 0 0 5 0 0 4.902 0.00 4.22 2013 1 0 0 6 0 0 4.657 0.00 4.22 2014 1 0 0 5 0 0 4.424 0.00 4.22 2015 1 0 0 5 0 0 4.203 0.00 4.22 2016 1 0 0 4 0 0 3.993 0.00 4.22 2017 1 0 0 4 0 0 3.793 0.00 4.22 SUB-TOTAL 0 0 95 0 0 83.487 0.00 4.22 REMAINDER 0 0 36 0 0 31.076 0.00 4.22 TOTAL 0 0 131 0 0 114.563 0.00 4.22 CUMULATIVE 0 0 10 ULTIMATE 0 0 141
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 32,822 0 32,822 0 985 31,837 2004 0 0 31,180 0 31,180 0 935 30,245 2005 0 0 29,622 0 29,622 0 889 28,733 2006 0 0 28,141 0 28,141 0 844 27,297 2007 0 0 26,733 0 26,733 0 802 25,931 2008 0 0 25,397 0 25,397 0 762 24,635 2009 0 0 24,127 0 24,127 0 724 23,403 2010 0 0 22,921 0 22,921 0 687 22,234 2011 0 0 21,774 0 21,774 0 654 21,120 2012 0 0 20,686 0 20,686 0 620 20,066 2013 0 0 19,652 0 19,652 0 590 19,062 2014 0 0 18,669 0 18,669 0 560 18,109 2015 0 0 17,735 0 17,735 0 532 17,203 2016 0 0 16,849 0 16,849 0 505 16,344 2017 0 0 16,007 0 16,007 0 480 15,527 SUB-TOT 0 0 352,315 0 352,315 0 10,569 341,746 REMAIN 0 0 131,142 0 131,142 0 3,935 127,207 TOTAL 0 0 483,457 0 483,457 0 14,504 468,953
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 24,637 24,637 23,463 2004 7,200 0 0 0 7,200 23,045 47,682 19,866 2005 7,200 0 0 0 7,200 21,533 69,215 16,804 2006 7,200 0 0 0 7,200 20,097 89,312 14,197 2007 7,200 0 0 0 7,200 18,731 108,043 11,977 2008 7,200 0 0 0 7,200 17,435 125,478 10,092 2009 7,200 0 0 0 7,200 16,203 141,681 8,491 2010 7,200 0 0 0 7,200 15,034 156,715 7,131 2011 7,200 0 0 0 7,200 13,920 170,635 5,977 2012 7,200 0 0 0 7,200 12,866 183,501 5,000 2013 7,200 0 0 0 7,200 11,862 195,363 4,174 2014 7,200 0 0 0 7,200 10,909 206,272 3,475 2015 7,200 0 0 0 7,200 10,003 216,275 2,884 2016 7,200 0 0 0 7,200 9,144 225,419 2,386 2017 7,200 0 0 0 7,200 8,327 233,746 1,968 SUBTOT 108,000 0 0 0 108,000 233,746 137,885 REMAIN 79,204 0 0 0 79,204 48,003 281,749 7,429 TOTAL 187,204 0 0 0 187,204 281,749 145,314 LIFE OF EVALUATION IS 26.00 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 221 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED LAURA J. LAWSON #2 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 1,590,796 FINAL - 1.000000 0.656250 4.22 10.00% - 1,115,810 REMARKS - 15.00% - 862,779 20.00% - 706,178 25.00% - 599,511
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 76 0 0 50.068 0.00 4.22 2004 1 0 0 68 0 0 44.159 0.00 4.22 2005 1 0 0 60 0 0 39.734 0.00 4.22 2006 1 0 0 55 0 0 36.275 0.00 4.22 2007 1 0 0 51 0 0 33.483 0.00 4.22 2008 1 0 0 48 0 0 31.173 0.00 4.22 2009 1 0 0 44 0 0 29.224 0.00 4.22 2010 1 0 0 42 0 0 27.554 0.00 4.22 2011 1 0 0 40 0 0 26.103 0.00 4.22 2012 1 0 0 38 0 0 24.794 0.00 4.22 2013 1 0 0 36 0 0 23.554 0.00 4.22 2014 1 0 0 34 0 0 22.376 0.00 4.22 2015 1 0 0 32 0 0 21.257 0.00 4.22 2016 1 0 0 31 0 0 20.195 0.00 4.22 2017 1 0 0 29 0 0 19.185 0.00 4.22 SUB-TOTAL 0 0 684 0 0 449.134 0.00 4.22 REMAINDER 0 0 464 0 0 303.973 0.00 4.22 TOTAL 0 0 1,148 0 0 753.107 0.00 4.22 CUMULATIVE 0 0 157 ULTIMATE 0 0 1,305
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 211,289 0 211,289 0 6,339 204,950 2004 0 0 186,349 0 186,349 0 5,590 180,759 2005 0 0 167,678 0 167,678 0 5,030 162,648 2006 0 0 153,081 0 153,081 0 4,593 148,488 2007 0 0 141,297 0 141,297 0 4,239 137,058 2008 0 0 131,549 0 131,549 0 3,946 127,603 2009 0 0 123,326 0 123,326 0 3,700 119,626 2010 0 0 116,278 0 116,278 0 3,488 112,790 2011 0 0 110,157 0 110,157 0 3,305 106,852 2012 0 0 104,629 0 104,629 0 3,139 101,490 2013 0 0 99,398 0 99,398 0 2,982 96,416 2014 0 0 94,427 0 94,427 0 2,833 91,594 2015 0 0 89,707 0 89,707 0 2,691 87,016 2016 0 0 85,221 0 85,221 0 2,557 82,664 2017 0 0 80,960 0 80,960 0 2,428 78,532 SUB-TOT 0 0 1,895,346 0 1,895,346 0 56,860 1,838,486 REMAIN 0 0 1,282,764 0 1,282,764 0 38,483 1,244,281 TOTAL 0 0 3,178,110 0 3,178,110 0 95,343 3,082,767
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 197,750 197,750 188,443 2004 7,200 0 0 0 7,200 173,559 371,309 149,685 2005 7,200 0 0 0 7,200 155,448 526,757 121,340 2006 7,200 0 0 0 7,200 141,288 668,045 99,823 2007 7,200 0 0 0 7,200 129,858 797,903 83,044 2008 7,200 0 0 0 7,200 120,403 918,306 69,695 2009 7,200 0 0 0 7,200 112,426 1,030,732 58,905 2010 7,200 0 0 0 7,200 105,590 1,136,322 50,078 2011 7,200 0 0 0 7,200 99,652 1,235,974 42,780 2012 7,200 0 0 0 7,200 94,290 1,330,264 36,642 2013 7,200 0 0 0 7,200 89,216 1,419,480 31,383 2014 7,200 0 0 0 7,200 84,394 1,503,874 26,873 2015 7,200 0 0 0 7,200 79,816 1,583,690 23,007 2016 7,200 0 0 0 7,200 75,464 1,659,154 19,690 2017 7,200 0 0 0 7,200 71,332 1,730,486 16,848 SUBTOT 108,000 0 0 0 108,000 1,730,486 1,018,236 REMAIN 252,000 0 0 0 252,000 992,281 2,722,767 97,574 TOTAL 360,000 0 0 0 360,000 2,722,767 1,115,810 LIFE OF EVALUATION IS 50.00 YEARS. FINAL PRODUCTION RATE: 0.4 MMCF/MO
TENGASCO, INC. TABLE 222 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED LAURA J. LAWSON #2 BP (TRENTON-MURFREESBORO) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO RESERVES SHOWN BEYOND ECONOMIC LIFE OF FIELD. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 49.92 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 223 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LAURA J. LAWSON #3 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.940000 0.822500 4.22 5.00% - 13,375 FINAL - 0.940000 0.822500 4.22 10.00% - 11,775 REMARKS - 15.00% - 10,462 20.00% - 9,375 25.00% - 8,467
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 3 0 0 2.461 0.00 4.22 2004 1 0 0 3 0 0 2.402 0.00 4.22 2005 1 0 0 3 0 0 2.282 0.00 4.22 2006 1 0 0 2 0 0 2.167 0.00 4.22 2007 1 0 0 3 0 0 2.059 0.00 4.22 2008 1 0 0 2 0 0 1.956 0.00 4.22 2009 1 0 0 2 0 0 1.858 0.00 4.22 2010 1 0 0 3 0 0 1.765 0.00 4.22 2011 1 0 0 1 0 0 1.266 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 22 0 0 18.216 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 22 0 0 18.216 0.00 4.22 CUMULATIVE 0 0 4 ULTIMATE 0 0 26
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 10,386 0 10,386 0 312 10,074 2004 0 0 10,135 0 10,135 0 304 9,831 2005 0 0 9,628 0 9,628 0 288 9,340 2006 0 0 9,146 0 9,146 0 275 8,871 2007 0 0 8,690 0 8,690 0 261 8,429 2008 0 0 8,254 0 8,254 0 247 8,007 2009 0 0 7,842 0 7,842 0 235 7,607 2010 0 0 7,450 0 7,450 0 224 7,226 2011 0 0 5,342 0 5,342 0 160 5,182 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 76,873 0 76,873 0 2,306 74,567 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 76,873 0 76,873 0 2,306 74,567
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,768 0 0 0 6,768 3,306 3,306 3,147 2004 6,768 0 0 0 6,768 3,063 6,369 2,642 2005 6,768 0 0 0 6,768 2,572 8,941 2,009 2006 6,768 0 0 0 6,768 2,103 11,044 1,488 2007 6,768 0 0 0 6,768 1,661 12,705 1,064 2008 6,768 0 0 0 6,768 1,239 13,944 718 2009 6,768 0 0 0 6,768 839 14,783 441 2010 6,768 0 0 0 6,768 458 15,241 219 2011 5,076 0 0 0 5,076 106 15,347 47 2012 0 0 0 0 0 0 15,347 0 2013 0 0 0 0 0 0 15,347 0 2014 0 0 0 0 0 0 15,347 0 2015 0 0 0 0 0 0 15,347 0 2016 0 0 0 0 0 0 15,347 0 2017 0 0 0 0 0 0 15,347 0 SUBTOT 59,220 0 0 0 59,220 15,347 11,775 REMAIN 0 0 0 0 0 0 15,347 0 TOTAL 59,220 0 0 0 59,220 15,347 11,775 LIFE OF EVALUATION IS 8.75 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 224 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED LAURA J. LAWSON #4 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 26,671 FINAL - 1.000000 0.875000 4.22 10.00% - 22,669 REMARKS - 15.00% - 19,570 20.00% - 17,130 25.00% - 15,176
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 3.068 0.00 4.22 2004 1 0 0 3 0 0 2.996 0.00 4.22 2005 1 0 0 3 0 0 2.847 0.00 4.22 2006 1 0 0 3 0 0 2.704 0.00 4.22 2007 1 0 0 3 0 0 2.569 0.00 4.22 2008 1 0 0 3 0 0 2.441 0.00 4.22 2009 1 0 0 3 0 0 2.319 0.00 4.22 2010 1 0 0 2 0 0 2.203 0.00 4.22 2011 1 0 0 3 0 0 2.092 0.00 4.22 2012 1 0 0 2 0 0 1.988 0.00 4.22 2013 1 0 0 2 0 0 1.888 0.00 4.22 2014 1 0 0 2 0 0 1.648 0.00 4.22 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 33 0 0 28.763 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 33 0 0 28.763 0.00 4.22 CUMULATIVE 0 0 6 ULTIMATE 0 0 39
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 12,945 0 12,945 0 388 12,557 2004 0 0 12,644 0 12,644 0 380 12,264 2005 0 0 12,013 0 12,013 0 360 11,653 2006 0 0 11,412 0 11,412 0 342 11,070 2007 0 0 10,841 0 10,841 0 326 10,515 2008 0 0 10,299 0 10,299 0 309 9,990 2009 0 0 9,784 0 9,784 0 293 9,491 2010 0 0 9,295 0 9,295 0 279 9,016 2011 0 0 8,831 0 8,831 0 265 8,566 2012 0 0 8,388 0 8,388 0 252 8,136 2013 0 0 7,970 0 7,970 0 239 7,731 2014 0 0 6,954 0 6,954 0 208 6,746 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 121,376 0 121,376 0 3,641 117,735 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 121,376 0 121,376 0 3,641 117,735
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 5,357 5,357 5,099 2004 7,200 0 0 0 7,200 5,064 10,421 4,367 2005 7,200 0 0 0 7,200 4,453 14,874 3,477 2006 7,200 0 0 0 7,200 3,870 18,744 2,736 2007 7,200 0 0 0 7,200 3,315 22,059 2,121 2008 7,200 0 0 0 7,200 2,790 24,849 1,617 2009 7,200 0 0 0 7,200 2,291 27,140 1,202 2010 7,200 0 0 0 7,200 1,816 28,956 862 2011 7,200 0 0 0 7,200 1,366 30,322 588 2012 7,200 0 0 0 7,200 936 31,258 365 2013 7,200 0 0 0 7,200 531 31,789 188 2014 6,600 0 0 0 6,600 146 31,935 47 2015 0 0 0 0 0 0 31,935 0 2016 0 0 0 0 0 0 31,935 0 2017 0 0 0 0 0 0 31,935 0 SUBTOT 85,800 0 0 0 85,800 31,935 22,669 REMAIN 0 0 0 0 0 0 31,935 0 TOTAL 85,800 0 0 0 85,800 31,935 22,669 LIFE OF EVALUATION IS 11.92 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 225 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED LAURA J. LAWSON #4 BP (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 86,467 FINAL - 1.000000 0.875000 4.22 10.00% - 30,721 REMARKS - 15.00% - 11,870 20.00% - 4,834 25.00% - 2,034
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 1 0 0 0.524 0.00 4.22 2015 1 0 0 7 0 0 6.188 0.00 4.22 2016 1 0 0 7 0 0 5.999 0.00 4.22 2017 1 0 0 6 0 0 5.816 0.00 4.22 SUB-TOTAL 0 0 21 0 0 18.527 0.00 4.22 REMAINDER 0 0 140 0 0 122.442 0.00 4.22 TOTAL 0 0 161 0 0 140.969 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 161
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 2,213 0 2,213 0 66 2,147 2015 0 0 26,111 0 26,111 0 784 25,327 2016 0 0 25,317 0 25,317 0 759 24,558 2017 0 0 24,545 0 24,545 0 737 23,808 SUB-TOT 0 0 78,186 0 78,186 0 2,346 75,840 REMAIN 0 0 516,707 0 516,707 0 15,501 501,206 TOTAL 0 0 594,893 0 594,893 0 17,847 577,046
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 600 0 25,000 0 25,600 -23,453 -23,453 -7,129 2015 7,200 0 0 0 7,200 18,127 -5,326 5,225 2016 7,200 0 0 0 7,200 17,358 12,032 4,528 2017 7,200 0 0 0 7,200 16,608 28,640 3,923 SUBTOT 22,200 0 25,000 0 47,200 28,640 6,547 REMAIN 252,000 0 0 0 252,000 249,206 277,846 24,174 TOTAL 274,200 0 25,000 0 299,200 277,846 30,721 LIFE OF EVALUATION IS 50.00 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 226 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 15-T1S-R75E PROVED LAURA J. LAWSON #5 (STONES RIVER) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 26.90 5.00% - 257,508 FINAL - 1.000000 0.875000 26.90 10.00% - 211,114 REMARKS - 15.00% - 175,806 20.00% - 148,388 25.00% - 126,704
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 3,323 0 0 2,907 0 0.000 26.90 0.00 2005 1 2,824 0 0 2,472 0 0.000 26.90 0.00 2006 1 2,401 0 0 2,100 0 0.000 26.90 0.00 2007 1 2,040 0 0 1,786 0 0.000 26.90 0.00 2008 1 1,735 0 0 1,517 0 0.000 26.90 0.00 2009 1 1,474 0 0 1,290 0 0.000 26.90 0.00 2010 1 1,253 0 0 1,097 0 0.000 26.90 0.00 2011 1 1,065 0 0 932 0 0.000 26.90 0.00 2012 1 906 0 0 792 0 0.000 26.90 0.00 2013 1 769 0 0 673 0 0.000 26.90 0.00 2014 1 654 0 0 573 0 0.000 26.90 0.00 2015 1 556 0 0 486 0 0.000 26.90 0.00 2016 1 473 0 0 414 0 0.000 26.90 0.00 2017 1 107 0 0 93 0 0.000 26.90 0.00 SUB-TOTAL 19,580 0 0 17,132 0 0.000 26.90 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 19,580 0 0 17,132 0 0.000 26.90 0.00 CUMULATIVE 0 0 0 ULTIMATE 19,580 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 78,208 0 0 0 78,208 2,346 0 75,862 2005 66,476 0 0 0 66,476 1,995 0 64,481 2006 56,506 0 0 0 56,506 1,695 0 54,811 2007 48,029 0 0 0 48,029 1,441 0 46,588 2008 40,825 0 0 0 40,825 1,224 0 39,601 2009 34,701 0 0 0 34,701 1,041 0 33,660 2010 29,496 0 0 0 29,496 885 0 28,611 2011 25,072 0 0 0 25,072 752 0 24,320 2012 21,311 0 0 0 21,311 640 0 20,671 2013 18,114 0 0 0 18,114 543 0 17,571 2014 15,397 0 0 0 15,397 462 0 14,935 2015 13,088 0 0 0 13,088 393 0 12,695 2016 11,124 0 0 0 11,124 333 0 10,791 2017 2,510 0 0 0 2,510 76 0 2,434 SUB-TOT 460,857 0 0 0 460,857 13,826 0 447,031 REMAIN 0 0 0 0 0 0 0 0 TOTAL 460,857 0 0 0 460,857 13,826 0 447,031
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 9,600 0 0 0 9,600 66,262 66,262 57,179 2005 9,600 0 0 0 9,600 54,881 121,143 42,870 2006 9,600 0 0 0 9,600 45,211 166,354 31,971 2007 9,600 0 0 0 9,600 36,988 203,342 23,678 2008 9,600 0 0 0 9,600 30,001 233,343 17,387 2009 9,600 0 0 0 9,600 24,060 257,403 12,623 2010 9,600 0 0 0 9,600 19,011 276,414 9,030 2011 9,600 0 0 0 9,600 14,720 291,134 6,330 2012 9,600 0 0 0 9,600 11,071 302,205 4,311 2013 9,600 0 0 0 9,600 7,971 310,176 2,811 2014 9,600 0 0 0 9,600 5,335 315,511 1,704 2015 9,600 0 0 0 9,600 3,095 318,606 897 2016 9,600 0 0 0 9,600 1,191 319,797 314 2017 2,400 0 0 0 2,400 34 319,831 9 SUBTOT 127,200 0 0 0 127,200 319,831 211,114 REMAIN 0 0 0 0 0 0 319,831 0 TOTAL 127,200 0 0 0 127,200 319,831 211,114 LIFE OF EVALUATION IS 14.25 YEARS. FINAL PRODUCTION RATE: 35 BBLS/MO
TENGASCO, INC. TABLE 227 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #1 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.750000 4.22 5.00% - 314,899 FINAL - 1.000000 0.750000 4.22 10.00% - 239,917 REMARKS - 15.00% - 194,482 20.00% - 164,310 25.00% - 142,840
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 21 0 0 15.530 0.00 4.22 2004 1 0 0 16 0 0 12.175 0.00 4.22 2005 1 0 0 14 0 0 10.355 0.00 4.22 2006 1 0 0 12 0 0 9.168 0.00 4.22 2007 1 0 0 11 0 0 8.315 0.00 4.22 2008 1 0 0 10 0 0 7.663 0.00 4.22 2009 1 0 0 10 0 0 7.143 0.00 4.22 2010 1 0 0 9 0 0 6.717 0.00 4.22 2011 1 0 0 8 0 0 6.359 0.00 4.22 2012 1 0 0 8 0 0 6.040 0.00 4.22 2013 1 0 0 8 0 0 5.738 0.00 4.22 2014 1 0 0 7 0 0 5.451 0.00 4.22 2015 1 0 0 7 0 0 5.179 0.00 4.22 2016 1 0 0 7 0 0 4.920 0.00 4.22 2017 1 0 0 6 0 0 4.674 0.00 4.22 SUB-TOTAL 0 0 154 0 0 115.427 0.00 4.22 REMAINDER 0 0 73 0 0 54.568 0.00 4.22 TOTAL 0 0 227 0 0 169.995 0.00 4.22 CUMULATIVE 0 0 146 ULTIMATE 0 0 373
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 65,535 0 65,535 0 1,966 63,569 2004 0 0 51,377 0 51,377 0 1,541 49,836 2005 0 0 43,700 0 43,700 0 1,311 42,389 2006 0 0 38,690 0 38,690 0 1,161 37,529 2007 0 0 35,087 0 35,087 0 1,053 34,034 2008 0 0 32,336 0 32,336 0 970 31,366 2009 0 0 30,146 0 30,146 0 904 29,242 2010 0 0 28,348 0 28,348 0 851 27,497 2011 0 0 26,836 0 26,836 0 805 26,031 2012 0 0 25,489 0 25,489 0 764 24,725 2013 0 0 24,215 0 24,215 0 727 23,488 2014 0 0 23,004 0 23,004 0 690 22,314 2015 0 0 21,854 0 21,854 0 656 21,198 2016 0 0 20,762 0 20,762 0 622 20,140 2017 0 0 19,723 0 19,723 0 592 19,131 SUB-TOT 0 0 487,102 0 487,102 0 14,613 472,489 REMAIN 0 0 230,277 0 230,277 0 6,908 223,369 TOTAL 0 0 717,379 0 717,379 0 21,521 695,858
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 56,369 56,369 53,807 2004 7,200 0 0 0 7,200 42,636 99,005 36,802 2005 7,200 0 0 0 7,200 35,189 134,194 27,483 2006 7,200 0 0 0 7,200 30,329 164,523 21,436 2007 7,200 0 0 0 7,200 26,834 191,357 17,165 2008 7,200 0 0 0 7,200 24,166 215,523 13,991 2009 7,200 0 0 0 7,200 22,042 237,565 11,551 2010 7,200 0 0 0 7,200 20,297 257,862 9,628 2011 7,200 0 0 0 7,200 18,831 276,693 8,085 2012 7,200 0 0 0 7,200 17,525 294,218 6,811 2013 7,200 0 0 0 7,200 16,288 310,506 5,730 2014 7,200 0 0 0 7,200 15,114 325,620 4,814 2015 7,200 0 0 0 7,200 13,998 339,618 4,036 2016 7,200 0 0 0 7,200 12,940 352,558 3,377 2017 7,200 0 0 0 7,200 11,931 364,489 2,818 SUBTOT 108,000 0 0 0 108,000 364,489 227,534 REMAIN 133,800 0 0 0 133,800 89,569 454,058 12,383 TOTAL 241,800 0 0 0 241,800 454,058 239,917 LIFE OF EVALUATION IS 33.58 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 228 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #2 (STONES RIVER) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 40,827 0 0 ULTIMATE 40,827 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 229 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #2 BP (TRTN-SR) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.750000 4.22 5.00% - 233,106 FINAL - 1.000000 0.750000 4.22 10.00% - 210,874 REMARKS - 15.00% - 191,673 20.00% - 175,008 25.00% - 160,475
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 31 0 0 23.545 0.00 4.22 2004 1 0 0 24 0 0 17.804 0.00 4.22 2005 1 0 0 19 0 0 13.957 0.00 4.22 2006 1 0 0 15 0 0 11.249 0.00 4.22 2007 1 0 0 12 0 0 9.269 0.00 4.22 2008 1 0 0 2 0 0 1.423 0.00 4.22 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 103 0 0 77.247 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 103 0 0 77.247 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 103
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 99,358 0 99,358 0 2,981 96,377 2004 0 0 75,135 0 75,135 0 2,254 72,881 2005 0 0 58,899 0 58,899 0 1,767 57,132 2006 0 0 47,471 0 47,471 0 1,424 46,047 2007 0 0 39,114 0 39,114 0 1,173 37,941 2008 0 0 6,007 0 6,007 0 181 5,826 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 325,984 0 325,984 0 9,780 316,204 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 325,984 0 325,984 0 9,780 316,204
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 20,000 0 27,200 69,177 69,177 65,190 2004 7,200 0 0 0 7,200 65,681 134,858 56,724 2005 7,200 0 0 0 7,200 49,932 184,790 39,027 2006 7,200 0 0 0 7,200 38,847 223,637 27,481 2007 7,200 0 0 0 7,200 30,741 254,378 19,683 2008 1,230 0 0 0 1,230 4,596 258,974 2,769 2009 0 0 0 0 0 0 258,974 0 2010 0 0 0 0 0 0 258,974 0 2011 0 0 0 0 0 0 258,974 0 2012 0 0 0 0 0 0 258,974 0 2013 0 0 0 0 0 0 258,974 0 2014 0 0 0 0 0 0 258,974 0 2015 0 0 0 0 0 0 258,974 0 2016 0 0 0 0 0 0 258,974 0 2017 0 0 0 0 0 0 258,974 0 SUBTOT 37,230 0 20,000 0 57,230 258,974 210,874 REMAIN 0 0 0 0 0 0 258,974 0 TOTAL 37,230 0 20,000 0 57,230 258,974 210,874 LIFE OF EVALUATION IS 5.17 YEARS. FINAL PRODUCTION RATE: 0.9 MMCF/MO
TENGASCO, INC. TABLE 230 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #3 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 74,245 FINAL - 1.000000 0.656250 4.22 10.00% - 60,885 REMARKS - 15.00% - 51,010 20.00% - 43,530 25.00% - 37,735
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 7 0 0 4.316 0.00 4.22 2004 1 0 0 7 0 0 4.653 0.00 4.22 2005 1 0 0 7 0 0 4.780 0.00 4.22 2006 1 0 0 7 0 0 4.409 0.00 4.22 2007 1 0 0 6 0 0 4.068 0.00 4.22 2008 1 0 0 6 0 0 3.753 0.00 4.22 2009 1 0 0 5 0 0 3.462 0.00 4.22 2010 1 0 0 5 0 0 3.193 0.00 4.22 2011 1 0 0 4 0 0 2.946 0.00 4.22 2012 1 0 0 4 0 0 2.718 0.00 4.22 2013 1 0 0 4 0 0 2.507 0.00 4.22 2014 1 0 0 4 0 0 2.313 0.00 4.22 2015 1 0 0 3 0 0 2.134 0.00 4.22 2016 1 0 0 3 0 0 1.968 0.00 4.22 2017 1 0 0 2 0 0 1.670 0.00 4.22 SUB-TOTAL 0 0 74 0 0 48.890 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 74 0 0 48.890 0.00 4.22 CUMULATIVE 0 0 12 ULTIMATE 0 0 86
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 18,214 0 18,214 0 546 17,668 2004 0 0 19,637 0 19,637 0 590 19,047 2005 0 0 20,171 0 20,171 0 605 19,566 2006 0 0 18,609 0 18,609 0 558 18,051 2007 0 0 17,166 0 17,166 0 515 16,651 2008 0 0 15,835 0 15,835 0 475 15,360 2009 0 0 14,609 0 14,609 0 438 14,171 2010 0 0 13,477 0 13,477 0 405 13,072 2011 0 0 12,432 0 12,432 0 372 12,060 2012 0 0 11,469 0 11,469 0 345 11,124 2013 0 0 10,580 0 10,580 0 317 10,263 2014 0 0 9,760 0 9,760 0 293 9,467 2015 0 0 9,004 0 9,004 0 270 8,734 2016 0 0 8,306 0 8,306 0 249 8,057 2017 0 0 7,047 0 7,047 0 211 6,836 SUB-TOT 0 0 206,316 0 206,316 0 6,189 200,127 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 206,316 0 206,316 0 6,189 200,127
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 10,468 10,468 9,964 2004 7,128 0 0 0 7,128 11,919 22,387 10,237 2005 7,200 0 0 0 7,200 12,366 34,753 9,654 2006 7,200 0 0 0 7,200 10,851 45,604 7,670 2007 7,200 0 0 0 7,200 9,451 55,055 6,047 2008 7,200 0 0 0 7,200 8,160 63,215 4,726 2009 7,200 0 0 0 7,200 6,971 70,186 3,656 2010 7,200 0 0 0 7,200 5,872 76,058 2,787 2011 7,200 0 0 0 7,200 4,860 80,918 2,089 2012 7,200 0 0 0 7,200 3,924 84,842 1,527 2013 7,200 0 0 0 7,200 3,063 87,905 1,080 2014 7,200 0 0 0 7,200 2,267 90,172 723 2015 7,200 0 0 0 7,200 1,534 91,706 444 2016 7,200 0 0 0 7,200 857 92,563 225 2017 6,600 0 0 0 6,600 236 92,799 56 SUBTOT 107,328 0 0 0 107,328 92,799 60,885 REMAIN 0 0 0 0 0 0 92,799 0 TOTAL 107,328 0 0 0 107,328 92,799 60,885 LIFE OF EVALUATION IS 14.92 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 231 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #3 BP1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 311,041 FINAL - 1.000000 0.656250 4.22 10.00% - 118,691 REMARKS - 15.00% - 47,793 20.00% - 19,966 25.00% - 8,561
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 9 0 0 6.121 0.00 4.22 SUB-TOTAL 0 0 9 0 0 6.121 0.00 4.22 REMAINDER 0 0 393 0 0 257.692 0.00 4.22 TOTAL 0 0 402 0 0 263.813 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 402
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 25,829 0 25,829 0 775 25,054 SUB-TOT 0 0 25,829 0 25,829 0 775 25,054 REMAIN 0 0 1,087,460 0 1,087,460 0 32,624 1,054,836 TOTAL 0 0 1,113,289 0 1,113,289 0 33,399 1,079,890
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 600 0 20,000 0 20,600 4,454 4,454 1,004 SUBTOT 600 0 20,000 0 20,600 4,454 1,004 REMAIN 177,122 0 0 0 177,122 877,714 882,168 117,687 TOTAL 177,722 0 20,000 0 197,722 882,168 118,691 LIFE OF EVALUATION IS 39.60 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 232 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #3 BP2 (TRENTON) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 3,634 FINAL - 1.000000 0.656250 4.22 10.00% - 477 REMARKS - 15.00% - 63 20.00% - 8 25.00% - 1
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 22 0 0 14.438 0.00 4.22 TOTAL 0 0 22 0 0 14.438 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 22
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 60,930 0 60,930 0 1,828 59,102 TOTAL 0 0 60,930 0 60,930 0 1,828 59,102
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 11,218 0 20,000 0 31,218 27,884 27,884 477 TOTAL 11,218 0 20,000 0 31,218 27,884 477 LIFE OF EVALUATION IS 41.22 YEARS. FINAL PRODUCTION RATE: 0.9 MMCF/MO
TENGASCO, INC. TABLE 233 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED PAUL REED #4 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 1,100,244 FINAL - 1.000000 0.875000 4.22 10.00% - 815,813 REMARKS - 15.00% - 656,182 20.00% - 554,121 25.00% - 482,688
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 57 0 0 49.802 0.00 4.22 2004 1 0 0 42 0 0 37.215 0.00 4.22 2005 1 0 0 35 0 0 30.443 0.00 4.22 2006 1 0 0 30 0 0 26.103 0.00 4.22 2007 1 0 0 26 0 0 23.042 0.00 4.22 2008 1 0 0 24 0 0 20.746 0.00 4.22 2009 1 0 0 22 0 0 18.948 0.00 4.22 2010 1 0 0 20 0 0 17.496 0.00 4.22 2011 1 0 0 18 0 0 16.293 0.00 4.22 2012 1 0 0 18 0 0 15.278 0.00 4.22 2013 1 0 0 16 0 0 14.408 0.00 4.22 2014 1 0 0 16 0 0 13.652 0.00 4.22 2015 1 0 0 15 0 0 12.988 0.00 4.22 2016 1 0 0 14 0 0 12.399 0.00 4.22 2017 1 0 0 13 0 0 11.873 0.00 4.22 SUB-TOTAL 0 0 366 0 0 320.686 0.00 4.22 REMAINDER 0 0 179 0 0 156.240 0.00 4.22 TOTAL 0 0 545 0 0 476.926 0.00 4.22 CUMULATIVE 0 0 303 ULTIMATE 0 0 848
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 210,165 0 210,165 0 6,305 203,860 2004 0 0 157,047 0 157,047 0 4,711 152,336 2005 0 0 128,468 0 128,468 0 3,854 124,614 2006 0 0 110,154 0 110,154 0 3,305 106,849 2007 0 0 97,237 0 97,237 0 2,917 94,320 2008 0 0 87,547 0 87,547 0 2,627 84,920 2009 0 0 79,962 0 79,962 0 2,398 77,564 2010 0 0 73,833 0 73,833 0 2,215 71,618 2011 0 0 68,758 0 68,758 0 2,063 66,695 2012 0 0 64,475 0 64,475 0 1,934 62,541 2013 0 0 60,802 0 60,802 0 1,824 58,978 2014 0 0 57,612 0 57,612 0 1,729 55,883 2015 0 0 54,809 0 54,809 0 1,644 53,165 2016 0 0 52,325 0 52,325 0 1,570 50,755 2017 0 0 50,104 0 50,104 0 1,503 48,601 SUB-TOT 0 0 1,353,298 0 1,353,298 0 40,599 1,312,699 REMAIN 0 0 659,331 0 659,331 0 19,780 639,551 TOTAL 0 0 2,012,629 0 2,012,629 0 60,379 1,952,250
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 196,660 196,660 187,761 2004 7,200 0 0 0 7,200 145,136 341,796 125,301 2005 7,200 0 0 0 7,200 117,414 459,210 91,712 2006 7,200 0 0 0 7,200 99,649 558,859 70,437 2007 7,200 0 0 0 7,200 87,120 645,979 55,733 2008 7,200 0 0 0 7,200 77,720 723,699 45,001 2009 7,200 0 0 0 7,200 70,364 794,063 36,876 2010 7,200 0 0 0 7,200 64,418 858,481 30,557 2011 7,200 0 0 0 7,200 59,495 917,976 25,545 2012 7,200 0 0 0 7,200 55,341 973,317 21,508 2013 7,200 0 0 0 7,200 51,778 1,025,095 18,215 2014 7,200 0 0 0 7,200 48,683 1,073,778 15,503 2015 7,200 0 0 0 7,200 45,965 1,119,743 13,249 2016 7,200 0 0 0 7,200 43,555 1,163,298 11,364 2017 7,200 0 0 0 7,200 41,401 1,204,699 9,778 SUBTOT 108,000 0 0 0 108,000 1,204,699 758,540 REMAIN 140,252 0 0 0 140,252 499,299 1,703,998 57,273 TOTAL 248,252 0 0 0 248,252 1,703,998 815,813 LIFE OF EVALUATION IS 34.48 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 234 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED PAUL REED #4 BP1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 332,366 FINAL - 1.000000 0.875000 4.22 10.00% - 49,493 REMARKS - 15.00% - 7,669 20.00% - 1,227 25.00% - 202
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 691 0 0 604.340 0.00 4.22 TOTAL 0 0 691 0 0 604.340 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 691
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 2,550,314 0 2,550,314 0 76,509 2,473,805 TOTAL 0 0 2,550,314 0 2,550,314 0 76,509 2,473,805
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 111,600 0 20,000 0 131,600 2,342,205 2,342,205 49,493 TOTAL 111,600 0 20,000 0 131,600 2,342,205 49,493 LIFE OF EVALUATION IS 50.00 YEARS. FINAL PRODUCTION RATE: 1.7 MMCF/MO
TENGASCO, INC. TABLE 235 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED PAUL REED #4 BP2 (TRENTON) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO RESERVES SHOWN BEYOND ECONOMIC LIFE OF FIELD. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 49.92 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 236 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED PAUL REED #5 (STONES RIVER) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 26.90 5.00% - 647,082 FINAL - 1.000000 0.875000 26.90 10.00% - 566,283 REMARKS - 15.00% - 502,269 20.00% - 450,628 25.00% - 408,283
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 8,381 0 0 7,334 0 0.000 26.90 0.00 2004 1 6,638 0 0 5,808 0 0.000 26.90 0.00 2005 1 5,258 0 0 4,601 0 0.000 26.90 0.00 2006 1 4,165 0 0 3,644 0 0.000 26.90 0.00 2007 1 3,299 0 0 2,886 0 0.000 26.90 0.00 2008 1 2,612 0 0 2,286 0 0.000 26.90 0.00 2009 1 2,070 0 0 1,811 0 0.000 26.90 0.00 2010 1 1,639 0 0 1,434 0 0.000 26.90 0.00 2011 1 1,298 0 0 1,136 0 0.000 26.90 0.00 2012 1 1,028 0 0 900 0 0.000 26.90 0.00 2013 1 815 0 0 712 0 0.000 26.90 0.00 2014 1 645 0 0 565 0 0.000 26.90 0.00 2015 1 511 0 0 447 0 0.000 26.90 0.00 2016 1 145 0 0 127 0 0.000 26.90 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 38,504 0 0 33,691 0 0.000 26.90 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 38,504 0 0 33,691 0 0.000 26.90 0.00 CUMULATIVE 59,969 0 0 ULTIMATE 98,473 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 197,271 0 0 0 197,271 5,918 0 191,353 2004 156,250 0 0 0 156,250 4,688 0 151,562 2005 123,759 0 0 0 123,759 3,712 0 120,047 2006 98,023 0 0 0 98,023 2,941 0 95,082 2007 77,640 0 0 0 77,640 2,329 0 75,311 2008 61,495 0 0 0 61,495 1,845 0 59,650 2009 48,708 0 0 0 48,708 1,461 0 47,247 2010 38,579 0 0 0 38,579 1,158 0 37,421 2011 30,557 0 0 0 30,557 916 0 29,641 2012 24,203 0 0 0 24,203 727 0 23,476 2013 19,169 0 0 0 19,169 575 0 18,594 2014 15,184 0 0 0 15,184 455 0 14,729 2015 12,026 0 0 0 12,026 361 0 11,665 2016 3,425 0 0 0 3,425 103 0 3,322 2017 0 0 0 0 0 0 0 0 SUB-TOT 906,289 0 0 0 906,289 27,189 0 879,100 REMAIN 0 0 0 0 0 0 0 0 TOTAL 906,289 0 0 0 906,289 27,189 0 879,100
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 9,600 0 0 0 9,600 181,753 181,753 173,345 2004 9,600 0 0 0 9,600 141,962 323,715 122,565 2005 9,600 0 0 0 9,600 110,447 434,162 86,320 2006 9,600 0 0 0 9,600 85,482 519,644 60,480 2007 9,600 0 0 0 9,600 65,711 585,355 42,087 2008 9,600 0 0 0 9,600 50,050 635,405 29,020 2009 9,600 0 0 0 9,600 37,647 673,052 19,762 2010 9,600 0 0 0 9,600 27,821 700,873 13,222 2011 9,600 0 0 0 9,600 20,041 720,914 8,624 2012 9,600 0 0 0 9,600 13,876 734,790 5,407 2013 9,600 0 0 0 9,600 8,994 743,784 3,175 2014 9,600 0 0 0 9,600 5,129 748,913 1,642 2015 9,600 0 0 0 9,600 2,065 750,978 601 2016 3,200 0 0 0 3,200 122 751,100 33 2017 0 0 0 0 0 0 751,100 0 SUBTOT 128,000 0 0 0 128,000 751,100 566,283 REMAIN 0 0 0 0 0 0 751,100 0 TOTAL 128,000 0 0 0 128,000 751,100 566,283 LIFE OF EVALUATION IS 13.33 YEARS. FINAL PRODUCTION RATE: 35 BBLS/MO
TENGASCO, INC. TABLE 237 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75 PROVED PAUL REED #6 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 83,961 FINAL - 1.000000 0.875000 4.22 10.00% - 72,123 REMARKS - 15.00% - 63,201 20.00% - 56,281 25.00% - 50,779
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 9 0 0 7.563 0.00 4.22 2004 1 0 0 6 0 0 5.801 0.00 4.22 2005 1 0 0 6 0 0 4.805 0.00 4.22 2006 1 0 0 5 0 0 4.150 0.00 4.22 2007 1 0 0 4 0 0 3.682 0.00 4.22 2008 1 0 0 4 0 0 3.326 0.00 4.22 2009 1 0 0 3 0 0 3.046 0.00 4.22 2010 1 0 0 3 0 0 2.818 0.00 4.22 2011 1 0 0 3 0 0 2.629 0.00 4.22 2012 1 0 0 3 0 0 2.468 0.00 4.22 2013 1 0 0 3 0 0 2.330 0.00 4.22 2014 1 0 0 2 0 0 2.210 0.00 4.22 2015 1 0 0 3 0 0 2.099 0.00 4.22 2016 1 0 0 2 0 0 1.994 0.00 4.22 2017 1 0 0 2 0 0 1.894 0.00 4.22 SUB-TOTAL 0 0 58 0 0 50.815 0.00 4.22 REMAINDER 0 0 2 0 0 1.653 0.00 4.22 TOTAL 0 0 60 0 0 52.468 0.00 4.22 CUMULATIVE 0 0 38 ULTIMATE 0 0 98
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 31,914 0 31,914 0 957 30,957 2004 0 0 24,479 0 24,479 0 735 23,744 2005 0 0 20,276 0 20,276 0 608 19,668 2006 0 0 17,515 0 17,515 0 526 16,989 2007 0 0 15,536 0 15,536 0 466 15,070 2008 0 0 14,037 0 14,037 0 421 13,616 2009 0 0 12,854 0 12,854 0 385 12,469 2010 0 0 11,893 0 11,893 0 357 11,536 2011 0 0 11,094 0 11,094 0 333 10,761 2012 0 0 10,415 0 10,415 0 312 10,103 2013 0 0 9,834 0 9,834 0 295 9,539 2014 0 0 9,325 0 9,325 0 280 9,045 2015 0 0 8,858 0 8,858 0 266 8,592 2016 0 0 8,415 0 8,415 0 252 8,163 2017 0 0 7,994 0 7,994 0 240 7,754 SUB-TOT 0 0 214,439 0 214,439 0 6,433 208,006 REMAIN 0 0 6,977 0 6,977 0 209 6,768 TOTAL 0 0 221,416 0 221,416 0 6,642 214,774
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 23,757 23,757 22,691 2004 7,200 0 0 0 7,200 16,544 40,301 14,290 2005 7,200 0 0 0 7,200 12,468 52,769 9,745 2006 7,200 0 0 0 7,200 9,789 62,558 6,924 2007 7,200 0 0 0 7,200 7,870 70,428 5,038 2008 7,200 0 0 0 7,200 6,416 76,844 3,718 2009 7,200 0 0 0 7,200 5,269 82,113 2,764 2010 7,200 0 0 0 7,200 4,336 86,449 2,059 2011 7,200 0 0 0 7,200 3,561 90,010 1,530 2012 7,200 0 0 0 7,200 2,903 92,913 1,130 2013 7,200 0 0 0 7,200 2,339 95,252 823 2014 7,200 0 0 0 7,200 1,845 97,097 589 2015 7,200 0 0 0 7,200 1,392 98,489 402 2016 7,200 0 0 0 7,200 963 99,452 252 2017 7,200 0 0 0 7,200 554 100,006 132 SUBTOT 108,000 0 0 0 108,000 100,006 72,087 REMAIN 6,600 0 0 0 6,600 168 100,174 36 TOTAL 114,600 0 0 0 114,600 100,174 72,123 LIFE OF EVALUATION IS 15.92 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 238 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED PAUL REED #6 BP (STONES RIVER) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 26.90 5.00% - 92,259 FINAL - 1.000000 0.875000 26.90 10.00% - 38,409 REMARKS - 15.00% - 16,086 20.00% - 6,777 25.00% - 2,871
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 11,697 0 0 10,235 0 0.000 26.90 0.00 TOTAL 11,697 0 0 10,235 0 0.000 26.90 0.00 CUMULATIVE 0 0 0 ULTIMATE 11,697 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 275,328 0 0 0 275,328 8,260 0 267,068 TOTAL 275,328 0 0 0 275,328 8,260 0 267,068
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 34,123 0 10,000 0 44,123 222,945 222,945 38,409 TOTAL 34,123 0 10,000 0 44,123 222,945 38,409 LIFE OF EVALUATION IS 19.47 YEARS. FINAL PRODUCTION RATE: 250 BBLS/MO
TENGASCO, INC. TABLE 239 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #7 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 606,652 FINAL - 1.000000 0.875000 4.22 10.00% - 436,842 REMARKS - 15.00% - 341,799 20.00% - 281,649 25.00% - 240,207
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 25 0 0 21.830 0.00 4.22 2004 1 0 0 21 0 0 18.815 0.00 4.22 2005 1 0 0 20 0 0 16.790 0.00 4.22 2006 1 0 0 17 0 0 15.309 0.00 4.22 2007 1 0 0 16 0 0 14.164 0.00 4.22 2008 1 0 0 15 0 0 13.245 0.00 4.22 2009 1 0 0 15 0 0 12.485 0.00 4.22 2010 1 0 0 13 0 0 11.839 0.00 4.22 2011 1 0 0 13 0 0 11.247 0.00 4.22 2012 1 0 0 12 0 0 10.685 0.00 4.22 2013 1 0 0 12 0 0 10.151 0.00 4.22 2014 1 0 0 11 0 0 9.643 0.00 4.22 2015 1 0 0 10 0 0 9.161 0.00 4.22 2016 1 0 0 10 0 0 8.703 0.00 4.22 2017 1 0 0 10 0 0 8.268 0.00 4.22 SUB-TOTAL 0 0 220 0 0 192.335 0.00 4.22 REMAINDER 0 0 140 0 0 122.789 0.00 4.22 TOTAL 0 0 360 0 0 315.124 0.00 4.22 CUMULATIVE 0 0 128 ULTIMATE 0 0 488
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 92,123 0 92,123 0 2,764 89,359 2004 0 0 79,397 0 79,397 0 2,382 77,015 2005 0 0 70,853 0 70,853 0 2,125 68,728 2006 0 0 64,602 0 64,602 0 1,938 62,664 2007 0 0 59,772 0 59,772 0 1,793 57,979 2008 0 0 55,892 0 55,892 0 1,677 54,215 2009 0 0 52,686 0 52,686 0 1,581 51,105 2010 0 0 49,963 0 49,963 0 1,499 48,464 2011 0 0 47,463 0 47,463 0 1,424 46,039 2012 0 0 45,091 0 45,091 0 1,352 43,739 2013 0 0 42,835 0 42,835 0 1,285 41,550 2014 0 0 40,694 0 40,694 0 1,221 39,473 2015 0 0 38,660 0 38,660 0 1,160 37,500 2016 0 0 36,726 0 36,726 0 1,102 35,624 2017 0 0 34,890 0 34,890 0 1,046 33,844 SUB-TOT 0 0 811,647 0 811,647 0 24,349 787,298 REMAIN 0 0 518,171 0 518,171 0 15,546 502,625 TOTAL 0 0 1,329,818 0 1,329,818 0 39,895 1,289,923
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 82,159 82,159 78,321 2004 7,200 0 0 0 7,200 69,815 151,974 60,223 2005 7,200 0 0 0 7,200 61,528 213,502 48,032 2006 7,200 0 0 0 7,200 55,464 268,966 39,188 2007 7,200 0 0 0 7,200 50,779 319,745 32,474 2008 7,200 0 0 0 7,200 47,015 366,760 27,214 2009 7,200 0 0 0 7,200 43,905 410,665 23,004 2010 7,200 0 0 0 7,200 41,264 451,929 19,570 2011 7,200 0 0 0 7,200 38,839 490,768 16,675 2012 7,200 0 0 0 7,200 36,539 527,307 14,199 2013 7,200 0 0 0 7,200 34,350 561,657 12,084 2014 7,200 0 0 0 7,200 32,273 593,930 10,277 2015 7,200 0 0 0 7,200 30,300 624,230 8,735 2016 7,200 0 0 0 7,200 28,424 652,654 7,417 2017 7,200 0 0 0 7,200 26,644 679,298 6,293 SUBTOT 108,000 0 0 0 108,000 679,298 403,706 REMAIN 213,600 0 0 0 213,600 289,025 968,323 33,136 TOTAL 321,600 0 0 0 321,600 968,323 436,842 LIFE OF EVALUATION IS 44.67 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 240 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #7 BP1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 45,976 FINAL - 1.000000 0.875000 4.22 10.00% - 4,542 REMARKS - 15.00% - 455 20.00% - 46 25.00% - 5
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 148 0 0 129.702 0.00 4.22 TOTAL 0 0 148 0 0 129.702 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 148
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 547,342 0 547,342 0 16,420 530,922 TOTAL 0 0 547,342 0 547,342 0 16,420 530,922
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 38,400 0 20,000 0 58,400 472,522 472,522 4,542 TOTAL 38,400 0 20,000 0 58,400 472,522 4,542 LIFE OF EVALUATION IS 50.00 YEARS. FINAL PRODUCTION RATE: 1.4 MMCF/MO
TENGASCO, INC. TABLE 241 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED PAUL REED #7 BP2 (TRENTON-MURFREESBORO) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO RESERVES SHOWN BEYOND ECONOMIC LIFE OF FIELD. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 49.92 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 242 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED PAUL REED #8 (TRENTON-STONES RIVER) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 26.90 5.00% - 689,965 FINAL - 1.000000 0.875000 26.90 10.00% - 642,078 REMARKS - 15.00% - 599,805 20.00% - 562,304 25.00% - 528,877
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 15,232 0 0 13,328 0 0.000 26.90 0.00 2004 1 8,921 0 0 7,805 0 0.000 26.90 0.00 2005 1 5,224 0 0 4,572 0 0.000 26.90 0.00 2006 1 3,060 0 0 2,677 0 0.000 26.90 0.00 2007 1 1,792 0 0 1,568 0 0.000 26.90 0.00 2008 1 739 0 0 647 0 0.000 26.90 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 34,968 0 0 30,597 0 0.000 26.90 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 34,968 0 0 30,597 0 0.000 26.90 0.00 CUMULATIVE 6,919 0 0 ULTIMATE 41,887 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 358,519 0 0 0 358,519 10,756 0 347,763 2004 209,972 0 0 0 209,972 6,299 0 203,673 2005 122,973 0 0 0 122,973 3,689 0 119,284 2006 72,020 0 0 0 72,020 2,161 0 69,859 2007 42,180 0 0 0 42,180 1,265 0 40,915 2008 17,387 0 0 0 17,387 522 0 16,865 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 823,051 0 0 0 823,051 24,692 0 798,359 REMAIN 0 0 0 0 0 0 0 0 TOTAL 823,051 0 0 0 823,051 24,692 0 798,359
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,000 0 20,000 0 26,000 321,763 321,763 306,832 2004 6,000 0 0 0 6,000 197,673 519,436 171,085 2005 6,000 0 0 0 6,000 113,284 632,720 88,762 2006 6,000 0 0 0 6,000 63,859 696,579 45,301 2007 6,000 0 0 0 6,000 34,915 731,494 22,428 2008 3,867 0 0 0 3,867 12,998 744,492 7,670 2009 0 0 0 0 0 0 744,492 0 2010 0 0 0 0 0 0 744,492 0 2011 0 0 0 0 0 0 744,492 0 2012 0 0 0 0 0 0 744,492 0 2013 0 0 0 0 0 0 744,492 0 2014 0 0 0 0 0 0 744,492 0 2015 0 0 0 0 0 0 744,492 0 2016 0 0 0 0 0 0 744,492 0 2017 0 0 0 0 0 0 744,492 0 SUBTOT 33,867 0 20,000 0 53,867 744,492 642,078 REMAIN 0 0 0 0 0 0 744,492 0 TOTAL 33,867 0 20,000 0 53,867 744,492 642,078 LIFE OF EVALUATION IS 5.64 YEARS. FINAL PRODUCTION RATE: 81 BBLS/MO
TENGASCO, INC. TABLE 243 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED PAUL REED #8 BP (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 649,498 FINAL - 1.000000 0.875000 4.22 10.00% - 365,999 REMARKS - 15.00% - 220,582 20.00% - 139,373 25.00% - 91,013
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 17 0 0 14.909 0.00 4.22 2009 1 0 0 41 0 0 36.004 0.00 4.22 2010 1 0 0 32 0 0 28.273 0.00 4.22 2011 1 0 0 28 0 0 23.701 0.00 4.22 2012 1 0 0 23 0 0 20.623 0.00 4.22 2013 1 0 0 21 0 0 18.384 0.00 4.22 2014 1 0 0 19 0 0 16.669 0.00 4.22 2015 1 0 0 18 0 0 15.305 0.00 4.22 2016 1 0 0 16 0 0 14.190 0.00 4.22 2017 1 0 0 15 0 0 13.258 0.00 4.22 SUB-TOTAL 0 0 230 0 0 201.316 0.00 4.22 REMAINDER 0 0 172 0 0 150.495 0.00 4.22 TOTAL 0 0 402 0 0 351.811 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 402
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 62,914 0 62,914 0 1,887 61,027 2009 0 0 151,939 0 151,939 0 4,559 147,380 2010 0 0 119,312 0 119,312 0 3,579 115,733 2011 0 0 100,020 0 100,020 0 3,001 97,019 2012 0 0 87,031 0 87,031 0 2,610 84,421 2013 0 0 77,582 0 77,582 0 2,328 75,254 2014 0 0 70,342 0 70,342 0 2,110 68,232 2015 0 0 64,588 0 64,588 0 1,938 62,650 2016 0 0 59,883 0 59,883 0 1,796 58,087 2017 0 0 55,950 0 55,950 0 1,679 54,271 SUB-TOT 0 0 849,561 0 849,561 0 25,487 824,074 REMAIN 0 0 635,089 0 635,089 0 19,052 616,037 TOTAL 0 0 1,484,650 0 1,484,650 0 44,539 1,440,111
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 2,400 0 20,000 0 22,400 38,627 38,627 21,480 2009 7,200 0 0 0 7,200 140,180 178,807 73,592 2010 7,200 0 0 0 7,200 108,533 287,340 51,539 2011 7,200 0 0 0 7,200 89,819 377,159 38,594 2012 7,200 0 0 0 7,200 77,221 454,380 30,029 2013 7,200 0 0 0 7,200 68,054 522,434 23,951 2014 7,200 0 0 0 7,200 61,032 583,466 19,441 2015 7,200 0 0 0 7,200 55,450 638,916 15,988 2016 7,200 0 0 0 7,200 50,887 689,803 13,280 2017 7,200 0 0 0 7,200 47,071 736,874 11,120 SUBTOT 67,200 0 20,000 0 87,200 736,874 299,014 REMAIN 90,541 0 0 0 90,541 525,496 1,262,370 66,985 TOTAL 157,741 0 20,000 0 177,741 1,262,370 365,999 LIFE OF EVALUATION IS 27.58 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 244 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED PAUL REED #9 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 1,272,478 FINAL - 1.000000 0.875000 4.22 10.00% - 891,240 REMARKS - 15.00% - 682,526 20.00% - 550,125 25.00% - 457,477
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 80 0 0 70.363 0.00 4.22 2004 1 0 0 57 0 0 49.636 0.00 4.22 2005 1 0 0 45 0 0 39.603 0.00 4.22 2006 1 0 0 39 0 0 33.484 0.00 4.22 2007 1 0 0 33 0 0 29.292 0.00 4.22 2008 1 0 0 30 0 0 26.207 0.00 4.22 2009 1 0 0 27 0 0 23.825 0.00 4.22 2010 1 0 0 25 0 0 21.920 0.00 4.22 2011 1 0 0 24 0 0 20.356 0.00 4.22 2012 1 0 0 21 0 0 19.044 0.00 4.22 2013 1 0 0 21 0 0 17.925 0.00 4.22 2014 1 0 0 19 0 0 16.957 0.00 4.22 2015 1 0 0 19 0 0 16.099 0.00 4.22 2016 1 0 0 17 0 0 15.294 0.00 4.22 2017 1 0 0 17 0 0 14.529 0.00 4.22 SUB-TOTAL 0 0 474 0 0 414.534 0.00 4.22 REMAINDER 0 0 242 0 0 211.839 0.00 4.22 TOTAL 0 0 716 0 0 626.373 0.00 4.22 CUMULATIVE 0 0 43 ULTIMATE 0 0 759
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 296,933 0 296,933 0 8,908 288,025 2004 0 0 209,462 0 209,462 0 6,284 203,178 2005 0 0 167,127 0 167,127 0 5,014 162,113 2006 0 0 141,304 0 141,304 0 4,239 137,065 2007 0 0 123,611 0 123,611 0 3,708 119,903 2008 0 0 110,594 0 110,594 0 3,318 107,276 2009 0 0 100,542 0 100,542 0 3,016 97,526 2010 0 0 92,504 0 92,504 0 2,775 89,729 2011 0 0 85,902 0 85,902 0 2,577 83,325 2012 0 0 80,365 0 80,365 0 2,411 77,954 2013 0 0 75,642 0 75,642 0 2,270 73,372 2014 0 0 71,558 0 71,558 0 2,146 69,412 2015 0 0 67,937 0 67,937 0 2,038 65,899 2016 0 0 64,541 0 64,541 0 1,937 62,604 2017 0 0 61,313 0 61,313 0 1,839 59,474 SUB-TOT 0 0 1,749,335 0 1,749,335 0 52,480 1,696,855 REMAIN 0 0 893,959 0 893,959 0 26,819 867,140 TOTAL 0 0 2,643,294 0 2,643,294 0 79,299 2,563,995
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 200,000 0 207,200 80,825 80,825 69,138 2004 7,200 0 0 0 7,200 195,978 276,803 169,239 2005 7,200 0 0 0 7,200 154,913 431,716 121,019 2006 7,200 0 0 0 7,200 129,865 561,581 91,802 2007 7,200 0 0 0 7,200 112,703 674,284 72,103 2008 7,200 0 0 0 7,200 100,076 774,360 57,947 2009 7,200 0 0 0 7,200 90,326 864,686 47,338 2010 7,200 0 0 0 7,200 82,529 947,215 39,149 2011 7,200 0 0 0 7,200 76,125 1,023,340 32,686 2012 7,200 0 0 0 7,200 70,754 1,094,094 27,498 2013 7,200 0 0 0 7,200 66,172 1,160,266 23,279 2014 7,200 0 0 0 7,200 62,212 1,222,478 19,810 2015 7,200 0 0 0 7,200 58,699 1,281,177 16,920 2016 7,200 0 0 0 7,200 55,404 1,336,581 14,457 2017 7,200 0 0 0 7,200 52,274 1,388,855 12,346 SUBTOT 108,000 0 200,000 0 308,000 1,388,855 814,731 REMAIN 133,158 0 0 0 133,158 733,982 2,122,837 76,509 TOTAL 241,158 0 200,000 0 441,158 2,122,837 891,240 LIFE OF EVALUATION IS 33.49 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 245 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 11-T1S-R74E PROVED PURKEY #1 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 543 FINAL - 0.500000 0.437500 4.22 10.00% - 526 REMARKS - 15.00% - 509 20.00% - 493 25.00% - 478
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 2 0 0 0.981 0.00 4.22 2004 1 0 0 2 0 0 0.915 0.00 4.22 2005 1 0 0 1 0 0 0.073 0.00 4.22 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 5 0 0 1.969 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 5 0 0 1.969 0.00 4.22 CUMULATIVE 0 0 13 ULTIMATE 0 0 18
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 4,139 0 4,139 0 124 4,015 2004 0 0 3,862 0 3,862 0 116 3,746 2005 0 0 310 0 310 0 9 301 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 8,311 0 8,311 0 249 8,062 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 8,311 0 8,311 0 249 8,062
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,600 0 0 0 3,600 415 415 397 2004 3,600 0 0 0 3,600 146 561 128 2005 300 0 0 0 300 1 562 1 2006 0 0 0 0 0 0 562 0 2007 0 0 0 0 0 0 562 0 2008 0 0 0 0 0 0 562 0 2009 0 0 0 0 0 0 562 0 2010 0 0 0 0 0 0 562 0 2011 0 0 0 0 0 0 562 0 2012 0 0 0 0 0 0 562 0 2013 0 0 0 0 0 0 562 0 2014 0 0 0 0 0 0 562 0 2015 0 0 0 0 0 0 562 0 2016 0 0 0 0 0 0 562 0 2017 0 0 0 0 0 0 562 0 SUBTOT 7,500 0 0 0 7,500 562 526 REMAIN 0 0 0 0 0 0 562 0 TOTAL 7,500 0 0 0 7,500 562 526 LIFE OF EVALUATION IS 2.08 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 246 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE MILLER PETROLEUM - OPERATOR 12-T1S-R74E PROVED PURKEY #2 (TRENTON) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 5.00% - 0 FINAL - 0.500000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 2 ULTIMATE 0 0 2
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 247 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 12-T1S-R74E PROVED PURKEY #3 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 114,850 FINAL - 0.500000 0.437500 4.22 10.00% - 88,574 REMARKS - 15.00% - 72,386 20.00% - 61,479 25.00% - 53,623
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 14 0 0 5.981 0.00 4.22 2004 1 0 0 11 0 0 4.909 0.00 4.22 2005 1 0 0 10 0 0 4.217 0.00 4.22 2006 1 0 0 8 0 0 3.727 0.00 4.22 2007 1 0 0 8 0 0 3.359 0.00 4.22 2008 1 0 0 7 0 0 3.070 0.00 4.22 2009 1 0 0 6 0 0 2.836 0.00 4.22 2010 1 0 0 6 0 0 2.642 0.00 4.22 2011 1 0 0 6 0 0 2.478 0.00 4.22 2012 1 0 0 5 0 0 2.338 0.00 4.22 2013 1 0 0 5 0 0 2.215 0.00 4.22 2014 1 0 0 5 0 0 2.108 0.00 4.22 2015 1 0 0 5 0 0 2.013 0.00 4.22 2016 1 0 0 4 0 0 1.928 0.00 4.22 2017 1 0 0 4 0 0 1.850 0.00 4.22 SUB-TOTAL 0 0 104 0 0 45.671 0.00 4.22 REMAINDER 0 0 53 0 0 22.888 0.00 4.22 TOTAL 0 0 157 0 0 68.559 0.00 4.22 CUMULATIVE 0 0 33 ULTIMATE 0 0 190
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 25,242 0 25,242 0 757 24,485 2004 0 0 20,715 0 20,715 0 622 20,093 2005 0 0 17,795 0 17,795 0 534 17,261 2006 0 0 15,728 0 15,728 0 471 15,257 2007 0 0 14,173 0 14,173 0 426 13,747 2008 0 0 12,954 0 12,954 0 388 12,566 2009 0 0 11,967 0 11,967 0 359 11,608 2010 0 0 11,148 0 11,148 0 335 10,813 2011 0 0 10,458 0 10,458 0 313 10,145 2012 0 0 9,865 0 9,865 0 296 9,569 2013 0 0 9,349 0 9,349 0 281 9,068 2014 0 0 8,896 0 8,896 0 267 8,629 2015 0 0 8,494 0 8,494 0 255 8,239 2016 0 0 8,135 0 8,135 0 244 7,891 2017 0 0 7,807 0 7,807 0 234 7,573 SUB-TOT 0 0 192,726 0 192,726 0 5,782 186,944 REMAIN 0 0 96,586 0 96,586 0 2,897 93,689 TOTAL 0 0 289,312 0 289,312 0 8,679 280,633
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,600 0 0 0 3,600 20,885 20,885 19,923 2004 3,600 0 0 0 3,600 16,493 37,378 14,234 2005 3,600 0 0 0 3,600 13,661 51,039 10,670 2006 3,600 0 0 0 3,600 11,657 62,696 8,240 2007 3,600 0 0 0 3,600 10,147 72,843 6,491 2008 3,600 0 0 0 3,600 8,966 81,809 5,192 2009 3,600 0 0 0 3,600 8,008 89,817 4,198 2010 3,600 0 0 0 3,600 7,213 97,030 3,422 2011 3,600 0 0 0 3,600 6,545 103,575 2,810 2012 3,600 0 0 0 3,600 5,969 109,544 2,320 2013 3,600 0 0 0 3,600 5,468 115,012 1,924 2014 3,600 0 0 0 3,600 5,029 120,041 1,602 2015 3,600 0 0 0 3,600 4,639 124,680 1,337 2016 3,600 0 0 0 3,600 4,291 128,971 1,120 2017 3,600 0 0 0 3,600 3,973 132,944 939 SUBTOT 54,000 0 0 0 54,000 132,944 84,422 REMAIN 63,900 0 0 0 63,900 29,789 162,733 4,152 TOTAL 117,900 0 0 0 117,900 162,733 88,574 LIFE OF EVALUATION IS 32.75 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 248 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 12-T1S-R74E PROVED PURKEY #3 BP1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 63,274 FINAL - 0.500000 0.437500 4.22 10.00% - 10,245 REMARKS - 15.00% - 1,711 20.00% - 294 25.00% - 52
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 256 0 0 112.093 0.00 4.22 TOTAL 0 0 256 0 0 112.093 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 256
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 473,034 0 473,034 0 14,191 458,843 TOTAL 0 0 473,034 0 473,034 0 14,191 458,843
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 44,220 0 10,000 0 54,220 404,623 404,623 10,245 TOTAL 44,220 0 10,000 0 54,220 404,623 10,245 LIFE OF EVALUATION IS 45.03 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 249 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 12-T1S-R74E PROVED PURKEY #3 BP2 (TRENTON-MURFREESBORO) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 14,280 FINAL - 0.500000 0.437500 4.22 10.00% - 1,403 REMARKS - 15.00% - 139 20.00% - 14 25.00% - 1
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 95 0 0 41.560 0.00 4.22 TOTAL 0 0 95 0 0 41.560 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 95
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 175,384 0 175,384 0 5,262 170,122 TOTAL 0 0 175,384 0 175,384 0 5,262 170,122
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 12,996 0 10,000 0 22,996 147,126 147,126 1,403 TOTAL 12,996 0 10,000 0 22,996 147,126 1,403 LIFE OF EVALUATION IS 48.69 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 250 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED PURKEY #4 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 303,013 FINAL - 0.500000 0.437500 4.22 10.00% - 246,466 REMARKS - 15.00% - 202,360 20.00% - 167,537 25.00% - 139,719
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 24 0 0 10.467 0.00 4.22 2004 1 0 0 64 0 0 28.241 0.00 4.22 2005 1 0 0 44 0 0 19.153 0.00 4.22 2006 1 0 0 35 0 0 15.053 0.00 4.22 2007 1 0 0 29 0 0 12.625 0.00 4.22 2008 1 0 0 25 0 0 10.988 0.00 4.22 2009 1 0 0 22 0 0 9.797 0.00 4.22 2010 1 0 0 20 0 0 8.884 0.00 4.22 2011 1 0 0 18 0 0 7.729 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 281 0 0 122.937 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 281 0 0 122.937 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 281
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 44,173 0 44,173 0 1,325 42,848 2004 0 0 119,177 0 119,177 0 3,576 115,601 2005 0 0 80,826 0 80,826 0 2,424 78,402 2006 0 0 63,524 0 63,524 0 1,906 61,618 2007 0 0 53,276 0 53,276 0 1,598 51,678 2008 0 0 46,370 0 46,370 0 1,391 44,979 2009 0 0 41,343 0 41,343 0 1,241 40,102 2010 0 0 37,491 0 37,491 0 1,124 36,367 2011 0 0 32,616 0 32,616 0 979 31,637 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 518,796 0 518,796 0 15,564 503,232 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 518,796 0 518,796 0 15,564 503,232
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 100,000 0 100,000 -57,152 -57,152 -53,129 2004 1,800 0 0 0 1,800 113,801 56,649 98,511 2005 3,600 0 0 0 3,600 74,802 131,451 58,486 2006 3,600 0 0 0 3,600 58,018 189,469 41,032 2007 3,600 0 0 0 3,600 48,078 237,547 30,768 2008 3,600 0 0 0 3,600 41,379 278,926 23,964 2009 3,600 0 0 0 3,600 36,502 315,428 19,134 2010 3,600 0 0 0 3,600 32,767 348,195 15,545 2011 3,403 0 0 0 3,403 28,234 376,429 12,155 2012 0 0 0 0 0 0 376,429 0 2013 0 0 0 0 0 0 376,429 0 2014 0 0 0 0 0 0 376,429 0 2015 0 0 0 0 0 0 376,429 0 2016 0 0 0 0 0 0 376,429 0 2017 0 0 0 0 0 0 376,429 0 SUBTOT 26,803 0 100,000 0 126,803 376,429 246,466 REMAIN 0 0 0 0 0 0 376,429 0 TOTAL 26,803 0 100,000 0 126,803 376,429 246,466 LIFE OF EVALUATION IS 8.95 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 251 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED PURKEY #5 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 326,619 FINAL - 0.500000 0.437500 4.22 10.00% - 265,509 REMARKS - 15.00% - 218,119 20.00% - 180,874 25.00% - 151,223
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 26 0 0 11.467 0.00 4.22 2004 1 0 0 69 0 0 29.991 0.00 4.22 2005 1 0 0 45 0 0 19.967 0.00 4.22 2006 1 0 0 36 0 0 15.589 0.00 4.22 2007 1 0 0 30 0 0 13.030 0.00 4.22 2008 1 0 0 26 0 0 11.317 0.00 4.22 2009 1 0 0 23 0 0 10.075 0.00 4.22 2010 1 0 0 21 0 0 9.127 0.00 4.22 2011 1 0 0 19 0 0 8.374 0.00 4.22 2012 1 0 0 5 0 0 2.313 0.00 4.22 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 300 0 0 131.250 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 300 0 0 131.250 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 300
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 48,391 0 48,391 0 1,452 46,939 2004 0 0 126,561 0 126,561 0 3,797 122,764 2005 0 0 84,261 0 84,261 0 2,527 81,734 2006 0 0 65,787 0 65,787 0 1,974 63,813 2007 0 0 54,985 0 54,985 0 1,650 53,335 2008 0 0 47,756 0 47,756 0 1,432 46,324 2009 0 0 42,518 0 42,518 0 1,276 41,242 2010 0 0 38,515 0 38,515 0 1,155 37,360 2011 0 0 35,340 0 35,340 0 1,060 34,280 2012 0 0 9,761 0 9,761 0 293 9,468 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 553,875 0 553,875 0 16,616 537,259 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 553,875 0 553,875 0 16,616 537,259
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 900 0 100,000 0 100,900 -53,961 -53,961 -50,200 2004 3,600 0 0 0 3,600 119,164 65,203 103,147 2005 3,600 0 0 0 3,600 78,134 143,337 61,094 2006 3,600 0 0 0 3,600 60,213 203,550 42,587 2007 3,600 0 0 0 3,600 49,735 253,285 31,828 2008 3,600 0 0 0 3,600 42,724 296,009 24,744 2009 3,600 0 0 0 3,600 37,642 333,651 19,731 2010 3,600 0 0 0 3,600 33,760 367,411 16,017 2011 3,600 0 0 0 3,600 30,680 398,091 13,174 2012 1,046 0 0 0 1,046 8,422 406,513 3,387 2013 0 0 0 0 0 0 406,513 0 2014 0 0 0 0 0 0 406,513 0 2015 0 0 0 0 0 0 406,513 0 2016 0 0 0 0 0 0 406,513 0 2017 0 0 0 0 0 0 406,513 0 SUBTOT 30,746 0 100,000 0 130,746 406,513 265,509 REMAIN 0 0 0 0 0 0 406,513 0 TOTAL 30,746 0 100,000 0 130,746 406,513 265,509 LIFE OF EVALUATION IS 9.29 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 252 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED RAY DEAN HELTON #1 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 1 ULTIMATE 0 0 1
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 253 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED RAY DEAN HELTON #1 BP (TRENTON-STONES RIVER) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 283,831 FINAL - 1.000000 0.875000 4.22 10.00% - 241,111 REMARKS - 15.00% - 206,477 20.00% - 178,111 25.00% - 154,656
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 32 0 0 27.802 0.00 4.22 2005 1 0 0 24 0 0 20.952 0.00 4.22 2006 1 0 0 18 0 0 15.790 0.00 4.22 2007 1 0 0 13 0 0 11.899 0.00 4.22 2008 1 0 0 11 0 0 8.967 0.00 4.22 2009 1 0 0 7 0 0 6.758 0.00 4.22 2010 1 0 0 6 0 0 5.093 0.00 4.22 2011 1 0 0 5 0 0 3.838 0.00 4.22 2012 1 0 0 0 0 0 0.455 0.00 4.22 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 116 0 0 101.554 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 116 0 0 101.554 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 116
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 117,326 0 117,326 0 3,520 113,806 2005 0 0 88,418 0 88,418 0 2,652 85,766 2006 0 0 66,633 0 66,633 0 1,999 64,634 2007 0 0 50,215 0 50,215 0 1,507 48,708 2008 0 0 37,842 0 37,842 0 1,135 36,707 2009 0 0 28,518 0 28,518 0 856 27,662 2010 0 0 21,492 0 21,492 0 644 20,848 2011 0 0 16,196 0 16,196 0 486 15,710 2012 0 0 1,920 0 1,920 0 58 1,862 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 428,560 0 428,560 0 12,857 415,703 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 428,560 0 428,560 0 12,857 415,703
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 7,200 0 20,000 0 27,200 86,606 86,606 74,050 2005 7,200 0 0 0 7,200 78,566 165,172 61,432 2006 7,200 0 0 0 7,200 57,434 222,606 40,655 2007 7,200 0 0 0 7,200 41,508 264,114 26,599 2008 7,200 0 0 0 7,200 29,507 293,621 17,120 2009 7,200 0 0 0 7,200 20,462 314,083 10,749 2010 7,200 0 0 0 7,200 13,648 327,731 6,492 2011 7,200 0 0 0 7,200 8,510 336,241 3,668 2012 1,006 0 0 0 1,006 856 337,097 346 2013 0 0 0 0 0 0 337,097 0 2014 0 0 0 0 0 0 337,097 0 2015 0 0 0 0 0 0 337,097 0 2016 0 0 0 0 0 0 337,097 0 2017 0 0 0 0 0 0 337,097 0 SUBTOT 58,606 0 20,000 0 78,606 337,097 241,111 REMAIN 0 0 0 0 0 0 337,097 0 TOTAL 58,606 0 20,000 0 78,606 337,097 241,111 LIFE OF EVALUATION IS 9.14 YEARS. FINAL PRODUCTION RATE: 0.3 MMCF/MO
TENGASCO, INC. TABLE 254 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE MILLER PETROLEUM - OPERATOR 6-T1S-R75E PROVED RAY DEAN HELTON #2 (STONES RIVER) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 26.90 5.00% - 154,998 FINAL - 0.500000 0.437500 26.90 10.00% - 146,192 REMARKS - 15.00% - 138,029 20.00% - 130,452 25.00% - 123,409
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 7,003 0 0 3,064 0 0.000 26.90 0.00 2004 1 6,338 0 0 2,773 0 0.000 26.90 0.00 2005 1 2,093 0 0 915 0 0.000 26.90 0.00 2006 1 45 0 0 20 0 0.000 26.90 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 15,479 0 0 6,772 0 0.000 26.90 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 15,479 0 0 6,772 0 0.000 26.90 0.00 CUMULATIVE 0 0 0 ULTIMATE 15,479 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 82,413 0 0 0 82,413 2,472 0 79,941 2004 74,589 0 0 0 74,589 2,238 0 72,351 2005 24,639 0 0 0 24,639 739 0 23,900 2006 527 0 0 0 527 16 0 511 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 182,168 0 0 0 182,168 5,465 0 176,703 REMAIN 0 0 0 0 0 0 0 0 TOTAL 182,168 0 0 0 182,168 5,465 0 176,703
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 2,400 0 0 0 2,400 77,541 77,541 72,133 2004 4,800 0 0 0 4,800 67,551 145,092 58,760 2005 4,800 0 0 0 4,800 19,100 164,192 15,064 2006 192 0 0 0 192 319 164,511 235 2007 0 0 0 0 0 0 164,511 0 2008 0 0 0 0 0 0 164,511 0 2009 0 0 0 0 0 0 164,511 0 2010 0 0 0 0 0 0 164,511 0 2011 0 0 0 0 0 0 164,511 0 2012 0 0 0 0 0 0 164,511 0 2013 0 0 0 0 0 0 164,511 0 2014 0 0 0 0 0 0 164,511 0 2015 0 0 0 0 0 0 164,511 0 2016 0 0 0 0 0 0 164,511 0 2017 0 0 0 0 0 0 164,511 0 SUBTOT 12,192 0 0 0 12,192 164,511 146,192 REMAIN 0 0 0 0 0 0 164,511 0 TOTAL 12,192 0 0 0 12,192 164,511 146,192 LIFE OF EVALUATION IS 3.04 YEARS. FINAL PRODUCTION RATE: 93 BBLS/MO
TENGASCO, INC. TABLE 255 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 6-T1S-R75E PROVED RAY DEAN HELTON #2 BP1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 207,261 FINAL - 0.500000 0.437500 4.22 10.00% - 159,445 REMARKS - 15.00% - 123,513 20.00% - 96,312 25.00% - 75,572
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 40 0 0 17.596 0.00 4.22 2007 1 0 0 35 0 0 15.344 0.00 4.22 2008 1 0 0 30 0 0 12.878 0.00 4.22 2009 1 0 0 25 0 0 10.970 0.00 4.22 2010 1 0 0 21 0 0 9.462 0.00 4.22 2011 1 0 0 15 0 0 6.245 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 166 0 0 72.495 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 166 0 0 72.495 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 166
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 74,256 0 74,256 0 2,228 72,028 2007 0 0 64,752 0 64,752 0 1,942 62,810 2008 0 0 54,346 0 54,346 0 1,631 52,715 2009 0 0 46,293 0 46,293 0 1,388 44,905 2010 0 0 39,930 0 39,930 0 1,198 38,732 2011 0 0 26,353 0 26,353 0 791 25,562 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 305,930 0 305,930 0 9,178 296,752 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 305,930 0 305,930 0 9,178 296,752
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 3,300 0 5,000 0 8,300 63,728 63,728 44,806 2007 3,600 0 0 0 3,600 59,210 122,938 37,901 2008 3,600 0 0 0 3,600 49,115 172,053 28,455 2009 3,600 0 0 0 3,600 41,305 213,358 21,660 2010 3,600 0 0 0 3,600 35,132 248,490 16,675 2011 2,681 0 0 0 2,681 22,881 271,371 9,948 2012 0 0 0 0 0 0 271,371 0 2013 0 0 0 0 0 0 271,371 0 2014 0 0 0 0 0 0 271,371 0 2015 0 0 0 0 0 0 271,371 0 2016 0 0 0 0 0 0 271,371 0 2017 0 0 0 0 0 0 271,371 0 SUBTOT 20,381 0 5,000 0 25,381 271,371 159,445 REMAIN 0 0 0 0 0 0 271,371 0 TOTAL 20,381 0 5,000 0 25,381 271,371 159,445 LIFE OF EVALUATION IS 8.74 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 256 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 6-T1S-R75E PROVED RAY DEAN HELTON #2 BP2 (TRENTON) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 28,885 FINAL - 0.500000 0.437500 4.22 10.00% - 18,085 REMARKS - 15.00% - 11,347 20.00% - 7,135 25.00% - 4,496
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 9 0 0 3.734 0.00 4.22 2012 1 0 0 24 0 0 10.801 0.00 4.22 2013 1 0 0 1 0 0 0.339 0.00 4.22 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 34 0 0 14.874 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 34 0 0 14.874 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 34
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 15,757 0 15,757 0 473 15,284 2012 0 0 45,582 0 45,582 0 1,367 44,215 2013 0 0 1,430 0 1,430 0 43 1,387 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 62,769 0 62,769 0 1,883 60,886 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 62,769 0 62,769 0 1,883 60,886
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 900 0 10,000 0 10,900 4,384 4,384 1,779 2012 3,600 0 0 0 3,600 40,615 44,999 15,851 2013 151 0 0 0 151 1,236 46,235 455 2014 0 0 0 0 0 0 46,235 0 2015 0 0 0 0 0 0 46,235 0 2016 0 0 0 0 0 0 46,235 0 2017 0 0 0 0 0 0 46,235 0 SUBTOT 4,651 0 10,000 0 14,651 46,235 18,085 REMAIN 0 0 0 0 0 0 46,235 0 TOTAL 4,651 0 10,000 0 14,651 46,235 18,085 LIFE OF EVALUATION IS 10.04 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 257 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED RAY DEAN HELTON #3 (STONES RIVER) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 26.90 5.00% - 44 FINAL - 0.500000 0.437500 26.90 10.00% - 44 REMARKS - 15.00% - 44 20.00% - 44 25.00% - 44
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 39 0 0 17 0 0.000 26.90 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 39 0 0 17 0 0.000 26.90 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 39 0 0 17 0 0.000 26.90 0.00 CUMULATIVE 1,357 0 0 ULTIMATE 1,396 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 458 0 0 0 458 14 0 444 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 458 0 0 0 458 14 0 444 REMAIN 0 0 0 0 0 0 0 0 TOTAL 458 0 0 0 458 14 0 444
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 400 0 0 0 400 44 44 44 2004 0 0 0 0 0 0 44 0 2005 0 0 0 0 0 0 44 0 2006 0 0 0 0 0 0 44 0 2007 0 0 0 0 0 0 44 0 2008 0 0 0 0 0 0 44 0 2009 0 0 0 0 0 0 44 0 2010 0 0 0 0 0 0 44 0 2011 0 0 0 0 0 0 44 0 2012 0 0 0 0 0 0 44 0 2013 0 0 0 0 0 0 44 0 2014 0 0 0 0 0 0 44 0 2015 0 0 0 0 0 0 44 0 2016 0 0 0 0 0 0 44 0 2017 0 0 0 0 0 0 44 0 SUBTOT 400 0 0 0 400 44 44 REMAIN 0 0 0 0 0 0 44 0 TOTAL 400 0 0 0 400 44 44 LIFE OF EVALUATION IS 0.08 YEARS. FINAL PRODUCTION RATE: 39 BBLS/MO
TENGASCO, INC. TABLE 258 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED RAY DEAN HELTON #4 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 1,048,729 FINAL - 1.000000 0.875000 4.22 10.00% - 797,588 REMARKS - 15.00% - 632,513 20.00% - 517,580 25.00% - 433,476
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 75 0 0 65.354 0.00 4.22 2004 1 0 0 58 0 0 51.358 0.00 4.22 2005 1 0 0 45 0 0 38.971 0.00 4.22 2006 1 0 0 37 0 0 32.112 0.00 4.22 2007 1 0 0 31 0 0 27.652 0.00 4.22 2008 1 0 0 28 0 0 24.478 0.00 4.22 2009 1 0 0 25 0 0 22.083 0.00 4.22 2010 1 0 0 24 0 0 20.199 0.00 4.22 2011 1 0 0 21 0 0 18.672 0.00 4.22 2012 1 0 0 20 0 0 17.405 0.00 4.22 2013 1 0 0 18 0 0 16.333 0.00 4.22 2014 1 0 0 18 0 0 15.412 0.00 4.22 2015 1 0 0 17 0 0 14.610 0.00 4.22 2016 1 0 0 16 0 0 13.878 0.00 4.22 2017 1 0 0 15 0 0 13.184 0.00 4.22 SUB-TOTAL 0 0 448 0 0 391.701 0.00 4.22 REMAINDER 0 0 52 0 0 45.799 0.00 4.22 TOTAL 0 0 500 0 0 437.500 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 500
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 275,792 0 275,792 0 8,274 267,518 2004 0 0 216,730 0 216,730 0 6,502 210,228 2005 0 0 164,459 0 164,459 0 4,933 159,526 2006 0 0 135,512 0 135,512 0 4,066 131,446 2007 0 0 116,691 0 116,691 0 3,501 113,190 2008 0 0 103,296 0 103,296 0 3,098 100,198 2009 0 0 93,188 0 93,188 0 2,796 90,392 2010 0 0 85,240 0 85,240 0 2,557 82,683 2011 0 0 78,798 0 78,798 0 2,364 76,434 2012 0 0 73,449 0 73,449 0 2,204 71,245 2013 0 0 68,925 0 68,925 0 2,067 66,858 2014 0 0 65,040 0 65,040 0 1,952 63,088 2015 0 0 61,654 0 61,654 0 1,849 59,805 2016 0 0 58,566 0 58,566 0 1,757 56,809 2017 0 0 55,639 0 55,639 0 1,669 53,970 SUB-TOT 0 0 1,652,979 0 1,652,979 0 49,589 1,603,390 REMAIN 0 0 193,271 0 193,271 0 5,799 187,472 TOTAL 0 0 1,846,250 0 1,846,250 0 55,388 1,790,862
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 6,000 0 200,000 0 206,000 61,518 61,518 51,852 2004 7,200 0 0 0 7,200 203,028 264,546 175,433 2005 7,200 0 0 0 7,200 152,326 416,872 119,032 2006 7,200 0 0 0 7,200 124,246 541,118 87,846 2007 7,200 0 0 0 7,200 105,990 647,108 67,815 2008 7,200 0 0 0 7,200 92,998 740,106 53,853 2009 7,200 0 0 0 7,200 83,192 823,298 43,602 2010 7,200 0 0 0 7,200 75,483 898,781 35,809 2011 7,200 0 0 0 7,200 69,234 968,015 29,728 2012 7,200 0 0 0 7,200 64,045 1,032,060 24,892 2013 7,200 0 0 0 7,200 59,658 1,091,718 20,988 2014 7,200 0 0 0 7,200 55,888 1,147,606 17,797 2015 7,200 0 0 0 7,200 52,605 1,200,211 15,163 2016 7,200 0 0 0 7,200 49,609 1,249,820 12,945 2017 7,200 0 0 0 7,200 46,770 1,296,590 11,047 SUBTOT 106,800 0 200,000 0 306,800 1,296,590 767,802 REMAIN 28,341 0 0 0 28,341 159,131 1,455,721 29,786 TOTAL 135,141 0 200,000 0 335,141 1,455,721 797,588 LIFE OF EVALUATION IS 18.94 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 259 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED RAY DEAN HELTON #6 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 1,006,017 FINAL - 1.000000 0.875000 4.22 10.00% - 734,070 REMARKS - 15.00% - 558,624 20.00% - 438,724 25.00% - 352,709
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 86 0 0 75.237 0.00 4.22 2005 1 0 0 56 0 0 48.613 0.00 4.22 2006 1 0 0 42 0 0 37.575 0.00 4.22 2007 1 0 0 36 0 0 31.244 0.00 4.22 2008 1 0 0 31 0 0 27.052 0.00 4.22 2009 1 0 0 28 0 0 24.034 0.00 4.22 2010 1 0 0 24 0 0 21.738 0.00 4.22 2011 1 0 0 23 0 0 19.923 0.00 4.22 2012 1 0 0 21 0 0 18.445 0.00 4.22 2013 1 0 0 20 0 0 17.214 0.00 4.22 2014 1 0 0 18 0 0 16.170 0.00 4.22 2015 1 0 0 18 0 0 15.271 0.00 4.22 2016 1 0 0 16 0 0 14.485 0.00 4.22 2017 1 0 0 16 0 0 13.760 0.00 4.22 SUB-TOTAL 0 0 435 0 0 380.761 0.00 4.22 REMAINDER 0 0 65 0 0 56.739 0.00 4.22 TOTAL 0 0 500 0 0 437.500 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 500
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 317,498 0 317,498 0 9,525 307,973 2005 0 0 205,147 0 205,147 0 6,154 198,993 2006 0 0 158,568 0 158,568 0 4,757 153,811 2007 0 0 131,851 0 131,851 0 3,956 127,895 2008 0 0 114,158 0 114,158 0 3,425 110,733 2009 0 0 101,422 0 101,422 0 3,042 98,380 2010 0 0 91,735 0 91,735 0 2,752 88,983 2011 0 0 84,076 0 84,076 0 2,523 81,553 2012 0 0 77,839 0 77,839 0 2,335 75,504 2013 0 0 72,643 0 72,643 0 2,179 70,464 2014 0 0 68,238 0 68,238 0 2,047 66,191 2015 0 0 64,444 0 64,444 0 1,934 62,510 2016 0 0 61,126 0 61,126 0 1,833 59,293 2017 0 0 58,068 0 58,068 0 1,742 56,326 SUB-TOT 0 0 1,606,813 0 1,606,813 0 48,204 1,558,609 REMAIN 0 0 239,437 0 239,437 0 7,184 232,253 TOTAL 0 0 1,846,250 0 1,846,250 0 55,388 1,790,862
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ ----------------------------------------------------------- ----------------------------------------- OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED FD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ----------- ---------- ----------- -------- --------- ------------ ---------- ----------- v 2003 0 0 0 0 0 0 0 0 2004 7,200 0 200,000 0 207,200 100,773 100,773 80,160 2005 7,200 0 0 0 7,200 191,793 292,566 149,982 2006 7,200 0 0 0 7,200 146,611 439,177 103,697 2007 7,200 0 0 0 7,200 120,695 559,872 77,242 2008 7,200 0 0 0 7,200 103,533 663,405 59,962 2009 7,200 0 0 0 7,200 91,180 754,585 47,794 2010 7,200 0 0 0 7,200 81,783 836,368 38,800 2011 7,200 0 0 0 7,200 74,353 910,721 31,929 2012 7,200 0 0 0 7,200 68,304 979,025 26,548 2013 7,200 0 0 0 7,200 63,264 1,042,289 22,258 2014 7,200 0 0 0 7,200 58,991 1,101,280 18,786 2015 7,200 0 0 0 7,200 55,310 1,156,590 15,943 2016 7,200 0 0 0 7,200 52,093 1,208,683 13,593 2017 7,200 0 0 0 7,200 49,126 1,257,809 11,603 SUBTOT 100,800 0 200,000 0 300,800 1,257,809 698,297 REMAIN 34,341 0 0 0 34,341 197,912 1,455,721 35,773 TOTAL 135,141 0 200,000 0 335,141 1,455,721 734,070 LIFE OF EVALUATION IS 19.77 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 260 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE MILLER PETROLEUM - OPERATOR 11-T1S-R74E PROVED ROSE #1 (TRENTON) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 5.00% - 0 FINAL - 0.500000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 261 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED STEPHEN LAWSON #1 (TRENTON) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 26.90 5.00% - 24,310 FINAL - 0.500000 0.437500 26.90 10.00% - 21,951 REMARKS - 15.00% - 19,950 20.00% - 18,243 25.00% - 16,774
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 1,109 0 0 485 0 0.000 26.90 0.00 2004 1 965 0 0 422 0 0.000 26.90 0.00 2005 1 839 0 0 368 0 0.000 26.90 0.00 2006 1 730 0 0 319 0 0.000 26.90 0.00 2007 1 636 0 0 278 0 0.000 26.90 0.00 2008 1 553 0 0 242 0 0.000 26.90 0.00 2009 1 480 0 0 210 0 0.000 26.90 0.00 2010 1 160 0 0 70 0 0.000 26.90 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 5,472 0 0 2,394 0 0.000 26.90 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 5,472 0 0 2,394 0 0.000 26.90 0.00 CUMULATIVE 5,645 0 0 ULTIMATE 11,117 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 13,051 0 0 0 13,051 392 0 12,659 2004 11,355 0 0 0 11,355 340 0 11,015 2005 9,879 0 0 0 9,879 297 0 9,582 2006 8,594 0 0 0 8,594 257 0 8,337 2007 7,477 0 0 0 7,477 225 0 7,252 2008 6,505 0 0 0 6,505 195 0 6,310 2009 5,660 0 0 0 5,660 170 0 5,490 2010 1,878 0 0 0 1,878 56 0 1,822 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 64,399 0 0 0 64,399 1,932 0 62,467 REMAIN 0 0 0 0 0 0 0 0 TOTAL 64,399 0 0 0 64,399 1,932 0 62,467
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 4,800 0 0 0 4,800 7,859 7,859 7,494 2004 4,800 0 0 0 4,800 6,215 14,074 5,366 2005 4,800 0 0 0 4,800 4,782 18,856 3,738 2006 4,800 0 0 0 4,800 3,537 22,393 2,504 2007 4,800 0 0 0 4,800 2,452 24,845 1,572 2008 4,800 0 0 0 4,800 1,510 26,355 878 2009 4,800 0 0 0 4,800 690 27,045 365 2010 1,753 0 0 0 1,753 69 27,114 34 2011 0 0 0 0 0 0 27,114 0 2012 0 0 0 0 0 0 27,114 0 2013 0 0 0 0 0 0 27,114 0 2014 0 0 0 0 0 0 27,114 0 2015 0 0 0 0 0 0 27,114 0 2016 0 0 0 0 0 0 27,114 0 2017 0 0 0 0 0 0 27,114 0 SUBTOT 35,353 0 0 0 35,353 27,114 21,951 REMAIN 0 0 0 0 0 0 27,114 0 TOTAL 35,353 0 0 0 35,353 27,114 21,951 LIFE OF EVALUATION IS 7.37 YEARS. FINAL PRODUCTION RATE: 36 BBLS/MO
TENGASCO, INC. TABLE 262 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED STEPHEN LAWSON #2 (KNOX) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 39 ULTIMATE 0 0 39
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 263 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED STEPHEN LAWSON #3 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 168,297 FINAL - 1.000000 0.656250 4.22 10.00% - 137,480 REMARKS - 15.00% - 116,502 20.00% - 101,407 25.00% - 90,042
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 17 0 0 11.385 0.00 4.22 2004 1 0 0 14 0 0 8.664 0.00 4.22 2005 1 0 0 10 0 0 7.149 0.00 4.22 2006 1 0 0 10 0 0 6.161 0.00 4.22 2007 1 0 0 8 0 0 5.457 0.00 4.22 2008 1 0 0 8 0 0 4.925 0.00 4.22 2009 1 0 0 7 0 0 4.506 0.00 4.22 2010 1 0 0 6 0 0 4.166 0.00 4.22 2011 1 0 0 6 0 0 3.884 0.00 4.22 2012 1 0 0 5 0 0 3.646 0.00 4.22 2013 1 0 0 6 0 0 3.440 0.00 4.22 2014 1 0 0 5 0 0 3.262 0.00 4.22 2015 1 0 0 4 0 0 3.098 0.00 4.22 2016 1 0 0 5 0 0 2.943 0.00 4.22 2017 1 0 0 4 0 0 2.796 0.00 4.22 SUB-TOTAL 0 0 115 0 0 75.482 0.00 4.22 REMAINDER 0 0 29 0 0 18.775 0.00 4.22 TOTAL 0 0 144 0 0 94.257 0.00 4.22 CUMULATIVE 0 0 74 ULTIMATE 0 0 218
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 48,046 0 48,046 0 1,441 46,605 2004 0 0 36,562 0 36,562 0 1,097 35,465 2005 0 0 30,169 0 30,169 0 905 29,264 2006 0 0 25,999 0 25,999 0 780 25,219 2007 0 0 23,028 0 23,028 0 691 22,337 2008 0 0 20,783 0 20,783 0 624 20,159 2009 0 0 19,015 0 19,015 0 570 18,445 2010 0 0 17,582 0 17,582 0 528 17,054 2011 0 0 16,392 0 16,392 0 491 15,901 2012 0 0 15,385 0 15,385 0 462 14,923 2013 0 0 14,519 0 14,519 0 435 14,084 2014 0 0 13,764 0 13,764 0 413 13,351 2015 0 0 13,075 0 13,075 0 393 12,682 2016 0 0 12,422 0 12,422 0 372 12,050 2017 0 0 11,800 0 11,800 0 354 11,446 SUB-TOT 0 0 318,541 0 318,541 0 9,556 308,985 REMAIN 0 0 79,230 0 79,230 0 2,377 76,853 TOTAL 0 0 397,771 0 397,771 0 11,933 385,838
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 39,405 39,405 37,628 2004 7,200 0 0 0 7,200 28,265 67,670 24,409 2005 7,200 0 0 0 7,200 22,064 89,734 17,240 2006 7,200 0 0 0 7,200 18,019 107,753 12,740 2007 7,200 0 0 0 7,200 15,137 122,890 9,687 2008 7,200 0 0 0 7,200 12,959 135,849 7,506 2009 7,200 0 0 0 7,200 11,245 147,094 5,896 2010 7,200 0 0 0 7,200 9,854 156,948 4,676 2011 7,200 0 0 0 7,200 8,701 165,649 3,737 2012 7,200 0 0 0 7,200 7,723 173,372 3,003 2013 7,200 0 0 0 7,200 6,884 180,256 2,422 2014 7,200 0 0 0 7,200 6,151 186,407 1,960 2015 7,200 0 0 0 7,200 5,482 191,889 1,581 2016 7,200 0 0 0 7,200 4,850 196,739 1,266 2017 7,200 0 0 0 7,200 4,246 200,985 1,004 SUBTOT 108,000 0 0 0 108,000 200,985 134,755 REMAIN 61,200 0 0 0 61,200 15,653 216,638 2,725 TOTAL 169,200 0 0 0 169,200 216,638 137,480 LIFE OF EVALUATION IS 23.50 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 264 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED STEPHEN LAWSON #3 BP (TRNT-SR-MFB) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 0.656250 26.90 4.22 5.00% - 187,165 FINAL - 1.000000 0.656250 0.656250 26.90 4.22 10.00% - 55,279 REMARKS - 15.00% - 16,438 20.00% - 4,920 25.00% - 1,482
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 38,665 0 26 25,374 0 17.047 26.90 4.22 TOTAL 38,665 0 26 25,374 0 17.047 26.90 4.22 CUMULATIVE 0 0 0 ULTIMATE 38,665 0 26
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 682,558 0 71,939 0 754,497 20,477 2,158 731,862 TOTAL 682,558 0 71,939 0 754,497 20,477 2,158 731,862
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 43,738 0 50,000 0 93,738 638,124 638,124 55,279 TOTAL 43,738 0 50,000 0 93,738 638,124 55,279 LIFE OF EVALUATION IS 28.06 YEARS. FINAL PRODUCTION RATE: 64 BBLS/MO
TENGASCO, INC. TABLE 265 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 7-T1S-R75E PROVED STEPHEN LAWSON #4 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 2,842 FINAL - 1.000000 0.656250 4.22 10.00% - 2,756 REMARKS - 15.00% - 2,674 20.00% - 2,597 25.00% - 2,523
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 4 0 0 2.313 0.00 4.22 2004 1 0 0 2 0 0 1.920 0.00 4.22 2005 1 0 0 1 0 0 0.148 0.00 4.22 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 7 0 0 4.381 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 7 0 0 4.381 0.00 4.22 CUMULATIVE 0 0 10 ULTIMATE 0 0 17
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 9,760 0 9,760 0 293 9,467 2004 0 0 8,103 0 8,103 0 243 7,860 2005 0 0 624 0 624 0 19 605 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 18,487 0 18,487 0 555 17,932 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 18,487 0 18,487 0 555 17,932
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 2,267 2,267 2,174 2004 7,200 0 0 0 7,200 660 2,927 578 2005 600 0 0 0 600 5 2,932 4 2006 0 0 0 0 0 0 2,932 0 2007 0 0 0 0 0 0 2,932 0 2008 0 0 0 0 0 0 2,932 0 2009 0 0 0 0 0 0 2,932 0 2010 0 0 0 0 0 0 2,932 0 2011 0 0 0 0 0 0 2,932 0 2012 0 0 0 0 0 0 2,932 0 2013 0 0 0 0 0 0 2,932 0 2014 0 0 0 0 0 0 2,932 0 2015 0 0 0 0 0 0 2,932 0 2016 0 0 0 0 0 0 2,932 0 2017 0 0 0 0 0 0 2,932 0 SUBTOT 15,000 0 0 0 15,000 2,932 2,756 REMAIN 0 0 0 0 0 0 2,932 0 TOTAL 15,000 0 0 0 15,000 2,932 2,756 LIFE OF EVALUATION IS 2.08 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 266 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 7-T1S-R75E PROVED STEPHEN LAWSON #4 BP (STONES RIVER) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 0.656250 26.90 4.22 5.00% - 155,182 FINAL - 1.000000 0.656250 0.656250 26.90 4.22 10.00% - 133,299 REMARKS - 15.00% - 114,710 20.00% - 98,888 25.00% - 85,392
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 7,064 0 5 4,636 0 3.115 26.90 4.22 2006 1 3,542 0 2 2,324 0 1.562 26.90 4.22 2007 1 1,566 0 1 1,028 0 0.691 26.90 4.22 2008 1 613 0 1 402 0 0.270 26.90 4.22 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 12,785 0 9 8,390 0 5.638 26.90 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 12,785 0 9 8,390 0 5.638 26.90 4.22 CUMULATIVE 0 0 0 ULTIMATE 12,785 0 9
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 124,707 0 13,144 0 137,851 3,741 394 133,716 2006 62,521 0 6,589 0 69,110 1,876 198 67,036 2007 27,652 0 2,914 0 30,566 829 87 29,650 2008 10,817 0 1,140 0 11,957 325 35 11,597 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 225,697 0 23,787 0 249,484 6,771 714 241,999 REMAIN 0 0 0 0 0 0 0 0 TOTAL 225,697 0 23,787 0 249,484 6,771 714 241,999
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 8,800 0 25,000 0 33,800 99,916 99,916 77,365 2006 9,600 0 0 0 9,600 57,436 157,352 40,865 2007 9,600 0 0 0 9,600 20,050 177,402 12,939 2008 8,000 0 0 0 8,000 3,597 180,999 2,130 2009 0 0 0 0 0 0 180,999 0 2010 0 0 0 0 0 0 180,999 0 2011 0 0 0 0 0 0 180,999 0 2012 0 0 0 0 0 0 180,999 0 2013 0 0 0 0 0 0 180,999 0 2014 0 0 0 0 0 0 180,999 0 2015 0 0 0 0 0 0 180,999 0 2016 0 0 0 0 0 0 180,999 0 2017 0 0 0 0 0 0 180,999 0 SUBTOT 36,000 0 25,000 0 61,000 180,999 133,299 REMAIN 0 0 0 0 0 0 180,999 0 TOTAL 36,000 0 25,000 0 61,000 180,999 133,299 LIFE OF EVALUATION IS 5.83 YEARS. FINAL PRODUCTION RATE: 44 BBLS/MO
TENGASCO, INC. TABLE 267 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED STEPHEN LAWSON #5 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 191,293 FINAL - 1.000000 0.656250 4.22 10.00% - 158,916 REMARKS - 15.00% - 136,611 20.00% - 120,373 25.00% - 108,011
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 22 0 0 14.517 0.00 4.22 2004 1 0 0 15 0 0 9.900 0.00 4.22 2005 1 0 0 12 0 0 7.797 0.00 4.22 2006 1 0 0 10 0 0 6.546 0.00 4.22 2007 1 0 0 9 0 0 5.701 0.00 4.22 2008 1 0 0 8 0 0 5.086 0.00 4.22 2009 1 0 0 7 0 0 4.613 0.00 4.22 2010 1 0 0 6 0 0 4.237 0.00 4.22 2011 1 0 0 6 0 0 3.930 0.00 4.22 2012 1 0 0 6 0 0 3.672 0.00 4.22 2013 1 0 0 5 0 0 3.454 0.00 4.22 2014 1 0 0 5 0 0 3.265 0.00 4.22 2015 1 0 0 5 0 0 3.098 0.00 4.22 2016 1 0 0 4 0 0 2.943 0.00 4.22 2017 1 0 0 4 0 0 2.796 0.00 4.22 SUB-TOTAL 0 0 124 0 0 81.555 0.00 4.22 REMAINDER 0 0 29 0 0 18.775 0.00 4.22 TOTAL 0 0 153 0 0 100.330 0.00 4.22 CUMULATIVE 0 0 67 ULTIMATE 0 0 220
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 61,263 0 61,263 0 1,838 59,425 2004 0 0 41,780 0 41,780 0 1,253 40,527 2005 0 0 32,902 0 32,902 0 987 31,915 2006 0 0 27,624 0 27,624 0 829 26,795 2007 0 0 24,060 0 24,060 0 722 23,338 2008 0 0 21,461 0 21,461 0 644 20,817 2009 0 0 19,468 0 19,468 0 584 18,884 2010 0 0 17,881 0 17,881 0 536 17,345 2011 0 0 16,583 0 16,583 0 498 16,085 2012 0 0 15,498 0 15,498 0 465 15,033 2013 0 0 14,574 0 14,574 0 437 14,137 2014 0 0 13,777 0 13,777 0 413 13,364 2015 0 0 13,076 0 13,076 0 392 12,684 2016 0 0 12,421 0 12,421 0 373 12,048 2017 0 0 11,801 0 11,801 0 354 11,447 SUB-TOT 0 0 344,169 0 344,169 0 10,325 333,844 REMAIN 0 0 79,230 0 79,230 0 2,377 76,853 TOTAL 0 0 423,399 0 423,399 0 12,702 410,697
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 52,225 52,225 49,944 2004 7,200 0 0 0 7,200 33,327 85,552 28,796 2005 7,200 0 0 0 7,200 24,715 110,267 19,317 2006 7,200 0 0 0 7,200 19,595 129,862 13,858 2007 7,200 0 0 0 7,200 16,138 146,000 10,329 2008 7,200 0 0 0 7,200 13,617 159,617 7,888 2009 7,200 0 0 0 7,200 11,684 171,301 6,126 2010 7,200 0 0 0 7,200 10,145 181,446 4,814 2011 7,200 0 0 0 7,200 8,885 190,331 3,817 2012 7,200 0 0 0 7,200 7,833 198,164 3,045 2013 7,200 0 0 0 7,200 6,937 205,101 2,442 2014 7,200 0 0 0 7,200 6,164 211,265 1,964 2015 7,200 0 0 0 7,200 5,484 216,749 1,581 2016 7,200 0 0 0 7,200 4,848 221,597 1,266 2017 7,200 0 0 0 7,200 4,247 225,844 1,004 SUBTOT 108,000 0 0 0 108,000 225,844 156,191 REMAIN 61,200 0 0 0 61,200 15,653 241,497 2,725 TOTAL 169,200 0 0 0 169,200 241,497 158,916 LIFE OF EVALUATION IS 23.50 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 268 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED STEPHEN LAWSON #5 BP (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 412,725 FINAL - 1.000000 0.656250 4.22 10.00% - 105,099 REMARKS - 15.00% - 27,890 20.00% - 7,642 25.00% - 2,147
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 689 0 0 452.127 0.00 4.22 TOTAL 0 0 689 0 0 452.127 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 689
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 1,907,974 0 1,907,974 0 57,239 1,850,735 TOTAL 0 0 1,907,974 0 1,907,974 0 57,239 1,850,735
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 122,747 0 20,000 0 142,747 1,707,988 1,707,988 105,099 TOTAL 122,747 0 20,000 0 142,747 1,707,988 105,099 LIFE OF EVALUATION IS 40.55 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 269 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 6-T1S-R75E PROVED STEPHEN LAWSON #6 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 1,119,268 FINAL - 1.000000 0.656250 4.22 10.00% - 798,300 REMARKS - 15.00% - 603,331 20.00% - 474,239 25.00% - 382,936
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 124 0 0 81.469 0.00 4.22 2005 1 0 0 78 0 0 50.916 0.00 4.22 2006 1 0 0 59 0 0 38.950 0.00 4.22 2007 1 0 0 49 0 0 32.221 0.00 4.22 2008 1 0 0 43 0 0 27.811 0.00 4.22 2009 1 0 0 37 0 0 24.657 0.00 4.22 2010 1 0 0 34 0 0 22.269 0.00 4.22 2011 1 0 0 31 0 0 20.387 0.00 4.22 2012 1 0 0 29 0 0 18.858 0.00 4.22 2013 1 0 0 27 0 0 17.587 0.00 4.22 2014 1 0 0 25 0 0 16.511 0.00 4.22 2015 1 0 0 24 0 0 15.586 0.00 4.22 2016 1 0 0 22 0 0 14.778 0.00 4.22 2017 1 0 0 21 0 0 14.039 0.00 4.22 SUB-TOTAL 0 0 603 0 0 396.039 0.00 4.22 REMAINDER 0 0 173 0 0 113.208 0.00 4.22 TOTAL 0 0 776 0 0 509.247 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 776
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 343,800 0 343,800 0 10,314 333,486 2005 0 0 214,864 0 214,864 0 6,446 208,418 2006 0 0 164,371 0 164,371 0 4,931 159,440 2007 0 0 135,974 0 135,974 0 4,079 131,895 2008 0 0 117,365 0 117,365 0 3,521 113,844 2009 0 0 104,054 0 104,054 0 3,122 100,932 2010 0 0 93,977 0 93,977 0 2,819 91,158 2011 0 0 86,033 0 86,033 0 2,581 83,452 2012 0 0 79,582 0 79,582 0 2,388 77,194 2013 0 0 74,219 0 74,219 0 2,226 71,993 2014 0 0 69,678 0 69,678 0 2,090 67,588 2015 0 0 65,772 0 65,772 0 1,974 63,798 2016 0 0 62,365 0 62,365 0 1,871 60,494 2017 0 0 59,243 0 59,243 0 1,777 57,466 SUB-TOT 0 0 1,671,297 0 1,671,297 0 50,139 1,621,158 REMAIN 0 0 477,738 0 477,738 0 14,332 463,406 TOTAL 0 0 2,149,035 0 2,149,035 0 64,471 2,084,564
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 7,200 0 200,000 0 207,200 126,286 126,286 102,393 2005 7,200 0 0 0 7,200 201,218 327,504 157,372 2006 7,200 0 0 0 7,200 152,240 479,744 107,684 2007 7,200 0 0 0 7,200 124,695 604,439 79,804 2008 7,200 0 0 0 7,200 106,644 711,083 61,765 2009 7,200 0 0 0 7,200 93,732 804,815 49,133 2010 7,200 0 0 0 7,200 83,958 888,773 39,832 2011 7,200 0 0 0 7,200 76,252 965,025 32,744 2012 7,200 0 0 0 7,200 69,994 1,035,019 27,206 2013 7,200 0 0 0 7,200 64,793 1,099,812 22,795 2014 7,200 0 0 0 7,200 60,388 1,160,200 19,231 2015 7,200 0 0 0 7,200 56,598 1,216,798 16,315 2016 7,200 0 0 0 7,200 53,294 1,270,092 13,906 2017 7,200 0 0 0 7,200 50,266 1,320,358 11,872 SUBTOT 100,800 0 200,000 0 300,800 1,320,358 742,052 REMAIN 77,536 0 0 0 77,536 385,870 1,706,228 56,248 TOTAL 178,336 0 200,000 0 378,336 1,706,228 798,300 LIFE OF EVALUATION IS 25.77 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 270 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 7-T1S-R75E PROVED STEPHEN LAWSON #7 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.656250 4.22 5.00% - 845,961 FINAL - 1.000000 0.656250 4.22 10.00% - 605,793 REMARKS - 15.00% - 454,913 20.00% - 353,446 25.00% - 281,338
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 101 0 0 66.114 0.00 4.22 2005 1 0 0 63 0 0 41.827 0.00 4.22 2006 1 0 0 49 0 0 32.116 0.00 4.22 2007 1 0 0 41 0 0 26.616 0.00 4.22 2008 1 0 0 35 0 0 22.999 0.00 4.22 2009 1 0 0 31 0 0 20.405 0.00 4.22 2010 1 0 0 28 0 0 18.439 0.00 4.22 2011 1 0 0 26 0 0 16.887 0.00 4.22 2012 1 0 0 24 0 0 15.625 0.00 4.22 2013 1 0 0 22 0 0 14.576 0.00 4.22 2014 1 0 0 21 0 0 13.687 0.00 4.22 2015 1 0 0 20 0 0 12.922 0.00 4.22 2016 1 0 0 18 0 0 12.254 0.00 4.22 2017 1 0 0 18 0 0 11.641 0.00 4.22 SUB-TOTAL 0 0 497 0 0 326.108 0.00 4.22 REMAINDER 0 0 103 0 0 67.643 0.00 4.22 TOTAL 0 0 600 0 0 393.751 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 600
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 279,001 0 279,001 0 8,370 270,631 2005 0 0 176,512 0 176,512 0 5,295 171,217 2006 0 0 135,530 0 135,530 0 4,066 131,464 2007 0 0 112,321 0 112,321 0 3,370 108,951 2008 0 0 97,054 0 97,054 0 2,912 94,142 2009 0 0 86,110 0 86,110 0 2,583 83,527 2010 0 0 77,812 0 77,812 0 2,334 75,478 2011 0 0 71,262 0 71,262 0 2,138 69,124 2012 0 0 65,939 0 65,939 0 1,978 63,961 2013 0 0 61,510 0 61,510 0 1,846 59,664 2014 0 0 57,757 0 57,757 0 1,732 56,025 2015 0 0 54,530 0 54,530 0 1,636 52,894 2016 0 0 51,711 0 51,711 0 1,551 50,160 2017 0 0 49,123 0 49,123 0 1,474 47,649 SUB-TOT 0 0 1,376,172 0 1,376,172 0 41,285 1,334,887 REMAIN 0 0 285,453 0 285,453 0 8,564 276,889 TOTAL 0 0 1,661,625 0 1,661,625 0 49,849 1,611,776
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 7,200 0 200,000 0 207,200 63,431 63,431 47,900 2005 7,200 0 0 0 7,200 164,017 227,448 128,275 2006 7,200 0 0 0 7,200 124,264 351,712 87,895 2007 7,200 0 0 0 7,200 101,751 453,463 65,120 2008 7,200 0 0 0 7,200 86,942 540,405 50,355 2009 7,200 0 0 0 7,200 76,327 616,732 40,010 2010 7,200 0 0 0 7,200 68,278 685,010 32,393 2011 7,200 0 0 0 7,200 61,924 746,934 26,592 2012 7,200 0 0 0 7,200 56,761 803,695 22,063 2013 7,200 0 0 0 7,200 52,464 856,159 18,458 2014 7,200 0 0 0 7,200 48,825 904,984 15,549 2015 7,200 0 0 0 7,200 45,694 950,678 13,171 2016 7,200 0 0 0 7,200 42,960 993,638 11,210 2017 7,200 0 0 0 7,200 40,449 1,034,087 9,554 SUBTOT 100,800 0 200,000 0 300,800 1,034,087 568,545 REMAIN 51,242 0 0 0 51,242 225,647 1,259,734 37,248 TOTAL 152,042 0 200,000 0 352,042 1,259,734 605,793 LIFE OF EVALUATION IS 22.12 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 271 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE OIL LEASE TENGASCO, INC. - OPERATOR 10-T1S-R74E PROVED T.J. HARRISON #1 (TRENTON) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO REMAINING ECONOMIC RESERVES. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 727 0 0 ULTIMATE 727 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 0.00 YEARS. FINAL PRODUCTION RATE: 0 BBLS/MO
TENGASCO, INC. TABLE 272 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 4-T1S-R75E PROVED WARREN REED #1 (KNOX) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 195,851 FINAL - 1.000000 0.875000 4.22 10.00% - 173,731 REMARKS - 15.00% - 154,468 20.00% - 137,654 25.00% - 122,944
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 24 0 0 20.577 0.00 4.22 2005 1 0 0 22 0 0 19.754 0.00 4.22 2006 1 0 0 22 0 0 18.964 0.00 4.22 2007 1 0 0 0 0 0 0.051 0.00 4.22 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 68 0 0 59.346 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 68 0 0 59.346 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 68
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 86,836 0 86,836 0 2,605 84,231 2005 0 0 83,362 0 83,362 0 2,501 80,861 2006 0 0 80,027 0 80,027 0 2,401 77,626 2007 0 0 215 0 215 0 6 209 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 250,440 0 250,440 0 7,513 242,927 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 250,440 0 250,440 0 7,513 242,927
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 7,200 0 0 0 7,200 77,031 77,031 66,394 2005 7,200 0 0 0 7,200 73,661 150,692 57,472 2006 7,200 0 0 0 7,200 70,426 221,118 49,739 2007 20 0 0 0 20 189 221,307 126 2008 0 0 0 0 0 0 221,307 0 2009 0 0 0 0 0 0 221,307 0 2010 0 0 0 0 0 0 221,307 0 2011 0 0 0 0 0 0 221,307 0 2012 0 0 0 0 0 0 221,307 0 2013 0 0 0 0 0 0 221,307 0 2014 0 0 0 0 0 0 221,307 0 2015 0 0 0 0 0 0 221,307 0 2016 0 0 0 0 0 0 221,307 0 2017 0 0 0 0 0 0 221,307 0 SUBTOT 21,620 0 0 0 21,620 221,307 173,731 REMAIN 0 0 0 0 0 0 221,307 0 TOTAL 21,620 0 0 0 21,620 221,307 173,731 LIFE OF EVALUATION IS 4.00 YEARS. FINAL PRODUCTION RATE: 1.8 MMCF/MO
TENGASCO, INC. TABLE 273 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 4-T1S-R75E PROVED WARREN REED #1 BP (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 926,318 FINAL - 1.000000 0.875000 4.22 10.00% - 673,415 REMARKS - 15.00% - 494,390 20.00% - 366,206 25.00% - 273,455
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 97 0 0 84.816 0.00 4.22 2008 1 0 0 81 0 0 70.654 0.00 4.22 2009 1 0 0 61 0 0 53.293 0.00 4.22 2010 1 0 0 46 0 0 40.198 0.00 4.22 2011 1 0 0 34 0 0 30.321 0.00 4.22 2012 1 0 0 26 0 0 22.871 0.00 4.22 2013 1 0 0 20 0 0 17.251 0.00 4.22 2014 1 0 0 15 0 0 13.012 0.00 4.22 2015 1 0 0 3 0 0 2.708 0.00 4.22 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 383 0 0 335.124 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 383 0 0 335.124 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 383
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 357,925 0 357,925 0 10,738 347,187 2008 0 0 298,160 0 298,160 0 8,945 289,215 2009 0 0 224,897 0 224,897 0 6,746 218,151 2010 0 0 169,637 0 169,637 0 5,090 164,547 2011 0 0 127,954 0 127,954 0 3,838 124,116 2012 0 0 96,515 0 96,515 0 2,896 93,619 2013 0 0 72,799 0 72,799 0 2,184 70,615 2014 0 0 54,912 0 54,912 0 1,647 53,265 2015 0 0 11,429 0 11,429 0 343 11,086 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,414,228 0 1,414,228 0 42,427 1,371,801 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,414,228 0 1,414,228 0 42,427 1,371,801
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 6,600 0 25,000 0 31,600 315,587 315,587 200,599 2008 7,200 0 0 0 7,200 282,015 597,602 163,535 2009 7,200 0 0 0 7,200 210,951 808,553 110,734 2010 7,200 0 0 0 7,200 157,347 965,900 74,768 2011 7,200 0 0 0 7,200 116,916 1,082,816 50,293 2012 7,200 0 0 0 7,200 86,419 1,169,235 33,651 2013 7,200 0 0 0 7,200 63,415 1,232,650 22,355 2014 7,200 0 0 0 7,200 46,065 1,278,715 14,701 2015 1,793 0 0 0 1,793 9,293 1,288,008 2,779 2016 0 0 0 0 0 0 1,288,008 0 2017 0 0 0 0 0 0 1,288,008 0 SUBTOT 58,793 0 25,000 0 83,793 1,288,008 673,415 REMAIN 0 0 0 0 0 0 1,288,008 0 TOTAL 58,793 0 25,000 0 83,793 1,288,008 673,415 LIFE OF EVALUATION IS 12.25 YEARS. FINAL PRODUCTION RATE: 1.0 MMCF/MO
TENGASCO, INC. TABLE 274 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED WARREN REED #2 (KNOX) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.781250 4.22 5.00% - 1,908,000 FINAL - 1.000000 0.781250 4.22 10.00% - 1,395,413 REMARKS - 15.00% - 1,113,741 20.00% - 935,091 25.00% - 810,692
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 102 0 0 79.460 0.00 4.22 2004 1 0 0 78 0 0 61.053 0.00 4.22 2005 1 0 0 65 0 0 50.615 0.00 4.22 2006 1 0 0 56 0 0 43.744 0.00 4.22 2007 1 0 0 49 0 0 38.817 0.00 4.22 2008 1 0 0 45 0 0 35.079 0.00 4.22 2009 1 0 0 41 0 0 32.129 0.00 4.22 2010 1 0 0 38 0 0 29.731 0.00 4.22 2011 1 0 0 36 0 0 27.735 0.00 4.22 2012 1 0 0 33 0 0 26.044 0.00 4.22 2013 1 0 0 32 0 0 24.589 0.00 4.22 2014 1 0 0 30 0 0 23.319 0.00 4.22 2015 1 0 0 28 0 0 22.152 0.00 4.22 2016 1 0 0 27 0 0 21.044 0.00 4.22 2017 1 0 0 25 0 0 19.992 0.00 4.22 SUB-TOTAL 0 0 685 0 0 535.503 0.00 4.22 REMAINDER 0 0 370 0 0 288.466 0.00 4.22 TOTAL 0 0 1,055 0 0 823.969 0.00 4.22 CUMULATIVE 0 0 369 ULTIMATE 0 0 1,424
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 335,322 0 335,322 0 10,060 325,262 2004 0 0 257,645 0 257,645 0 7,729 249,916 2005 0 0 213,596 0 213,596 0 6,408 207,188 2006 0 0 184,602 0 184,602 0 5,538 179,064 2007 0 0 163,807 0 163,807 0 4,914 158,893 2008 0 0 148,035 0 148,035 0 4,441 143,594 2009 0 0 135,586 0 135,586 0 4,068 131,518 2010 0 0 125,463 0 125,463 0 3,764 121,699 2011 0 0 117,043 0 117,043 0 3,511 113,532 2012 0 0 109,906 0 109,906 0 3,297 106,609 2013 0 0 103,768 0 103,768 0 3,113 100,655 2014 0 0 98,406 0 98,406 0 2,952 95,454 2015 0 0 93,481 0 93,481 0 2,805 90,676 2016 0 0 88,808 0 88,808 0 2,664 86,144 2017 0 0 84,367 0 84,367 0 2,531 81,836 SUB-TOT 0 0 2,259,835 0 2,259,835 0 67,795 2,192,040 REMAIN 0 0 1,217,328 0 1,217,328 0 36,520 1,180,808 TOTAL 0 0 3,477,163 0 3,477,163 0 104,315 3,372,848
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 7,200 0 0 0 7,200 318,062 318,062 303,553 2004 7,200 0 0 0 7,200 242,716 560,778 209,505 2005 7,200 0 0 0 7,200 199,988 760,766 156,193 2006 7,200 0 0 0 7,200 171,864 932,630 121,472 2007 7,200 0 0 0 7,200 151,693 1,084,323 97,035 2008 7,200 0 0 0 7,200 136,394 1,220,717 78,969 2009 7,200 0 0 0 7,200 124,318 1,345,035 65,148 2010 7,200 0 0 0 7,200 114,499 1,459,534 54,311 2011 7,200 0 0 0 7,200 106,332 1,565,866 45,653 2012 7,200 0 0 0 7,200 99,409 1,665,275 38,634 2013 7,200 0 0 0 7,200 93,455 1,758,730 32,875 2014 7,200 0 0 0 7,200 88,254 1,846,984 28,103 2015 7,200 0 0 0 7,200 83,476 1,930,460 24,061 2016 7,200 0 0 0 7,200 78,944 2,009,404 20,598 2017 7,200 0 0 0 7,200 74,636 2,084,040 17,629 SUBTOT 108,000 0 0 0 108,000 2,084,040 1,293,739 REMAIN 199,982 0 0 0 199,982 980,826 3,064,866 101,674 TOTAL 307,982 0 0 0 307,982 3,064,866 1,395,413 LIFE OF EVALUATION IS 42.78 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 275 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED WARREN REED #2 BP1 (KNOX) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.781250 4.22 5.00% - 369,817 FINAL - 1.000000 0.781250 4.22 10.00% - 39,247 REMARKS - 15.00% - 4,242 20.00% - 466 25.00% - 52
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 1,139 0 0 890.153 0.00 4.22 TOTAL 0 0 1,139 0 0 890.153 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 1,139
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 3,756,446 0 3,756,446 0 112,693 3,643,753 TOTAL 0 0 3,756,446 0 3,756,446 0 112,693 3,643,753
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 51,600 0 40,000 0 91,600 3,552,153 3,552,153 39,247 TOTAL 51,600 0 40,000 0 91,600 3,552,153 39,247 LIFE OF EVALUATION IS 50.00 YEARS. FINAL PRODUCTION RATE: 6.8 MMCF/MO
TENGASCO, INC. TABLE 276 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED WARREN REED #2 BP2 (SR-MFB) BEHIND PIPE
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 5.00% - 0 FINAL - 1.000000 10.00% - 0 REMARKS - NO RESERVES SHOWN BEYOND ECONOMIC LIFE OF FIELD. 15.00% - 0 20.00% - 0 25.00% - 0
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 0 0 0 0 0 0.000 0.00 0.00 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 0 0 0 0.000 0.00 0.00 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 0 0 0 0.000 0.00 0.00 CUMULATIVE 0 0 0 ULTIMATE 0 0 0
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 0
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUBTOT 0 0 0 0 0 0 0 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 0 0 0 0 0 LIFE OF EVALUATION IS 49.92 YEARS. FINAL PRODUCTION RATE: 0.0 MMCF/MO
TENGASCO, INC. TABLE 277 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 12-T1S-R74E PROVED WELLS/YEARY #1 (REEDSVILLE-TRENTON) PRODUCING
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.437500 4.22 5.00% - 102,347 FINAL - 0.500000 0.437500 4.22 10.00% - 80,321 REMARKS - 15.00% - 65,861 20.00% - 55,761 25.00% - 48,350
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 11 0 0 5.002 0.00 4.22 2004 1 0 0 11 0 0 4.504 0.00 4.22 2005 1 0 0 9 0 0 4.078 0.00 4.22 2006 1 0 0 9 0 0 3.710 0.00 4.22 2007 1 0 0 7 0 0 3.390 0.00 4.22 2008 1 0 0 7 0 0 3.111 0.00 4.22 2009 1 0 0 7 0 0 2.866 0.00 4.22 2010 1 0 0 6 0 0 2.648 0.00 4.22 2011 1 0 0 6 0 0 2.455 0.00 4.22 2012 1 0 0 5 0 0 2.283 0.00 4.22 2013 1 0 0 5 0 0 2.128 0.00 4.22 2014 1 0 0 4 0 0 1.989 0.00 4.22 2015 1 0 0 4 0 0 1.864 0.00 4.22 2016 1 0 0 4 0 0 1.750 0.00 4.22 2017 1 0 0 4 0 0 1.646 0.00 4.22 SUB-TOTAL 0 0 99 0 0 43.424 0.00 4.22 REMAINDER 0 0 32 0 0 14.017 0.00 4.22 TOTAL 0 0 131 0 0 57.441 0.00 4.22 CUMULATIVE 0 0 36 ULTIMATE 0 0 167
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 21,110 0 21,110 0 633 20,477 2004 0 0 19,007 0 19,007 0 571 18,436 2005 0 0 17,208 0 17,208 0 516 16,692 2006 0 0 15,655 0 15,655 0 469 15,186 2007 0 0 14,308 0 14,308 0 430 13,878 2008 0 0 13,129 0 13,129 0 394 12,735 2009 0 0 12,093 0 12,093 0 362 11,731 2010 0 0 11,176 0 11,176 0 336 10,840 2011 0 0 10,361 0 10,361 0 310 10,051 2012 0 0 9,634 0 9,634 0 289 9,345 2013 0 0 8,982 0 8,982 0 270 8,712 2014 0 0 8,395 0 8,395 0 252 8,143 2015 0 0 7,864 0 7,864 0 236 7,628 2016 0 0 7,383 0 7,383 0 221 7,162 2017 0 0 6,945 0 6,945 0 209 6,736 SUB-TOT 0 0 183,250 0 183,250 0 5,498 177,752 REMAIN 0 0 59,154 0 59,154 0 1,774 57,380 TOTAL 0 0 242,404 0 242,404 0 7,272 235,132
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,600 0 0 0 3,600 16,877 16,877 16,081 2004 3,600 0 0 0 3,600 14,836 31,713 12,796 2005 3,600 0 0 0 3,600 13,092 44,805 10,221 2006 3,600 0 0 0 3,600 11,586 56,391 8,188 2007 3,600 0 0 0 3,600 10,278 66,669 6,575 2008 3,600 0 0 0 3,600 9,135 75,804 5,290 2009 3,600 0 0 0 3,600 8,131 83,935 4,262 2010 3,600 0 0 0 3,600 7,240 91,175 3,435 2011 3,600 0 0 0 3,600 6,451 97,626 2,771 2012 3,600 0 0 0 3,600 5,745 103,371 2,234 2013 3,600 0 0 0 3,600 5,112 108,483 1,799 2014 3,600 0 0 0 3,600 4,543 113,026 1,447 2015 3,600 0 0 0 3,600 4,028 117,054 1,162 2016 3,600 0 0 0 3,600 3,562 120,616 930 2017 3,600 0 0 0 3,600 3,136 123,752 741 SUBTOT 54,000 0 0 0 54,000 123,752 77,932 REMAIN 42,600 0 0 0 42,600 14,780 138,532 2,389 TOTAL 96,600 0 0 0 96,600 138,532 80,321 LIFE OF EVALUATION IS 26.83 YEARS. FINAL PRODUCTION RATE: 0.2 MMCF/MO
TENGASCO, INC. TABLE 278 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE MILLER PETROLEUM - OPERATOR 14-T1S-R74E PROVED WOODROW DAVIS #1 (KNOX) SHUT-IN
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 0.500000 0.438125 4.22 5.00% - 307,281 FINAL - 0.500000 0.438125 4.22 10.00% - 233,895 REMARKS - 15.00% - 186,403 20.00% - 153,527 25.00% - 129,487
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 44 0 0 19.482 0.00 4.22 2005 1 0 0 30 0 0 12.988 0.00 4.22 2006 1 0 0 23 0 0 10.145 0.00 4.22 2007 1 0 0 20 0 0 8.481 0.00 4.22 2008 1 0 0 16 0 0 7.367 0.00 4.22 2009 1 0 0 15 0 0 6.560 0.00 4.22 2010 1 0 0 14 0 0 5.943 0.00 4.22 2011 1 0 0 12 0 0 5.453 0.00 4.22 2012 1 0 0 12 0 0 5.053 0.00 4.22 2013 1 0 0 11 0 0 4.720 0.00 4.22 2014 1 0 0 10 0 0 4.436 0.00 4.22 2015 1 0 0 9 0 0 4.192 0.00 4.22 2016 1 0 0 9 0 0 3.977 0.00 4.22 2017 1 0 0 9 0 0 3.778 0.00 4.22 SUB-TOTAL 0 0 234 0 0 102.575 0.00 4.22 REMAINDER 0 0 47 0 0 20.538 0.00 4.22 TOTAL 0 0 281 0 0 123.113 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 281
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 82,213 0 82,213 0 2,466 79,747 2005 0 0 54,808 0 54,808 0 1,645 53,163 2006 0 0 42,812 0 42,812 0 1,284 41,528 2007 0 0 35,791 0 35,791 0 1,074 34,717 2008 0 0 31,089 0 31,089 0 932 30,157 2009 0 0 27,683 0 27,683 0 831 26,852 2010 0 0 25,078 0 25,078 0 752 24,326 2011 0 0 23,012 0 23,012 0 691 22,321 2012 0 0 21,325 0 21,325 0 639 20,686 2013 0 0 19,917 0 19,917 0 598 19,319 2014 0 0 18,721 0 18,721 0 561 18,160 2015 0 0 17,689 0 17,689 0 531 17,158 2016 0 0 16,783 0 16,783 0 504 16,279 2017 0 0 15,945 0 15,945 0 478 15,467 SUB-TOT 0 0 432,866 0 432,866 0 12,986 419,880 REMAIN 0 0 86,671 0 86,671 0 2,600 84,071 TOTAL 0 0 519,537 0 519,537 0 15,586 503,951
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 3,600 0 0 0 3,600 76,147 76,147 65,916 2005 3,600 0 0 0 3,600 49,563 125,710 38,756 2006 3,600 0 0 0 3,600 37,928 163,638 26,827 2007 3,600 0 0 0 3,600 31,117 194,755 19,915 2008 3,600 0 0 0 3,600 26,557 221,312 15,381 2009 3,600 0 0 0 3,600 23,252 244,564 12,189 2010 3,600 0 0 0 3,600 20,726 265,290 9,834 2011 3,600 0 0 0 3,600 18,721 284,011 8,039 2012 3,600 0 0 0 3,600 17,086 301,097 6,642 2013 3,600 0 0 0 3,600 15,719 316,816 5,530 2014 3,600 0 0 0 3,600 14,560 331,376 4,637 2015 3,600 0 0 0 3,600 13,558 344,934 3,909 2016 3,600 0 0 0 3,600 12,679 357,613 3,308 2017 3,600 0 0 0 3,600 11,867 369,480 2,803 SUBTOT 50,400 0 0 0 50,400 369,480 223,686 REMAIN 23,653 0 0 0 23,653 60,418 429,898 10,209 TOTAL 74,053 0 0 0 74,053 429,898 233,895 LIFE OF EVALUATION IS 21.57 YEARS. FINAL PRODUCTION RATE: 0.5 MMCF/MO
TENGASCO, INC. TABLE 279 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION # 4 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 1,209,355 FINAL - 1.000000 0.875000 4.22 10.00% - 974,545 REMARKS - 15.00% - 803,217 20.00% - 674,518 25.00% - 575,227
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 52 0 0 45.425 0.00 4.22 2004 1 0 0 107 0 0 93.452 0.00 4.22 2005 1 0 0 63 0 0 55.703 0.00 4.22 2006 1 0 0 48 0 0 42.052 0.00 4.22 2007 1 0 0 40 0 0 34.565 0.00 4.22 2008 1 0 0 34 0 0 29.721 0.00 4.22 2009 1 0 0 30 0 0 26.284 0.00 4.22 2010 1 0 0 27 0 0 23.696 0.00 4.22 2011 1 0 0 25 0 0 21.664 0.00 4.22 2012 1 0 0 23 0 0 20.018 0.00 4.22 2013 1 0 0 21 0 0 18.653 0.00 4.22 2014 1 0 0 20 0 0 17.500 0.00 4.22 2015 1 0 0 19 0 0 16.510 0.00 4.22 2016 1 0 0 2 0 0 1.883 0.00 4.22 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 511 0 0 447.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 511 0 0 447.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 511
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 191,692 0 191,692 0 5,751 185,941 2004 0 0 394,368 0 394,368 0 11,831 382,537 2005 0 0 235,069 0 235,069 0 7,052 228,017 2006 0 0 177,458 0 177,458 0 5,324 172,134 2007 0 0 145,863 0 145,863 0 4,375 141,488 2008 0 0 125,421 0 125,421 0 3,763 121,658 2009 0 0 110,917 0 110,917 0 3,328 107,589 2010 0 0 99,996 0 99,996 0 3,000 96,996 2011 0 0 91,420 0 91,420 0 2,742 88,678 2012 0 0 84,476 0 84,476 0 2,534 81,942 2013 0 0 78,718 0 78,718 0 2,362 76,356 2014 0 0 73,850 0 73,850 0 2,215 71,635 2015 0 0 69,672 0 69,672 0 2,091 67,581 2016 0 0 7,947 0 7,947 0 238 7,709 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,886,867 0 1,886,867 0 56,606 1,830,261 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,886,867 0 1,886,867 0 56,606 1,830,261
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,800 0 200,000 0 201,800 -15,859 -15,859 -15,901 2004 7,200 0 0 0 7,200 375,337 359,478 325,421 2005 7,200 0 0 0 7,200 220,817 580,295 172,727 2006 7,200 0 0 0 7,200 164,934 745,229 116,671 2007 7,200 0 0 0 7,200 134,288 879,517 85,947 2008 7,200 0 0 0 7,200 114,458 993,975 66,292 2009 7,200 0 0 0 7,200 100,389 1,094,364 52,623 2010 7,200 0 0 0 7,200 89,796 1,184,160 42,602 2011 7,200 0 0 0 7,200 81,478 1,265,638 34,988 2012 7,200 0 0 0 7,200 74,742 1,340,380 29,052 2013 7,200 0 0 0 7,200 69,156 1,409,536 24,330 2014 7,200 0 0 0 7,200 64,435 1,473,971 20,520 2015 7,200 0 0 0 7,200 60,381 1,534,352 17,405 2016 847 0 0 0 847 6,862 1,541,214 1,868 2017 0 0 0 0 0 0 1,541,214 0 SUBTOT 89,047 0 200,000 0 289,047 1,541,214 974,545 REMAIN 0 0 0 0 0 0 1,541,214 0 TOTAL 89,047 0 200,000 0 289,047 1,541,214 974,545 LIFE OF EVALUATION IS 13.12 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 280 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION # 5 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 2,245,413 FINAL - 1.000000 0.875000 4.22 10.00% - 1,754,737 REMARKS - 15.00% - 1,438,836 20.00% - 1,219,840 25.00% - 1,058,607
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 144 0 0 126.233 0.00 4.22 2004 1 0 0 135 0 0 117.998 0.00 4.22 2005 1 0 0 86 0 0 75.506 0.00 4.22 2006 1 0 0 67 0 0 58.181 0.00 4.22 2007 1 0 0 55 0 0 48.303 0.00 4.22 2008 1 0 0 48 0 0 41.782 0.00 4.22 2009 1 0 0 42 0 0 37.097 0.00 4.22 2010 1 0 0 39 0 0 33.539 0.00 4.22 2011 1 0 0 35 0 0 30.728 0.00 4.22 2012 1 0 0 32 0 0 28.441 0.00 4.22 2013 1 0 0 31 0 0 26.537 0.00 4.22 2014 1 0 0 28 0 0 24.923 0.00 4.22 2015 1 0 0 27 0 0 23.534 0.00 4.22 2016 1 0 0 25 0 0 22.324 0.00 4.22 2017 1 0 0 25 0 0 21.258 0.00 4.22 SUB-TOTAL 0 0 819 0 0 716.384 0.00 4.22 REMAINDER 0 0 138 0 0 120.992 0.00 4.22 TOTAL 0 0 957 0 0 837.376 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 957
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 532,705 0 532,705 0 15,981 516,724 2004 0 0 497,952 0 497,952 0 14,939 483,013 2005 0 0 318,635 0 318,635 0 9,559 309,076 2006 0 0 245,524 0 245,524 0 7,365 238,159 2007 0 0 203,838 0 203,838 0 6,116 197,722 2008 0 0 176,320 0 176,320 0 5,289 171,031 2009 0 0 156,549 0 156,549 0 4,697 151,852 2010 0 0 141,533 0 141,533 0 4,246 137,287 2011 0 0 129,670 0 129,670 0 3,890 125,780 2012 0 0 120,020 0 120,020 0 3,600 116,420 2013 0 0 111,985 0 111,985 0 3,360 108,625 2014 0 0 105,174 0 105,174 0 3,155 102,019 2015 0 0 99,313 0 99,313 0 2,980 96,333 2016 0 0 94,206 0 94,206 0 2,826 91,380 2017 0 0 89,709 0 89,709 0 2,691 87,018 SUB-TOT 0 0 3,023,133 0 3,023,133 0 90,694 2,932,439 REMAIN 0 0 510,587 0 510,587 0 15,318 495,269 TOTAL 0 0 3,533,720 0 3,533,720 0 106,012 3,427,708
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 3,600 0 200,000 0 203,600 313,124 313,124 288,589 2004 7,200 0 0 0 7,200 475,813 788,937 412,069 2005 7,200 0 0 0 7,200 301,876 1,090,813 236,068 2006 7,200 0 0 0 7,200 230,959 1,321,772 163,353 2007 7,200 0 0 0 7,200 190,522 1,512,294 121,927 2008 7,200 0 0 0 7,200 163,831 1,676,125 94,883 2009 7,200 0 0 0 7,200 144,652 1,820,777 75,821 2010 7,200 0 0 0 7,200 130,087 1,950,864 61,715 2011 7,200 0 0 0 7,200 118,580 2,069,444 50,919 2012 7,200 0 0 0 7,200 109,220 2,178,664 42,451 2013 7,200 0 0 0 7,200 101,425 2,280,089 35,683 2014 7,200 0 0 0 7,200 94,819 2,374,908 30,195 2015 7,200 0 0 0 7,200 89,133 2,464,041 25,693 2016 7,200 0 0 0 7,200 84,180 2,548,221 21,964 2017 7,200 0 0 0 7,200 79,818 2,628,039 18,851 SUBTOT 104,400 0 200,000 0 304,400 2,628,039 1,680,181 REMAIN 48,095 0 0 0 48,095 447,174 3,075,213 74,556 TOTAL 152,495 0 200,000 0 352,495 3,075,213 1,754,737 LIFE OF EVALUATION IS 21.68 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 281 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION # 8 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 3,105,654 FINAL - 1.000000 0.875000 4.22 10.00% - 2,316,318 REMARKS - 15.00% - 1,847,130 20.00% - 1,535,298 25.00% - 1,310,716
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 1 0 0 100 0 0 87.804 0.00 4.22 2004 1 0 0 208 0 0 181.646 0.00 4.22 2005 1 0 0 124 0 0 108.492 0.00 4.22 2006 1 0 0 94 0 0 81.946 0.00 4.22 2007 1 0 0 77 0 0 67.373 0.00 4.22 2008 1 0 0 66 0 0 57.940 0.00 4.22 2009 1 0 0 58 0 0 51.245 0.00 4.22 2010 1 0 0 53 0 0 46.202 0.00 4.22 2011 1 0 0 48 0 0 42.242 0.00 4.22 2012 1 0 0 45 0 0 39.035 0.00 4.22 2013 1 0 0 42 0 0 36.375 0.00 4.22 2014 1 0 0 39 0 0 34.127 0.00 4.22 2015 1 0 0 36 0 0 32.197 0.00 4.22 2016 1 0 0 35 0 0 30.518 0.00 4.22 2017 1 0 0 33 0 0 29.043 0.00 4.22 SUB-TOTAL 0 0 1,058 0 0 926.185 0.00 4.22 REMAINDER 0 0 350 0 0 305.814 0.00 4.22 TOTAL 0 0 1,408 0 0 1,231.999 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 1,408
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 370,535 0 370,535 0 11,116 359,419 2004 0 0 766,546 0 766,546 0 22,996 743,550 2005 0 0 457,834 0 457,834 0 13,735 444,099 2006 0 0 345,813 0 345,813 0 10,375 335,438 2007 0 0 284,315 0 284,315 0 8,529 275,786 2008 0 0 244,507 0 244,507 0 7,336 237,171 2009 0 0 216,253 0 216,253 0 6,487 209,766 2010 0 0 194,972 0 194,972 0 5,849 189,123 2011 0 0 178,262 0 178,262 0 5,348 172,914 2012 0 0 164,729 0 164,729 0 4,942 159,787 2013 0 0 153,505 0 153,505 0 4,605 148,900 2014 0 0 144,016 0 144,016 0 4,321 139,695 2015 0 0 135,871 0 135,871 0 4,076 131,795 2016 0 0 128,787 0 128,787 0 3,863 124,924 2017 0 0 122,562 0 122,562 0 3,677 118,885 SUB-TOT 0 0 3,908,507 0 3,908,507 0 117,255 3,791,252 REMAIN 0 0 1,290,533 0 1,290,533 0 38,716 1,251,817 TOTAL 0 0 5,199,040 0 5,199,040 0 155,971 5,043,069
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 1,800 0 200,000 0 201,800 157,619 157,619 143,249 2004 7,200 0 0 0 7,200 736,350 893,969 638,364 2005 7,200 0 0 0 7,200 436,899 1,330,868 341,733 2006 7,200 0 0 0 7,200 328,238 1,659,106 232,178 2007 7,200 0 0 0 7,200 268,586 1,927,692 171,893 2008 7,200 0 0 0 7,200 229,971 2,157,663 133,191 2009 7,200 0 0 0 7,200 202,566 2,360,229 106,179 2010 7,200 0 0 0 7,200 181,923 2,542,152 86,308 2011 7,200 0 0 0 7,200 165,714 2,707,866 71,159 2012 7,200 0 0 0 7,200 152,587 2,860,453 59,307 2013 7,200 0 0 0 7,200 141,700 3,002,153 49,851 2014 7,200 0 0 0 7,200 132,495 3,134,648 42,193 2015 7,200 0 0 0 7,200 124,595 3,259,243 35,915 2016 7,200 0 0 0 7,200 117,724 3,376,967 30,716 2017 7,200 0 0 0 7,200 111,685 3,488,652 26,378 SUBTOT 102,600 0 200,000 0 302,600 3,488,652 2,168,614 REMAIN 102,927 0 0 0 102,927 1,148,890 4,637,542 147,704 TOTAL 205,527 0 200,000 0 405,527 4,637,542 2,316,318 LIFE OF EVALUATION IS 29.30 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 282 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #12 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 530,231 FINAL - 1.000000 0.875000 4.22 10.00% - 428,710 REMARKS - 15.00% - 349,162 20.00% - 286,234 25.00% - 236,000
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 68 0 0 59.188 0.00 4.22 2005 1 0 0 48 0 0 42.459 0.00 4.22 2006 1 0 0 36 0 0 31.263 0.00 4.22 2007 1 0 0 29 0 0 25.403 0.00 4.22 2008 1 0 0 25 0 0 21.698 0.00 4.22 2009 1 0 0 22 0 0 19.105 0.00 4.22 2010 1 0 0 19 0 0 17.171 0.00 4.22 2011 1 0 0 8 0 0 6.839 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 255 0 0 223.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 255 0 0 223.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 255
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 249,772 0 249,772 0 7,493 242,279 2005 0 0 179,176 0 179,176 0 5,375 173,801 2006 0 0 131,932 0 131,932 0 3,958 127,974 2007 0 0 107,200 0 107,200 0 3,216 103,984 2008 0 0 91,564 0 91,564 0 2,747 88,817 2009 0 0 80,622 0 80,622 0 2,419 78,203 2010 0 0 72,460 0 72,460 0 2,174 70,286 2011 0 0 28,861 0 28,861 0 866 27,995 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 941,587 0 941,587 0 28,248 913,339 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 941,587 0 941,587 0 28,248 913,339
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 6,000 0 200,000 0 206,000 36,279 36,279 25,519 2005 7,200 0 0 0 7,200 166,601 202,880 130,364 2006 7,200 0 0 0 7,200 120,774 323,654 85,447 2007 7,200 0 0 0 7,200 96,784 420,438 61,949 2008 7,200 0 0 0 7,200 81,617 502,055 47,275 2009 7,200 0 0 0 7,200 71,003 573,058 37,221 2010 7,200 0 0 0 7,200 63,086 636,144 29,932 2011 3,068 0 0 0 3,068 24,927 661,071 11,003 2012 0 0 0 0 0 0 661,071 0 2013 0 0 0 0 0 0 661,071 0 2014 0 0 0 0 0 0 661,071 0 2015 0 0 0 0 0 0 661,071 0 2016 0 0 0 0 0 0 661,071 0 2017 0 0 0 0 0 0 661,071 0 SUBTOT 52,268 0 200,000 0 252,268 661,071 428,710 REMAIN 0 0 0 0 0 0 661,071 0 TOTAL 52,268 0 200,000 0 252,268 661,071 428,710 LIFE OF EVALUATION IS 8.43 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 283 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #13 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 530,231 FINAL - 1.000000 0.875000 4.22 10.00% - 428,710 REMARKS - 15.00% - 349,162 20.00% - 286,234 25.00% - 236,000
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 68 0 0 59.188 0.00 4.22 2005 1 0 0 48 0 0 42.459 0.00 4.22 2006 1 0 0 36 0 0 31.263 0.00 4.22 2007 1 0 0 29 0 0 25.403 0.00 4.22 2008 1 0 0 25 0 0 21.698 0.00 4.22 2009 1 0 0 22 0 0 19.105 0.00 4.22 2010 1 0 0 19 0 0 17.171 0.00 4.22 2011 1 0 0 8 0 0 6.839 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 255 0 0 223.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 255 0 0 223.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 255
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 249,772 0 249,772 0 7,493 242,279 2005 0 0 179,176 0 179,176 0 5,375 173,801 2006 0 0 131,932 0 131,932 0 3,958 127,974 2007 0 0 107,200 0 107,200 0 3,216 103,984 2008 0 0 91,564 0 91,564 0 2,747 88,817 2009 0 0 80,622 0 80,622 0 2,419 78,203 2010 0 0 72,460 0 72,460 0 2,174 70,286 2011 0 0 28,861 0 28,861 0 866 27,995 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 941,587 0 941,587 0 28,248 913,339 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 941,587 0 941,587 0 28,248 913,339
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 6,000 0 200,000 0 206,000 36,279 36,279 25,519 2005 7,200 0 0 0 7,200 166,601 202,880 130,364 2006 7,200 0 0 0 7,200 120,774 323,654 85,447 2007 7,200 0 0 0 7,200 96,784 420,438 61,949 2008 7,200 0 0 0 7,200 81,617 502,055 47,275 2009 7,200 0 0 0 7,200 71,003 573,058 37,221 2010 7,200 0 0 0 7,200 63,086 636,144 29,932 2011 3,068 0 0 0 3,068 24,927 661,071 11,003 2012 0 0 0 0 0 0 661,071 0 2013 0 0 0 0 0 0 661,071 0 2014 0 0 0 0 0 0 661,071 0 2015 0 0 0 0 0 0 661,071 0 2016 0 0 0 0 0 0 661,071 0 2017 0 0 0 0 0 0 661,071 0 SUBTOT 52,268 0 200,000 0 252,268 661,071 428,710 REMAIN 0 0 0 0 0 0 661,071 0 TOTAL 52,268 0 200,000 0 252,268 661,071 428,710 LIFE OF EVALUATION IS 8.43 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 284 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #14 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 188,356 FINAL - 1.000000 0.875000 4.22 10.00% - 155,702 REMARKS - 15.00% - 128,377 20.00% - 105,480 25.00% - 86,269
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 50 0 0 43.672 0.00 4.22 2005 1 0 0 33 0 0 29.387 0.00 4.22 2006 1 0 0 25 0 0 21.266 0.00 4.22 2007 1 0 0 19 0 0 16.800 0.00 4.22 2008 0 0 0 0 0 0.000 0.00 0.00 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 184,295 0 184,295 0 5,529 178,766 2005 0 0 124,013 0 124,013 0 3,720 120,293 2006 0 0 89,741 0 89,741 0 2,692 87,049 2007 0 0 70,898 0 70,898 0 2,127 68,771 2008 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 6,000 0 200,000 0 206,000 -27,234 -27,234 -28,874 2005 7,200 0 0 0 7,200 113,093 85,859 88,521 2006 7,200 0 0 0 7,200 79,849 165,708 56,501 2007 7,041 0 0 0 7,041 61,730 227,438 39,554 2008 0 0 0 0 0 0 227,438 0 2009 0 0 0 0 0 0 227,438 0 2010 0 0 0 0 0 0 227,438 0 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 155,702 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 155,702 LIFE OF EVALUATION IS 4.98 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 285 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #15 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 191,123 FINAL - 1.000000 0.875000 4.22 10.00% - 157,989 REMARKS - 15.00% - 130,277 20.00% - 107,066 25.00% - 87,600
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 50 0 0 43.775 0.00 4.22 2005 1 0 0 34 0 0 29.508 0.00 4.22 2006 1 0 0 24 0 0 21.363 0.00 4.22 2007 1 0 0 20 0 0 17.230 0.00 4.22 2008 1 0 0 0 0 0 0.124 0.00 4.22 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.000 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.000 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 184,731 0 184,731 0 5,542 179,189 2005 0 0 124,524 0 124,524 0 3,736 120,788 2006 0 0 90,151 0 90,151 0 2,704 87,447 2007 0 0 72,710 0 72,710 0 2,181 70,529 2008 0 0 524 0 524 0 16 508 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 6,000 0 200,000 0 206,000 -26,811 -26,811 -28,514 2005 7,200 0 0 0 7,200 113,588 86,777 88,908 2006 7,200 0 0 0 7,200 80,247 167,024 56,782 2007 7,200 0 0 0 7,200 63,329 230,353 40,540 2008 57 0 0 0 57 451 230,804 273 2009 0 0 0 0 0 0 230,804 0 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 157,989 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 157,989 LIFE OF EVALUATION IS 5.01 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 286 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #16 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 426,876 FINAL - 1.000000 0.875000 4.22 10.00% - 343,848 REMARKS - 15.00% - 278,290 20.00% - 226,185 25.00% - 184,511
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 44 0 0 38.689 0.00 4.22 2005 1 0 0 52 0 0 45.655 0.00 4.22 2006 1 0 0 36 0 0 31.208 0.00 4.22 2007 1 0 0 28 0 0 24.598 0.00 4.22 2008 1 0 0 24 0 0 20.661 0.00 4.22 2009 1 0 0 20 0 0 18.000 0.00 4.22 2010 1 0 0 13 0 0 11.063 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 217 0 0 189.874 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 217 0 0 189.874 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 217
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 163,267 0 163,267 0 4,898 158,369 2005 0 0 192,666 0 192,666 0 5,780 186,886 2006 0 0 131,696 0 131,696 0 3,951 127,745 2007 0 0 103,803 0 103,803 0 3,114 100,689 2008 0 0 87,192 0 87,192 0 2,616 84,576 2009 0 0 75,961 0 75,961 0 2,279 73,682 2010 0 0 46,687 0 46,687 0 1,400 45,287 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 801,272 0 801,272 0 24,038 777,234 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 801,272 0 801,272 0 24,038 777,234
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 3,600 0 200,000 0 203,600 -45,231 -45,231 -41,210 2005 7,200 0 0 0 7,200 179,686 134,455 140,744 2006 7,200 0 0 0 7,200 120,545 255,000 85,315 2007 7,200 0 0 0 7,200 93,489 348,489 59,853 2008 7,200 0 0 0 7,200 77,376 425,865 44,824 2009 7,200 0 0 0 7,200 66,482 492,347 34,854 2010 4,879 0 0 0 4,879 40,408 532,755 19,468 2011 0 0 0 0 0 0 532,755 0 2012 0 0 0 0 0 0 532,755 0 2013 0 0 0 0 0 0 532,755 0 2014 0 0 0 0 0 0 532,755 0 2015 0 0 0 0 0 0 532,755 0 2016 0 0 0 0 0 0 532,755 0 2017 0 0 0 0 0 0 532,755 0 SUBTOT 44,479 0 200,000 0 244,479 532,755 343,848 REMAIN 0 0 0 0 0 0 532,755 0 TOTAL 44,479 0 200,000 0 244,479 532,755 343,848 LIFE OF EVALUATION IS 7.68 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 287 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #17 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 824,192 FINAL - 1.000000 0.875000 4.22 10.00% - 632,540 REMARKS - 15.00% - 493,823 20.00% - 391,284 25.00% - 313,994
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 53 0 0 46.080 0.00 4.22 2005 1 0 0 68 0 0 59.781 0.00 4.22 2006 1 0 0 49 0 0 42.477 0.00 4.22 2007 1 0 0 38 0 0 33.992 0.00 4.22 2008 1 0 0 33 0 0 28.786 0.00 4.22 2009 1 0 0 29 0 0 25.208 0.00 4.22 2010 1 0 0 26 0 0 22.569 0.00 4.22 2011 1 0 0 23 0 0 20.528 0.00 4.22 2012 1 0 0 22 0 0 18.895 0.00 4.22 2013 1 0 0 20 0 0 17.552 0.00 4.22 2014 1 0 0 19 0 0 16.424 0.00 4.22 2015 1 0 0 3 0 0 2.832 0.00 4.22 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 383 0 0 335.124 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 383 0 0 335.124 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 383
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 194,460 0 194,460 0 5,834 188,626 2005 0 0 252,276 0 252,276 0 7,568 244,708 2006 0 0 179,254 0 179,254 0 5,378 173,876 2007 0 0 143,446 0 143,446 0 4,303 139,143 2008 0 0 121,478 0 121,478 0 3,644 117,834 2009 0 0 106,376 0 106,376 0 3,192 103,184 2010 0 0 95,241 0 95,241 0 2,857 92,384 2011 0 0 86,630 0 86,630 0 2,599 84,031 2012 0 0 79,735 0 79,735 0 2,392 77,343 2013 0 0 74,068 0 74,068 0 2,222 71,846 2014 0 0 69,311 0 69,311 0 2,079 67,232 2015 0 0 11,953 0 11,953 0 359 11,594 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,414,228 0 1,414,228 0 42,427 1,371,801 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,414,228 0 1,414,228 0 42,427 1,371,801
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 3,600 0 200,000 0 203,600 -14,974 -14,974 -15,818 2005 7,200 0 0 0 7,200 237,508 222,534 185,928 2006 7,200 0 0 0 7,200 166,676 389,210 117,939 2007 7,200 0 0 0 7,200 131,943 521,153 84,460 2008 7,200 0 0 0 7,200 110,634 631,787 64,085 2009 7,200 0 0 0 7,200 95,984 727,771 50,317 2010 7,200 0 0 0 7,200 85,184 812,955 40,416 2011 7,200 0 0 0 7,200 76,831 889,786 32,995 2012 7,200 0 0 0 7,200 70,143 959,929 27,264 2013 7,200 0 0 0 7,200 64,646 1,024,575 22,745 2014 7,200 0 0 0 7,200 60,032 1,084,607 19,118 2015 1,288 0 0 0 1,288 10,306 1,094,913 3,091 2016 0 0 0 0 0 0 1,094,913 0 2017 0 0 0 0 0 0 1,094,913 0 SUBTOT 76,888 0 200,000 0 276,888 1,094,913 632,540 REMAIN 0 0 0 0 0 0 1,094,913 0 TOTAL 76,888 0 200,000 0 276,888 1,094,913 632,540 LIFE OF EVALUATION IS 12.18 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 288 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #19 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 525,410 FINAL - 1.000000 0.875000 4.22 10.00% - 420,244 REMARKS - 15.00% - 338,581 20.00% - 274,583 25.00% - 223,987
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 49 0 0 42.457 0.00 4.22 2005 1 0 0 57 0 0 49.972 0.00 4.22 2006 1 0 0 39 0 0 34.126 0.00 4.22 2007 1 0 0 30 0 0 26.889 0.00 4.22 2008 1 0 0 26 0 0 22.582 0.00 4.22 2009 1 0 0 23 0 0 19.671 0.00 4.22 2010 1 0 0 20 0 0 17.548 0.00 4.22 2011 1 0 0 11 0 0 9.880 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 255 0 0 223.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 255 0 0 223.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 255
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 179,167 0 179,167 0 5,375 173,792 2005 0 0 210,883 0 210,883 0 6,327 204,556 2006 0 0 144,012 0 144,012 0 4,320 139,692 2007 0 0 113,472 0 113,472 0 3,404 110,068 2008 0 0 95,294 0 95,294 0 2,859 92,435 2009 0 0 83,011 0 83,011 0 2,490 80,521 2010 0 0 74,054 0 74,054 0 2,222 71,832 2011 0 0 41,694 0 41,694 0 1,251 40,443 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 941,587 0 941,587 0 28,248 913,339 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 941,587 0 941,587 0 28,248 913,339
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 3,600 0 200,000 0 203,600 -29,808 -29,808 -28,221 2005 7,200 0 0 0 7,200 197,356 167,548 154,584 2006 7,200 0 0 0 7,200 132,492 300,040 93,770 2007 7,200 0 0 0 7,200 102,868 402,908 65,856 2008 7,200 0 0 0 7,200 85,235 488,143 49,377 2009 7,200 0 0 0 7,200 73,321 561,464 38,439 2010 7,200 0 0 0 7,200 64,632 626,096 30,667 2011 4,392 0 0 0 4,392 36,051 662,147 15,772 2012 0 0 0 0 0 0 662,147 0 2013 0 0 0 0 0 0 662,147 0 2014 0 0 0 0 0 0 662,147 0 2015 0 0 0 0 0 0 662,147 0 2016 0 0 0 0 0 0 662,147 0 2017 0 0 0 0 0 0 662,147 0 SUBTOT 51,192 0 200,000 0 251,192 662,147 420,244 REMAIN 0 0 0 0 0 0 662,147 0 TOTAL 51,192 0 200,000 0 251,192 662,147 420,244 LIFE OF EVALUATION IS 8.61 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 289 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #20 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 525,410 FINAL - 1.000000 0.875000 4.22 10.00% - 420,244 REMARKS - 15.00% - 338,581 20.00% - 274,583 25.00% - 223,987
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 49 0 0 42.457 0.00 4.22 2005 1 0 0 57 0 0 49.972 0.00 4.22 2006 1 0 0 39 0 0 34.126 0.00 4.22 2007 1 0 0 30 0 0 26.889 0.00 4.22 2008 1 0 0 26 0 0 22.582 0.00 4.22 2009 1 0 0 23 0 0 19.671 0.00 4.22 2010 1 0 0 20 0 0 17.548 0.00 4.22 2011 1 0 0 11 0 0 9.880 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 255 0 0 223.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 255 0 0 223.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 255
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 179,167 0 179,167 0 5,375 173,792 2005 0 0 210,883 0 210,883 0 6,327 204,556 2006 0 0 144,012 0 144,012 0 4,320 139,692 2007 0 0 113,472 0 113,472 0 3,404 110,068 2008 0 0 95,294 0 95,294 0 2,859 92,435 2009 0 0 83,011 0 83,011 0 2,490 80,521 2010 0 0 74,054 0 74,054 0 2,222 71,832 2011 0 0 41,694 0 41,694 0 1,251 40,443 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 941,587 0 941,587 0 28,248 913,339 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 941,587 0 941,587 0 28,248 913,339
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 3,600 0 200,000 0 203,600 -29,808 -29,808 -28,221 2005 7,200 0 0 0 7,200 197,356 167,548 154,584 2006 7,200 0 0 0 7,200 132,492 300,040 93,770 2007 7,200 0 0 0 7,200 102,868 402,908 65,856 2008 7,200 0 0 0 7,200 85,235 488,143 49,377 2009 7,200 0 0 0 7,200 73,321 561,464 38,439 2010 7,200 0 0 0 7,200 64,632 626,096 30,667 2011 4,392 0 0 0 4,392 36,051 662,147 15,772 2012 0 0 0 0 0 0 662,147 0 2013 0 0 0 0 0 0 662,147 0 2014 0 0 0 0 0 0 662,147 0 2015 0 0 0 0 0 0 662,147 0 2016 0 0 0 0 0 0 662,147 0 2017 0 0 0 0 0 0 662,147 0 SUBTOT 51,192 0 200,000 0 251,192 662,147 420,244 REMAIN 0 0 0 0 0 0 662,147 0 TOTAL 51,192 0 200,000 0 251,192 662,147 420,244 LIFE OF EVALUATION IS 8.61 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 290 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #24 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 187,971 FINAL - 1.000000 0.875000 4.22 10.00% - 152,831 REMARKS - 15.00% - 123,962 20.00% - 100,216 25.00% - 80,665
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 34 0 0 30.136 0.00 4.22 2005 1 0 0 40 0 0 34.571 0.00 4.22 2006 1 0 0 27 0 0 23.394 0.00 4.22 2007 1 0 0 21 0 0 18.372 0.00 4.22 2008 1 0 0 6 0 0 5.527 0.00 4.22 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.000 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.000 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 127,173 0 127,173 0 3,815 123,358 2005 0 0 145,889 0 145,889 0 4,377 141,512 2006 0 0 98,724 0 98,724 0 2,962 95,762 2007 0 0 77,529 0 77,529 0 2,325 75,204 2008 0 0 23,325 0 23,325 0 700 22,625 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 3,600 0 200,000 0 203,600 -80,242 -80,242 -70,672 2005 7,200 0 0 0 7,200 134,312 54,070 105,225 2006 7,200 0 0 0 7,200 88,562 142,632 62,685 2007 7,200 0 0 0 7,200 68,004 210,636 43,540 2008 2,457 0 0 0 2,457 20,168 230,804 12,053 2009 0 0 0 0 0 0 230,804 0 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 152,831 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 152,831 LIFE OF EVALUATION IS 5.34 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 291 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #25 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 185,641 FINAL - 1.000000 0.875000 4.22 10.00% - 149,073 REMARKS - 15.00% - 119,427 20.00% - 95,367 25.00% - 75,826
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 20 0 0 17.276 0.00 4.22 2005 1 0 0 46 0 0 40.290 0.00 4.22 2006 1 0 0 29 0 0 25.282 0.00 4.22 2007 1 0 0 22 0 0 19.364 0.00 4.22 2008 1 0 0 11 0 0 9.789 0.00 4.22 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.001 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.001 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 72,904 0 72,904 0 2,187 70,717 2005 0 0 170,025 0 170,025 0 5,101 164,924 2006 0 0 106,688 0 106,688 0 3,201 103,487 2007 0 0 81,715 0 81,715 0 2,451 79,264 2008 0 0 41,308 0 41,308 0 1,239 40,069 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 1,800 0 200,000 0 201,800 -131,083 -131,083 -110,098 2005 7,200 0 0 0 7,200 157,724 26,641 123,703 2006 7,200 0 0 0 7,200 96,287 122,928 68,174 2007 7,200 0 0 0 7,200 72,064 194,992 46,146 2008 4,257 0 0 0 4,257 35,812 230,804 21,148 2009 0 0 0 0 0 0 230,804 0 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 149,073 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 149,073 LIFE OF EVALUATION IS 5.59 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 292 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #26 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 185,641 FINAL - 1.000000 0.875000 4.22 10.00% - 149,073 REMARKS - 15.00% - 119,427 20.00% - 95,367 25.00% - 75,826
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 20 0 0 17.276 0.00 4.22 2005 1 0 0 46 0 0 40.290 0.00 4.22 2006 1 0 0 29 0 0 25.282 0.00 4.22 2007 1 0 0 22 0 0 19.364 0.00 4.22 2008 1 0 0 11 0 0 9.789 0.00 4.22 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.001 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.001 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 72,904 0 72,904 0 2,187 70,717 2005 0 0 170,025 0 170,025 0 5,101 164,924 2006 0 0 106,688 0 106,688 0 3,201 103,487 2007 0 0 81,715 0 81,715 0 2,451 79,264 2008 0 0 41,308 0 41,308 0 1,239 40,069 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 1,800 0 200,000 0 201,800 -131,083 -131,083 -110,098 2005 7,200 0 0 0 7,200 157,724 26,641 123,703 2006 7,200 0 0 0 7,200 96,287 122,928 68,174 2007 7,200 0 0 0 7,200 72,064 194,992 46,146 2008 4,257 0 0 0 4,257 35,812 230,804 21,148 2009 0 0 0 0 0 0 230,804 0 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 149,073 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 149,073 LIFE OF EVALUATION IS 5.59 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 293 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #27 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 217,661 FINAL - 1.000000 0.875000 4.22 10.00% - 174,604 REMARKS - 15.00% - 139,902 20.00% - 111,886 25.00% - 89,232
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 20 0 0 17.516 0.00 4.22 2005 1 0 0 48 0 0 41.848 0.00 4.22 2006 1 0 0 30 0 0 26.560 0.00 4.22 2007 1 0 0 24 0 0 20.414 0.00 4.22 2008 1 0 0 18 0 0 16.162 0.00 4.22 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 140 0 0 122.500 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 140 0 0 122.500 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 140
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 73,917 0 73,917 0 2,218 71,699 2005 0 0 176,598 0 176,598 0 5,297 171,301 2006 0 0 112,084 0 112,084 0 3,363 108,721 2007 0 0 86,146 0 86,146 0 2,584 83,562 2008 0 0 68,205 0 68,205 0 2,046 66,159 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 516,950 0 516,950 0 15,508 501,442 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 516,950 0 516,950 0 15,508 501,442
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 1,800 0 200,000 0 201,800 -130,101 -130,101 -109,285 2005 7,200 0 0 0 7,200 164,101 34,000 128,680 2006 7,200 0 0 0 7,200 101,521 135,521 71,876 2007 7,200 0 0 0 7,200 76,362 211,883 48,896 2008 6,850 0 0 0 6,850 59,309 271,192 34,437 2009 0 0 0 0 0 0 271,192 0 2010 0 0 0 0 0 0 271,192 0 2011 0 0 0 0 0 0 271,192 0 2012 0 0 0 0 0 0 271,192 0 2013 0 0 0 0 0 0 271,192 0 2014 0 0 0 0 0 0 271,192 0 2015 0 0 0 0 0 0 271,192 0 2016 0 0 0 0 0 0 271,192 0 2017 0 0 0 0 0 0 271,192 0 SUBTOT 30,250 0 200,000 0 230,250 271,192 174,604 REMAIN 0 0 0 0 0 0 271,192 0 TOTAL 30,250 0 200,000 0 230,250 271,192 174,604 LIFE OF EVALUATION IS 5.95 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 294 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #29 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 185,641 FINAL - 1.000000 0.875000 4.22 10.00% - 149,073 REMARKS - 15.00% - 119,427 20.00% - 95,367 25.00% - 75,826
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 20 0 0 17.276 0.00 4.22 2005 1 0 0 46 0 0 40.290 0.00 4.22 2006 1 0 0 29 0 0 25.282 0.00 4.22 2007 1 0 0 22 0 0 19.364 0.00 4.22 2008 1 0 0 11 0 0 9.789 0.00 4.22 2009 0 0 0 0 0 0.000 0.00 0.00 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.001 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.001 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 72,904 0 72,904 0 2,187 70,717 2005 0 0 170,025 0 170,025 0 5,101 164,924 2006 0 0 106,688 0 106,688 0 3,201 103,487 2007 0 0 81,715 0 81,715 0 2,451 79,264 2008 0 0 41,308 0 41,308 0 1,239 40,069 2009 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 1,800 0 200,000 0 201,800 -131,083 -131,083 -110,098 2005 7,200 0 0 0 7,200 157,724 26,641 123,703 2006 7,200 0 0 0 7,200 96,287 122,928 68,174 2007 7,200 0 0 0 7,200 72,064 194,992 46,146 2008 4,257 0 0 0 4,257 35,812 230,804 21,148 2009 0 0 0 0 0 0 230,804 0 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 149,073 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 149,073 LIFE OF EVALUATION IS 5.59 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 295 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #32 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 368,693 FINAL - 1.000000 0.875000 4.22 10.00% - 306,017 REMARKS - 15.00% - 254,790 20.00% - 212,717 25.00% - 178,000
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 1 0 0 65 0 0 56.839 0.00 4.22 2005 1 0 0 42 0 0 36.777 0.00 4.22 2006 1 0 0 30 0 0 26.367 0.00 4.22 2007 1 0 0 24 0 0 21.179 0.00 4.22 2008 1 0 0 21 0 0 17.972 0.00 4.22 2009 1 0 0 9 0 0 7.990 0.00 4.22 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.124 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.124 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 239,861 0 239,861 0 7,196 232,665 2005 0 0 155,201 0 155,201 0 4,656 150,545 2006 0 0 111,270 0 111,270 0 3,338 107,932 2007 0 0 89,374 0 89,374 0 2,681 86,693 2008 0 0 75,843 0 75,843 0 2,275 73,568 2009 0 0 33,718 0 33,718 0 1,012 32,706 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,267 0 705,267 0 21,158 684,109 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,267 0 705,267 0 21,158 684,109
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 6,000 0 200,000 0 206,000 26,665 26,665 17,537 2005 7,200 0 0 0 7,200 143,345 170,010 112,209 2006 7,200 0 0 0 7,200 100,732 270,742 71,278 2007 7,200 0 0 0 7,200 79,493 350,235 50,887 2008 7,200 0 0 0 7,200 66,368 416,603 38,445 2009 3,544 0 0 0 3,544 29,162 445,765 15,661 2010 0 0 0 0 0 0 445,765 0 2011 0 0 0 0 0 0 445,765 0 2012 0 0 0 0 0 0 445,765 0 2013 0 0 0 0 0 0 445,765 0 2014 0 0 0 0 0 0 445,765 0 2015 0 0 0 0 0 0 445,765 0 2016 0 0 0 0 0 0 445,765 0 2017 0 0 0 0 0 0 445,765 0 SUBTOT 38,344 0 200,000 0 238,344 445,765 306,017 REMAIN 0 0 0 0 0 0 445,765 0 TOTAL 38,344 0 200,000 0 238,344 445,765 306,017 LIFE OF EVALUATION IS 6.49 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 296 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #33 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 884,267 FINAL - 1.000000 0.875000 4.22 10.00% - 653,151 REMARKS - 15.00% - 492,177 20.00% - 377,275 25.00% - 293,407
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 85 0 0 74.263 0.00 4.22 2006 1 0 0 63 0 0 55.395 0.00 4.22 2007 1 0 0 47 0 0 41.284 0.00 4.22 2008 1 0 0 39 0 0 33.729 0.00 4.22 2009 1 0 0 33 0 0 28.900 0.00 4.22 2010 1 0 0 29 0 0 25.499 0.00 4.22 2011 1 0 0 26 0 0 22.951 0.00 4.22 2012 1 0 0 24 0 0 20.957 0.00 4.22 2013 1 0 0 22 0 0 19.347 0.00 4.22 2014 1 0 0 21 0 0 18.014 0.00 4.22 2015 1 0 0 19 0 0 16.890 0.00 4.22 2016 1 0 0 13 0 0 11.146 0.00 4.22 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 421 0 0 368.375 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 421 0 0 368.375 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 421
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 313,390 0 313,390 0 9,402 303,988 2006 0 0 233,766 0 233,766 0 7,013 226,753 2007 0 0 174,217 0 174,217 0 5,226 168,991 2008 0 0 142,338 0 142,338 0 4,270 138,068 2009 0 0 121,959 0 121,959 0 3,659 118,300 2010 0 0 107,607 0 107,607 0 3,228 104,379 2011 0 0 96,851 0 96,851 0 2,906 93,945 2012 0 0 88,439 0 88,439 0 2,653 85,786 2013 0 0 81,644 0 81,644 0 2,449 79,195 2014 0 0 76,021 0 76,021 0 2,281 73,740 2015 0 0 71,276 0 71,276 0 2,138 69,138 2016 0 0 47,034 0 47,034 0 1,411 45,623 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,554,542 0 1,554,542 0 46,636 1,507,906 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,554,542 0 1,554,542 0 46,636 1,507,906
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 6,000 0 200,000 0 206,000 97,988 97,988 70,938 2006 7,200 0 0 0 7,200 219,553 317,541 155,485 2007 7,200 0 0 0 7,200 161,791 479,332 103,606 2008 7,200 0 0 0 7,200 130,868 610,200 75,822 2009 7,200 0 0 0 7,200 111,100 721,300 58,250 2010 7,200 0 0 0 7,200 97,179 818,479 46,112 2011 7,200 0 0 0 7,200 86,745 905,224 37,255 2012 7,200 0 0 0 7,200 78,586 983,810 30,548 2013 7,200 0 0 0 7,200 71,995 1,055,805 25,331 2014 7,200 0 0 0 7,200 66,540 1,122,345 21,191 2015 7,200 0 0 0 7,200 61,938 1,184,283 17,855 2016 4,996 0 0 0 4,996 40,627 1,224,910 10,758 2017 0 0 0 0 0 0 1,224,910 0 SUBTOT 82,996 0 200,000 0 282,996 1,224,910 653,151 REMAIN 0 0 0 0 0 0 1,224,910 0 TOTAL 82,996 0 200,000 0 282,996 1,224,910 653,151 LIFE OF EVALUATION IS 13.69 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 297 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #34 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 803,516 FINAL - 1.000000 0.875000 4.22 10.00% - 600,219 REMARKS - 15.00% - 455,953 20.00% - 351,465 25.00% - 274,349
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 83 0 0 72.521 0.00 4.22 2006 1 0 0 60 0 0 52.963 0.00 4.22 2007 1 0 0 45 0 0 39.208 0.00 4.22 2008 1 0 0 37 0 0 31.936 0.00 4.22 2009 1 0 0 31 0 0 27.315 0.00 4.22 2010 1 0 0 27 0 0 24.073 0.00 4.22 2011 1 0 0 25 0 0 21.650 0.00 4.22 2012 1 0 0 23 0 0 19.757 0.00 4.22 2013 1 0 0 21 0 0 18.231 0.00 4.22 2014 1 0 0 19 0 0 16.969 0.00 4.22 2015 1 0 0 12 0 0 10.503 0.00 4.22 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 383 0 0 335.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 383 0 0 335.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 383
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 306,039 0 306,039 0 9,181 296,858 2006 0 0 223,503 0 223,503 0 6,705 216,798 2007 0 0 165,458 0 165,458 0 4,964 160,494 2008 0 0 134,769 0 134,769 0 4,043 130,726 2009 0 0 115,271 0 115,271 0 3,458 111,813 2010 0 0 101,588 0 101,588 0 3,048 98,540 2011 0 0 91,361 0 91,361 0 2,741 88,620 2012 0 0 83,374 0 83,374 0 2,501 80,873 2013 0 0 76,933 0 76,933 0 2,308 74,625 2014 0 0 71,608 0 71,608 0 2,148 69,460 2015 0 0 44,323 0 44,323 0 1,330 42,993 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,414,227 0 1,414,227 0 42,427 1,371,800 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,414,227 0 1,414,227 0 42,427 1,371,800
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 6,000 0 200,000 0 206,000 90,858 90,858 65,459 2006 7,200 0 0 0 7,200 209,598 300,456 148,448 2007 7,200 0 0 0 7,200 153,294 453,750 98,169 2008 7,200 0 0 0 7,200 123,526 577,276 71,570 2009 7,200 0 0 0 7,200 104,613 681,889 54,849 2010 7,200 0 0 0 7,200 91,340 773,229 43,343 2011 7,200 0 0 0 7,200 81,420 854,649 34,968 2012 7,200 0 0 0 7,200 73,673 928,322 28,638 2013 7,200 0 0 0 7,200 67,425 995,747 23,724 2014 7,200 0 0 0 7,200 62,260 1,058,007 19,828 2015 4,705 0 0 0 4,705 38,288 1,096,295 11,223 2016 0 0 0 0 0 0 1,096,295 0 2017 0 0 0 0 0 0 1,096,295 0 SUBTOT 75,505 0 200,000 0 275,505 1,096,295 600,219 REMAIN 0 0 0 0 0 0 1,096,295 0 TOTAL 75,505 0 200,000 0 275,505 1,096,295 600,219 LIFE OF EVALUATION IS 12.65 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 298 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #35 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 790,263 FINAL - 1.000000 0.875000 4.22 10.00% - 580,621 REMARKS - 15.00% - 433,851 20.00% - 328,979 25.00% - 252,630
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 56 0 0 48.834 0.00 4.22 2006 1 0 0 70 0 0 61.079 0.00 4.22 2007 1 0 0 48 0 0 42.714 0.00 4.22 2008 1 0 0 39 0 0 33.963 0.00 4.22 2009 1 0 0 33 0 0 28.662 0.00 4.22 2010 1 0 0 29 0 0 25.043 0.00 4.22 2011 1 0 0 25 0 0 22.388 0.00 4.22 2012 1 0 0 23 0 0 20.341 0.00 4.22 2013 1 0 0 22 0 0 18.706 0.00 4.22 2014 1 0 0 20 0 0 17.365 0.00 4.22 2015 1 0 0 18 0 0 16.032 0.00 4.22 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 383 0 0 335.127 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 383 0 0 335.127 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 383
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 206,078 0 206,078 0 6,182 199,896 2006 0 0 257,753 0 257,753 0 7,733 250,020 2007 0 0 180,252 0 180,252 0 5,407 174,845 2008 0 0 143,324 0 143,324 0 4,300 139,024 2009 0 0 120,951 0 120,951 0 3,629 117,322 2010 0 0 105,682 0 105,682 0 3,170 102,512 2011 0 0 94,476 0 94,476 0 2,834 91,642 2012 0 0 85,837 0 85,837 0 2,576 83,261 2013 0 0 78,939 0 78,939 0 2,368 76,571 2014 0 0 73,279 0 73,279 0 2,198 71,081 2015 0 0 67,656 0 67,656 0 2,030 65,626 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,414,227 0 1,414,227 0 42,427 1,371,800 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,414,227 0 1,414,227 0 42,427 1,371,800
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 3,600 0 200,000 0 203,600 -3,704 -3,704 -5,703 2006 7,200 0 0 0 7,200 242,820 239,116 172,105 2007 7,200 0 0 0 7,200 167,645 406,761 107,389 2008 7,200 0 0 0 7,200 131,824 538,585 76,388 2009 7,200 0 0 0 7,200 110,122 648,707 57,743 2010 7,200 0 0 0 7,200 95,312 744,019 45,230 2011 7,200 0 0 0 7,200 84,442 828,461 36,267 2012 7,200 0 0 0 7,200 76,061 904,522 29,568 2013 7,200 0 0 0 7,200 69,371 973,893 24,409 2014 7,200 0 0 0 7,200 63,881 1,037,774 20,345 2015 7,105 0 0 0 7,105 58,521 1,096,295 16,880 2016 0 0 0 0 0 0 1,096,295 0 2017 0 0 0 0 0 0 1,096,295 0 SUBTOT 75,505 0 200,000 0 275,505 1,096,295 580,621 REMAIN 0 0 0 0 0 0 1,096,295 0 TOTAL 75,505 0 200,000 0 275,505 1,096,295 580,621 LIFE OF EVALUATION IS 12.99 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 299 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #36 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 1,070,802 FINAL - 1.000000 0.875000 4.22 10.00% - 771,131 REMARKS - 15.00% - 570,037 20.00% - 430,580 25.00% - 331,020
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 68 0 0 59.794 0.00 4.22 2006 1 0 0 84 0 0 72.972 0.00 4.22 2007 1 0 0 57 0 0 50.523 0.00 4.22 2008 1 0 0 46 0 0 40.016 0.00 4.22 2009 1 0 0 39 0 0 33.699 0.00 4.22 2010 1 0 0 33 0 0 29.406 0.00 4.22 2011 1 0 0 30 0 0 26.264 0.00 4.22 2012 1 0 0 28 0 0 23.847 0.00 4.22 2013 1 0 0 25 0 0 21.919 0.00 4.22 2014 1 0 0 23 0 0 20.340 0.00 4.22 2015 1 0 0 22 0 0 19.017 0.00 4.22 2016 1 0 0 20 0 0 17.890 0.00 4.22 2017 1 0 0 19 0 0 16.917 0.00 4.22 SUB-TOTAL 0 0 494 0 0 432.604 0.00 4.22 REMAINDER 0 0 17 0 0 14.522 0.00 4.22 TOTAL 0 0 511 0 0 447.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 511
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 252,329 0 252,329 0 7,570 244,759 2006 0 0 307,941 0 307,941 0 9,238 298,703 2007 0 0 213,205 0 213,205 0 6,396 206,809 2008 0 0 168,868 0 168,868 0 5,066 163,802 2009 0 0 142,209 0 142,209 0 4,267 137,942 2010 0 0 124,093 0 124,093 0 3,722 120,371 2011 0 0 110,833 0 110,833 0 3,325 107,508 2012 0 0 100,634 0 100,634 0 3,019 97,615 2013 0 0 92,500 0 92,500 0 2,775 89,725 2014 0 0 85,833 0 85,833 0 2,575 83,258 2015 0 0 80,251 0 80,251 0 2,408 77,843 2016 0 0 75,498 0 75,498 0 2,265 73,233 2017 0 0 71,390 0 71,390 0 2,142 69,248 SUB-TOT 0 0 1,825,584 0 1,825,584 0 54,768 1,770,816 REMAIN 0 0 61,283 0 61,283 0 1,838 59,445 TOTAL 0 0 1,886,867 0 1,886,867 0 56,606 1,830,261
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 3,600 0 200,000 0 203,600 41,159 41,159 28,506 2006 7,200 0 0 0 7,200 291,503 332,662 206,636 2007 7,200 0 0 0 7,200 199,609 532,271 127,867 2008 7,200 0 0 0 7,200 156,602 688,873 90,747 2009 7,200 0 0 0 7,200 130,742 819,615 68,556 2010 7,200 0 0 0 7,200 113,171 932,786 53,704 2011 7,200 0 0 0 7,200 100,308 1,033,094 43,082 2012 7,200 0 0 0 7,200 90,415 1,123,509 35,147 2013 7,200 0 0 0 7,200 82,525 1,206,034 29,037 2014 7,200 0 0 0 7,200 76,058 1,282,092 24,223 2015 7,200 0 0 0 7,200 70,643 1,352,735 20,365 2016 7,200 0 0 0 7,200 66,033 1,418,768 17,231 2017 7,200 0 0 0 7,200 62,048 1,480,816 14,655 SUBTOT 90,000 0 200,000 0 290,000 1,480,816 759,756 REMAIN 6,492 0 0 0 6,492 52,953 1,533,769 11,375 TOTAL 96,492 0 200,000 0 296,492 1,533,769 771,131 LIFE OF EVALUATION IS 15.90 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 300 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #38 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 640,630 FINAL - 1.000000 0.875000 4.22 10.00% - 474,353 REMARKS - 15.00% - 355,612 20.00% - 269,542 25.00% - 206,279
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 48 0 0 41.810 0.00 4.22 2006 1 0 0 62 0 0 54.103 0.00 4.22 2007 1 0 0 43 0 0 38.399 0.00 4.22 2008 1 0 0 36 0 0 30.714 0.00 4.22 2009 1 0 0 29 0 0 26.004 0.00 4.22 2010 1 0 0 26 0 0 22.767 0.00 4.22 2011 1 0 0 24 0 0 20.382 0.00 4.22 2012 1 0 0 21 0 0 18.537 0.00 4.22 2013 1 0 0 19 0 0 17.061 0.00 4.22 2014 1 0 0 11 0 0 9.348 0.00 4.22 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 319 0 0 279.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 319 0 0 279.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 319
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 176,438 0 176,438 0 5,293 171,145 2006 0 0 228,316 0 228,316 0 6,850 221,466 2007 0 0 162,044 0 162,044 0 4,861 157,183 2008 0 0 129,613 0 129,613 0 3,888 125,725 2009 0 0 109,735 0 109,735 0 3,292 106,443 2010 0 0 96,077 0 96,077 0 2,883 93,194 2011 0 0 86,011 0 86,011 0 2,580 83,431 2012 0 0 78,227 0 78,227 0 2,347 75,880 2013 0 0 71,997 0 71,997 0 2,160 69,837 2014 0 0 39,449 0 39,449 0 1,183 38,266 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,177,907 0 1,177,907 0 35,337 1,142,570 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,177,907 0 1,177,907 0 35,337 1,142,570
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 3,600 0 200,000 0 203,600 -32,455 -32,455 -27,634 2006 7,200 0 0 0 7,200 214,266 181,811 151,839 2007 7,200 0 0 0 7,200 149,983 331,794 96,069 2008 7,200 0 0 0 7,200 118,525 450,319 68,680 2009 7,200 0 0 0 7,200 99,243 549,562 52,038 2010 7,200 0 0 0 7,200 85,994 635,556 40,807 2011 7,200 0 0 0 7,200 76,231 711,787 32,741 2012 7,200 0 0 0 7,200 68,680 780,467 26,699 2013 7,200 0 0 0 7,200 62,637 843,104 22,039 2014 4,186 0 0 0 4,186 34,080 877,184 11,075 2015 0 0 0 0 0 0 877,184 0 2016 0 0 0 0 0 0 877,184 0 2017 0 0 0 0 0 0 877,184 0 SUBTOT 65,386 0 200,000 0 265,386 877,184 474,353 REMAIN 0 0 0 0 0 0 877,184 0 TOTAL 65,386 0 200,000 0 265,386 877,184 474,353 LIFE OF EVALUATION IS 11.58 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 301 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #39 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 722,482 FINAL - 1.000000 0.875000 4.22 10.00% - 528,266 REMARKS - 15.00% - 392,306 20.00% - 295,326 25.00% - 224,944
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 49 0 0 42.633 0.00 4.22 2006 1 0 0 64 0 0 56.619 0.00 4.22 2007 1 0 0 47 0 0 40.672 0.00 4.22 2008 1 0 0 37 0 0 32.695 0.00 4.22 2009 1 0 0 32 0 0 27.758 0.00 4.22 2010 1 0 0 28 0 0 24.346 0.00 4.22 2011 1 0 0 25 0 0 21.822 0.00 4.22 2012 1 0 0 22 0 0 19.865 0.00 4.22 2013 1 0 0 21 0 0 18.295 0.00 4.22 2014 1 0 0 20 0 0 17.003 0.00 4.22 2015 1 0 0 12 0 0 10.668 0.00 4.22 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 357 0 0 312.376 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 357 0 0 312.376 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 357
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 179,910 0 179,910 0 5,397 174,513 2006 0 0 238,933 0 238,933 0 7,168 231,765 2007 0 0 171,637 0 171,637 0 5,149 166,488 2008 0 0 137,974 0 137,974 0 4,140 133,834 2009 0 0 117,138 0 117,138 0 3,514 113,624 2010 0 0 102,739 0 102,739 0 3,082 99,657 2011 0 0 92,087 0 92,087 0 2,763 89,324 2012 0 0 83,829 0 83,829 0 2,514 81,315 2013 0 0 77,205 0 77,205 0 2,317 74,888 2014 0 0 71,752 0 71,752 0 2,152 69,600 2015 0 0 45,019 0 45,019 0 1,351 43,668 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,318,223 0 1,318,223 0 39,547 1,278,676 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,318,223 0 1,318,223 0 39,547 1,278,676
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 3,600 0 200,000 0 203,600 -29,087 -29,087 -25,086 2006 7,200 0 0 0 7,200 224,565 195,478 159,110 2007 7,200 0 0 0 7,200 159,288 354,766 102,023 2008 7,200 0 0 0 7,200 126,634 481,400 73,376 2009 7,200 0 0 0 7,200 106,424 587,824 55,802 2010 7,200 0 0 0 7,200 92,457 680,281 43,874 2011 7,200 0 0 0 7,200 82,124 762,405 35,271 2012 7,200 0 0 0 7,200 74,115 836,520 28,811 2013 7,200 0 0 0 7,200 67,688 904,208 23,816 2014 7,200 0 0 0 7,200 62,400 966,608 19,874 2015 4,775 0 0 0 4,775 38,893 1,005,501 11,395 2016 0 0 0 0 0 0 1,005,501 0 2017 0 0 0 0 0 0 1,005,501 0 SUBTOT 73,175 0 200,000 0 273,175 1,005,501 528,266 REMAIN 0 0 0 0 0 0 1,005,501 0 TOTAL 73,175 0 200,000 0 273,175 1,005,501 528,266 LIFE OF EVALUATION IS 12.66 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 302 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #40 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 713,525 FINAL - 1.000000 0.875000 4.22 10.00% - 515,276 REMARKS - 15.00% - 377,955 20.00% - 281,039 25.00% - 211,451
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 27 0 0 23.374 0.00 4.22 2006 1 0 0 73 0 0 63.765 0.00 4.22 2007 1 0 0 49 0 0 43.543 0.00 4.22 2008 1 0 0 40 0 0 34.309 0.00 4.22 2009 1 0 0 32 0 0 28.812 0.00 4.22 2010 1 0 0 29 0 0 25.098 0.00 4.22 2011 1 0 0 26 0 0 22.390 0.00 4.22 2012 1 0 0 23 0 0 20.312 0.00 4.22 2013 1 0 0 21 0 0 18.658 0.00 4.22 2014 1 0 0 20 0 0 17.304 0.00 4.22 2015 1 0 0 17 0 0 14.810 0.00 4.22 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 357 0 0 312.375 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 357 0 0 312.375 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 357
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 98,638 0 98,638 0 2,959 95,679 2006 0 0 269,087 0 269,087 0 8,073 261,014 2007 0 0 183,752 0 183,752 0 5,512 178,240 2008 0 0 144,782 0 144,782 0 4,344 140,438 2009 0 0 121,588 0 121,588 0 3,647 117,941 2010 0 0 105,915 0 105,915 0 3,178 102,737 2011 0 0 94,486 0 94,486 0 2,834 91,652 2012 0 0 85,717 0 85,717 0 2,572 83,145 2013 0 0 78,736 0 78,736 0 2,362 76,374 2014 0 0 73,025 0 73,025 0 2,191 70,834 2015 0 0 62,497 0 62,497 0 1,875 60,622 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,318,223 0 1,318,223 0 39,547 1,278,676 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,318,223 0 1,318,223 0 39,547 1,278,676
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,800 0 200,000 0 201,800 -106,121 -106,121 -80,921 2006 7,200 0 0 0 7,200 253,814 147,693 179,957 2007 7,200 0 0 0 7,200 171,040 318,733 109,575 2008 7,200 0 0 0 7,200 133,238 451,971 77,211 2009 7,200 0 0 0 7,200 110,741 562,712 58,070 2010 7,200 0 0 0 7,200 95,537 658,249 45,337 2011 7,200 0 0 0 7,200 84,452 742,701 36,272 2012 7,200 0 0 0 7,200 75,945 818,646 29,523 2013 7,200 0 0 0 7,200 69,174 887,820 24,340 2014 7,200 0 0 0 7,200 63,634 951,454 20,267 2015 6,575 0 0 0 6,575 54,047 1,005,501 15,645 2016 0 0 0 0 0 0 1,005,501 0 2017 0 0 0 0 0 0 1,005,501 0 SUBTOT 73,175 0 200,000 0 273,175 1,005,501 515,276 REMAIN 0 0 0 0 0 0 1,005,501 0 TOTAL 73,175 0 200,000 0 273,175 1,005,501 515,276 LIFE OF EVALUATION IS 12.91 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 303 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #41 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 176,605 FINAL - 1.000000 0.875000 4.22 10.00% - 134,943 REMARKS - 15.00% - 102,887 20.00% - 78,209 25.00% - 59,205
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 20 0 0 17.276 0.00 4.22 2006 1 0 0 46 0 0 40.290 0.00 4.22 2007 1 0 0 29 0 0 25.282 0.00 4.22 2008 1 0 0 22 0 0 19.364 0.00 4.22 2009 1 0 0 11 0 0 9.789 0.00 4.22 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.001 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.001 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 72,904 0 72,904 0 2,187 70,717 2006 0 0 170,025 0 170,025 0 5,101 164,924 2007 0 0 106,688 0 106,688 0 3,201 103,487 2008 0 0 81,715 0 81,715 0 2,451 79,264 2009 0 0 41,308 0 41,308 0 1,239 40,069 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,800 0 200,000 0 201,800 -131,083 -131,083 -99,662 2006 7,200 0 0 0 7,200 157,724 26,641 111,978 2007 7,200 0 0 0 7,200 96,287 122,928 61,711 2008 7,200 0 0 0 7,200 72,064 194,992 41,772 2009 4,257 0 0 0 4,257 35,812 230,804 19,144 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 134,943 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 134,943 LIFE OF EVALUATION IS 6.59 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 304 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #42 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 501,480 FINAL - 1.000000 0.875000 4.22 10.00% - 378,548 REMARKS - 15.00% - 287,925 20.00% - 220,512 25.00% - 169,934
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 29 0 0 25.738 0.00 4.22 2006 1 0 0 68 0 0 59.339 0.00 4.22 2007 1 0 0 43 0 0 37.040 0.00 4.22 2008 1 0 0 32 0 0 28.325 0.00 4.22 2009 1 0 0 27 0 0 23.427 0.00 4.22 2010 1 0 0 23 0 0 20.219 0.00 4.22 2011 1 0 0 20 0 0 17.925 0.00 4.22 2012 1 0 0 15 0 0 12.862 0.00 4.22 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 257 0 0 224.875 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 257 0 0 224.875 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 257
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 108,614 0 108,614 0 3,258 105,356 2006 0 0 250,412 0 250,412 0 7,513 242,899 2007 0 0 156,308 0 156,308 0 4,689 151,619 2008 0 0 119,531 0 119,531 0 3,586 115,945 2009 0 0 98,864 0 98,864 0 2,966 95,898 2010 0 0 85,324 0 85,324 0 2,560 82,764 2011 0 0 75,641 0 75,641 0 2,269 73,372 2012 0 0 54,278 0 54,278 0 1,628 52,650 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 948,972 0 948,972 0 28,469 920,503 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 948,972 0 948,972 0 28,469 920,503
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,800 0 200,000 0 201,800 -96,444 -96,444 -73,627 2006 7,200 0 0 0 7,200 235,699 139,255 167,337 2007 7,200 0 0 0 7,200 144,419 283,674 92,556 2008 7,200 0 0 0 7,200 108,745 392,419 63,030 2009 7,200 0 0 0 7,200 88,698 481,117 46,516 2010 7,200 0 0 0 7,200 75,564 556,681 35,862 2011 7,200 0 0 0 7,200 66,172 622,853 28,423 2012 5,665 0 0 0 5,665 46,985 669,838 18,451 2013 0 0 0 0 0 0 669,838 0 2014 0 0 0 0 0 0 669,838 0 2015 0 0 0 0 0 0 669,838 0 2016 0 0 0 0 0 0 669,838 0 2017 0 0 0 0 0 0 669,838 0 SUBTOT 50,665 0 200,000 0 250,665 669,838 378,548 REMAIN 0 0 0 0 0 0 669,838 0 TOTAL 50,665 0 200,000 0 250,665 669,838 378,548 LIFE OF EVALUATION IS 9.79 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 305 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #43 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 176,605 FINAL - 1.000000 0.875000 4.22 10.00% - 134,943 REMARKS - 15.00% - 102,887 20.00% - 78,209 25.00% - 59,205
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 20 0 0 17.276 0.00 4.22 2006 1 0 0 46 0 0 40.290 0.00 4.22 2007 1 0 0 29 0 0 25.282 0.00 4.22 2008 1 0 0 22 0 0 19.364 0.00 4.22 2009 1 0 0 11 0 0 9.789 0.00 4.22 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.001 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.001 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 72,904 0 72,904 0 2,187 70,717 2006 0 0 170,025 0 170,025 0 5,101 164,924 2007 0 0 106,688 0 106,688 0 3,201 103,487 2008 0 0 81,715 0 81,715 0 2,451 79,264 2009 0 0 41,308 0 41,308 0 1,239 40,069 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,800 0 200,000 0 201,800 -131,083 -131,083 -99,662 2006 7,200 0 0 0 7,200 157,724 26,641 111,978 2007 7,200 0 0 0 7,200 96,287 122,928 61,711 2008 7,200 0 0 0 7,200 72,064 194,992 41,772 2009 4,257 0 0 0 4,257 35,812 230,804 19,144 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 134,943 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 134,943 LIFE OF EVALUATION IS 6.59 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 306 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #44 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 176,605 FINAL - 1.000000 0.875000 4.22 10.00% - 134,943 REMARKS - 15.00% - 102,887 20.00% - 78,209 25.00% - 59,205
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 20 0 0 17.276 0.00 4.22 2006 1 0 0 46 0 0 40.290 0.00 4.22 2007 1 0 0 29 0 0 25.282 0.00 4.22 2008 1 0 0 22 0 0 19.364 0.00 4.22 2009 1 0 0 11 0 0 9.789 0.00 4.22 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.001 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.001 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 72,904 0 72,904 0 2,187 70,717 2006 0 0 170,025 0 170,025 0 5,101 164,924 2007 0 0 106,688 0 106,688 0 3,201 103,487 2008 0 0 81,715 0 81,715 0 2,451 79,264 2009 0 0 41,308 0 41,308 0 1,239 40,069 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,800 0 200,000 0 201,800 -131,083 -131,083 -99,662 2006 7,200 0 0 0 7,200 157,724 26,641 111,978 2007 7,200 0 0 0 7,200 96,287 122,928 61,711 2008 7,200 0 0 0 7,200 72,064 194,992 41,772 2009 4,257 0 0 0 4,257 35,812 230,804 19,144 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 134,943 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 134,943 LIFE OF EVALUATION IS 6.59 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 307 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #45 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 181,821 FINAL - 1.000000 0.875000 4.22 10.00% - 143,014 REMARKS - 15.00% - 112,235 20.00% - 87,802 25.00% - 68,398
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 50 0 0 43.775 0.00 4.22 2006 1 0 0 34 0 0 29.508 0.00 4.22 2007 1 0 0 24 0 0 21.363 0.00 4.22 2008 1 0 0 20 0 0 17.230 0.00 4.22 2009 1 0 0 0 0 0 0.124 0.00 4.22 2010 0 0 0 0 0 0.000 0.00 0.00 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.000 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.000 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 184,731 0 184,731 0 5,542 179,189 2006 0 0 124,524 0 124,524 0 3,736 120,788 2007 0 0 90,151 0 90,151 0 2,704 87,447 2008 0 0 72,710 0 72,710 0 2,181 70,529 2009 0 0 524 0 524 0 16 508 2010 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 6,000 0 200,000 0 206,000 -26,811 -26,811 -25,811 2006 7,200 0 0 0 7,200 113,588 86,777 80,480 2007 7,200 0 0 0 7,200 80,247 167,024 51,400 2008 7,200 0 0 0 7,200 63,329 230,353 36,698 2009 57 0 0 0 57 451 230,804 247 2010 0 0 0 0 0 0 230,804 0 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 143,014 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 143,014 LIFE OF EVALUATION IS 6.01 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 308 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #46 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 202,806 FINAL - 1.000000 0.875000 4.22 10.00% - 151,629 REMARKS - 15.00% - 113,268 20.00% - 84,477 25.00% - 62,848
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 51 0 0 44.947 0.00 4.22 2007 1 0 0 36 0 0 30.913 0.00 4.22 2008 1 0 0 25 0 0 22.496 0.00 4.22 2009 1 0 0 21 0 0 18.185 0.00 4.22 2010 1 0 0 7 0 0 5.959 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 140 0 0 122.500 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 140 0 0 122.500 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 140
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 189,677 0 189,677 0 5,690 183,987 2007 0 0 130,454 0 130,454 0 3,914 126,540 2008 0 0 94,934 0 94,934 0 2,848 92,086 2009 0 0 76,739 0 76,739 0 2,302 74,437 2010 0 0 25,146 0 25,146 0 754 24,392 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 516,950 0 516,950 0 15,508 501,442 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 516,950 0 516,950 0 15,508 501,442
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 -22,013 -22,013 -20,021 2007 7,200 0 0 0 7,200 119,340 97,327 76,534 2008 7,200 0 0 0 7,200 84,886 182,213 49,217 2009 7,200 0 0 0 7,200 67,237 249,450 35,268 2010 2,650 0 0 0 2,650 21,742 271,192 10,631 2011 0 0 0 0 0 0 271,192 0 2012 0 0 0 0 0 0 271,192 0 2013 0 0 0 0 0 0 271,192 0 2014 0 0 0 0 0 0 271,192 0 2015 0 0 0 0 0 0 271,192 0 2016 0 0 0 0 0 0 271,192 0 2017 0 0 0 0 0 0 271,192 0 SUBTOT 30,250 0 200,000 0 230,250 271,192 151,629 REMAIN 0 0 0 0 0 0 271,192 0 TOTAL 30,250 0 200,000 0 230,250 271,192 151,629 LIFE OF EVALUATION IS 7.37 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 309 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #47 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 328,722 FINAL - 1.000000 0.875000 4.22 10.00% - 244,289 REMARKS - 15.00% - 182,138 20.00% - 136,173 25.00% - 102,032
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 59 0 0 51.892 0.00 4.22 2007 1 0 0 42 0 0 36.429 0.00 4.22 2008 1 0 0 30 0 0 26.658 0.00 4.22 2009 1 0 0 25 0 0 21.601 0.00 4.22 2010 1 0 0 21 0 0 18.422 0.00 4.22 2011 1 0 0 14 0 0 12.124 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 218,983 0 218,983 0 6,570 212,413 2007 0 0 153,730 0 153,730 0 4,611 149,119 2008 0 0 112,496 0 112,496 0 3,375 109,121 2009 0 0 91,157 0 91,157 0 2,735 88,422 2010 0 0 77,739 0 77,739 0 2,332 75,407 2011 0 0 51,162 0 51,162 0 1,535 49,627 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,267 0 705,267 0 21,158 684,109 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,267 0 705,267 0 21,158 684,109
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 6,413 6,413 -56 2007 7,200 0 0 0 7,200 141,919 148,332 91,006 2008 7,200 0 0 0 7,200 101,921 250,253 59,089 2009 7,200 0 0 0 7,200 81,222 331,475 42,602 2010 7,200 0 0 0 7,200 68,207 399,682 32,374 2011 5,308 0 0 0 5,308 44,319 444,001 19,274 2012 0 0 0 0 0 0 444,001 0 2013 0 0 0 0 0 0 444,001 0 2014 0 0 0 0 0 0 444,001 0 2015 0 0 0 0 0 0 444,001 0 2016 0 0 0 0 0 0 444,001 0 2017 0 0 0 0 0 0 444,001 0 SUBTOT 40,108 0 200,000 0 240,108 444,001 244,289 REMAIN 0 0 0 0 0 0 444,001 0 TOTAL 40,108 0 200,000 0 240,108 444,001 244,289 LIFE OF EVALUATION IS 8.74 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 310 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #48 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 328,722 FINAL - 1.000000 0.875000 4.22 10.00% - 244,289 REMARKS - 15.00% - 182,138 20.00% - 136,173 25.00% - 102,032
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 59 0 0 51.892 0.00 4.22 2007 1 0 0 42 0 0 36.429 0.00 4.22 2008 1 0 0 30 0 0 26.658 0.00 4.22 2009 1 0 0 25 0 0 21.601 0.00 4.22 2010 1 0 0 21 0 0 18.422 0.00 4.22 2011 1 0 0 14 0 0 12.124 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 218,983 0 218,983 0 6,570 212,413 2007 0 0 153,730 0 153,730 0 4,611 149,119 2008 0 0 112,496 0 112,496 0 3,375 109,121 2009 0 0 91,157 0 91,157 0 2,735 88,422 2010 0 0 77,739 0 77,739 0 2,332 75,407 2011 0 0 51,162 0 51,162 0 1,535 49,627 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,267 0 705,267 0 21,158 684,109 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,267 0 705,267 0 21,158 684,109
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 6,413 6,413 -56 2007 7,200 0 0 0 7,200 141,919 148,332 91,006 2008 7,200 0 0 0 7,200 101,921 250,253 59,089 2009 7,200 0 0 0 7,200 81,222 331,475 42,602 2010 7,200 0 0 0 7,200 68,207 399,682 32,374 2011 5,308 0 0 0 5,308 44,319 444,001 19,274 2012 0 0 0 0 0 0 444,001 0 2013 0 0 0 0 0 0 444,001 0 2014 0 0 0 0 0 0 444,001 0 2015 0 0 0 0 0 0 444,001 0 2016 0 0 0 0 0 0 444,001 0 2017 0 0 0 0 0 0 444,001 0 SUBTOT 40,108 0 200,000 0 240,108 444,001 244,289 REMAIN 0 0 0 0 0 0 444,001 0 TOTAL 40,108 0 200,000 0 240,108 444,001 244,289 LIFE OF EVALUATION IS 8.74 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 311 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #49 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 172,972 FINAL - 1.000000 0.875000 4.22 10.00% - 129,458 REMARKS - 15.00% - 96,691 20.00% - 72,005 25.00% - 53,406
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 50 0 0 43.775 0.00 4.22 2007 1 0 0 34 0 0 29.508 0.00 4.22 2008 1 0 0 24 0 0 21.363 0.00 4.22 2009 1 0 0 20 0 0 17.230 0.00 4.22 2010 1 0 0 0 0 0 0.124 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.000 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.000 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 184,731 0 184,731 0 5,542 179,189 2007 0 0 124,524 0 124,524 0 3,736 120,788 2008 0 0 90,151 0 90,151 0 2,704 87,447 2009 0 0 72,710 0 72,710 0 2,181 70,529 2010 0 0 524 0 524 0 16 508 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 -26,811 -26,811 -23,365 2007 7,200 0 0 0 7,200 113,588 86,777 72,852 2008 7,200 0 0 0 7,200 80,247 167,024 46,528 2009 7,200 0 0 0 7,200 63,329 230,353 33,219 2010 57 0 0 0 57 451 230,804 224 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 129,458 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 129,458 LIFE OF EVALUATION IS 7.01 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 312 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #50 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 325,945 FINAL - 1.000000 0.875000 4.22 10.00% - 239,701 REMARKS - 15.00% - 176,895 20.00% - 130,943 25.00% - 97,176
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 43 0 0 37.562 0.00 4.22 2007 1 0 0 49 0 0 42.963 0.00 4.22 2008 1 0 0 33 0 0 29.044 0.00 4.22 2009 1 0 0 26 0 0 22.800 0.00 4.22 2010 1 0 0 22 0 0 19.110 0.00 4.22 2011 1 0 0 18 0 0 15.646 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 158,511 0 158,511 0 4,755 153,756 2007 0 0 181,305 0 181,305 0 5,439 175,866 2008 0 0 122,566 0 122,566 0 3,677 118,889 2009 0 0 96,216 0 96,216 0 2,887 93,329 2010 0 0 80,645 0 80,645 0 2,419 78,226 2011 0 0 66,024 0 66,024 0 1,981 64,043 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,267 0 705,267 0 21,158 684,109 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,267 0 705,267 0 21,158 684,109
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 3,600 0 200,000 0 203,600 -49,844 -49,844 -36,931 2007 7,200 0 0 0 7,200 168,666 118,822 108,273 2008 7,200 0 0 0 7,200 111,689 230,511 64,776 2009 7,200 0 0 0 7,200 86,129 316,640 45,184 2010 7,200 0 0 0 7,200 71,026 387,666 33,716 2011 6,750 0 0 0 6,750 57,293 444,959 24,683 2012 0 0 0 0 0 0 444,959 0 2013 0 0 0 0 0 0 444,959 0 2014 0 0 0 0 0 0 444,959 0 2015 0 0 0 0 0 0 444,959 0 2016 0 0 0 0 0 0 444,959 0 2017 0 0 0 0 0 0 444,959 0 SUBTOT 39,150 0 200,000 0 239,150 444,959 239,701 REMAIN 0 0 0 0 0 0 444,959 0 TOTAL 39,150 0 200,000 0 239,150 444,959 239,701 LIFE OF EVALUATION IS 8.94 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 313 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #51 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 170,118 FINAL - 1.000000 0.875000 4.22 10.00% - 125,231 REMARKS - 15.00% - 92,004 20.00% - 67,398 25.00% - 49,178
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 34 0 0 30.136 0.00 4.22 2007 1 0 0 40 0 0 34.571 0.00 4.22 2008 1 0 0 27 0 0 23.394 0.00 4.22 2009 1 0 0 21 0 0 18.372 0.00 4.22 2010 1 0 0 6 0 0 5.527 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.000 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.000 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 127,173 0 127,173 0 3,815 123,358 2007 0 0 145,889 0 145,889 0 4,377 141,512 2008 0 0 98,724 0 98,724 0 2,962 95,762 2009 0 0 77,529 0 77,529 0 2,325 75,204 2010 0 0 23,325 0 23,325 0 700 22,625 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 3,600 0 200,000 0 203,600 -80,242 -80,242 -57,909 2007 7,200 0 0 0 7,200 134,312 54,070 86,222 2008 7,200 0 0 0 7,200 88,562 142,632 51,365 2009 7,200 0 0 0 7,200 68,004 210,636 35,677 2010 2,457 0 0 0 2,457 20,168 230,804 9,876 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 125,231 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 125,231 LIFE OF EVALUATION IS 7.34 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 314 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #53 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 170,118 FINAL - 1.000000 0.875000 4.22 10.00% - 125,231 REMARKS - 15.00% - 92,004 20.00% - 67,398 25.00% - 49,178
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 34 0 0 30.136 0.00 4.22 2007 1 0 0 40 0 0 34.571 0.00 4.22 2008 1 0 0 27 0 0 23.394 0.00 4.22 2009 1 0 0 21 0 0 18.372 0.00 4.22 2010 1 0 0 6 0 0 5.527 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.000 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.000 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 127,173 0 127,173 0 3,815 123,358 2007 0 0 145,889 0 145,889 0 4,377 141,512 2008 0 0 98,724 0 98,724 0 2,962 95,762 2009 0 0 77,529 0 77,529 0 2,325 75,204 2010 0 0 23,325 0 23,325 0 700 22,625 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 3,600 0 200,000 0 203,600 -80,242 -80,242 -57,909 2007 7,200 0 0 0 7,200 134,312 54,070 86,222 2008 7,200 0 0 0 7,200 88,562 142,632 51,365 2009 7,200 0 0 0 7,200 68,004 210,636 35,677 2010 2,457 0 0 0 2,457 20,168 230,804 9,876 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 125,231 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 125,231 LIFE OF EVALUATION IS 7.34 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 315 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #54 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 340,687 FINAL - 1.000000 0.875000 4.22 10.00% - 261,377 REMARKS - 15.00% - 201,223 20.00% - 155,385 25.00% - 120,304
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 26 0 0 23.030 0.00 4.22 2006 1 0 0 59 0 0 51.068 0.00 4.22 2007 1 0 0 36 0 0 31.342 0.00 4.22 2008 1 0 0 27 0 0 23.851 0.00 4.22 2009 1 0 0 22 0 0 19.680 0.00 4.22 2010 1 0 0 20 0 0 16.960 0.00 4.22 2011 1 0 0 1 0 0 1.194 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 97,185 0 97,185 0 2,916 94,269 2006 0 0 215,508 0 215,508 0 6,465 209,043 2007 0 0 132,265 0 132,265 0 3,968 128,297 2008 0 0 100,649 0 100,649 0 3,019 97,630 2009 0 0 83,048 0 83,048 0 2,492 80,556 2010 0 0 71,572 0 71,572 0 2,147 69,425 2011 0 0 5,040 0 5,040 0 151 4,889 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,267 0 705,267 0 21,158 684,109 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,267 0 705,267 0 21,158 684,109
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,800 0 200,000 0 201,800 -107,531 -107,531 -81,955 2006 7,200 0 0 0 7,200 201,843 94,312 143,343 2007 7,200 0 0 0 7,200 121,097 215,409 77,617 2008 7,200 0 0 0 7,200 90,430 305,839 52,417 2009 7,200 0 0 0 7,200 73,356 379,195 38,472 2010 7,200 0 0 0 7,200 62,225 441,420 29,532 2011 544 0 0 0 544 4,345 445,765 1,951 2012 0 0 0 0 0 0 445,765 0 2013 0 0 0 0 0 0 445,765 0 2014 0 0 0 0 0 0 445,765 0 2015 0 0 0 0 0 0 445,765 0 2016 0 0 0 0 0 0 445,765 0 2017 0 0 0 0 0 0 445,765 0 SUBTOT 38,344 0 200,000 0 238,344 445,765 261,377 REMAIN 0 0 0 0 0 0 445,765 0 TOTAL 38,344 0 200,000 0 238,344 445,765 261,377 LIFE OF EVALUATION IS 8.08 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 316 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #55 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 340,687 FINAL - 1.000000 0.875000 4.22 10.00% - 261,377 REMARKS - 15.00% - 201,223 20.00% - 155,385 25.00% - 120,304
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 1 0 0 26 0 0 23.030 0.00 4.22 2006 1 0 0 59 0 0 51.068 0.00 4.22 2007 1 0 0 36 0 0 31.342 0.00 4.22 2008 1 0 0 27 0 0 23.851 0.00 4.22 2009 1 0 0 22 0 0 19.680 0.00 4.22 2010 1 0 0 20 0 0 16.960 0.00 4.22 2011 1 0 0 1 0 0 1.194 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 97,185 0 97,185 0 2,916 94,269 2006 0 0 215,508 0 215,508 0 6,465 209,043 2007 0 0 132,265 0 132,265 0 3,968 128,297 2008 0 0 100,649 0 100,649 0 3,019 97,630 2009 0 0 83,048 0 83,048 0 2,492 80,556 2010 0 0 71,572 0 71,572 0 2,147 69,425 2011 0 0 5,040 0 5,040 0 151 4,889 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,267 0 705,267 0 21,158 684,109 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,267 0 705,267 0 21,158 684,109
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 1,800 0 200,000 0 201,800 -107,531 -107,531 -81,955 2006 7,200 0 0 0 7,200 201,843 94,312 143,343 2007 7,200 0 0 0 7,200 121,097 215,409 77,617 2008 7,200 0 0 0 7,200 90,430 305,839 52,417 2009 7,200 0 0 0 7,200 73,356 379,195 38,472 2010 7,200 0 0 0 7,200 62,225 441,420 29,532 2011 544 0 0 0 544 4,345 445,765 1,951 2012 0 0 0 0 0 0 445,765 0 2013 0 0 0 0 0 0 445,765 0 2014 0 0 0 0 0 0 445,765 0 2015 0 0 0 0 0 0 445,765 0 2016 0 0 0 0 0 0 445,765 0 2017 0 0 0 0 0 0 445,765 0 SUBTOT 38,344 0 200,000 0 238,344 445,765 261,377 REMAIN 0 0 0 0 0 0 445,765 0 TOTAL 38,344 0 200,000 0 238,344 445,765 261,377 LIFE OF EVALUATION IS 8.08 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 317 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #56 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 333,677 FINAL - 1.000000 0.875000 4.22 10.00% - 250,753 REMARKS - 15.00% - 189,104 20.00% - 143,059 25.00% - 108,519
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 65 0 0 56.839 0.00 4.22 2007 1 0 0 42 0 0 36.777 0.00 4.22 2008 1 0 0 30 0 0 26.367 0.00 4.22 2009 1 0 0 24 0 0 21.179 0.00 4.22 2010 1 0 0 21 0 0 17.972 0.00 4.22 2011 1 0 0 9 0 0 7.990 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.124 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.124 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 239,861 0 239,861 0 7,196 232,665 2007 0 0 155,201 0 155,201 0 4,656 150,545 2008 0 0 111,270 0 111,270 0 3,338 107,932 2009 0 0 89,374 0 89,374 0 2,681 86,693 2010 0 0 75,843 0 75,843 0 2,275 73,568 2011 0 0 33,718 0 33,718 0 1,012 32,706 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,267 0 705,267 0 21,158 684,109 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,267 0 705,267 0 21,158 684,109
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 26,665 26,665 14,370 2007 7,200 0 0 0 7,200 143,345 170,010 91,945 2008 7,200 0 0 0 7,200 100,732 270,742 58,406 2009 7,200 0 0 0 7,200 79,493 350,235 41,698 2010 7,200 0 0 0 7,200 66,368 416,603 31,502 2011 3,544 0 0 0 3,544 29,162 445,765 12,832 2012 0 0 0 0 0 0 445,765 0 2013 0 0 0 0 0 0 445,765 0 2014 0 0 0 0 0 0 445,765 0 2015 0 0 0 0 0 0 445,765 0 2016 0 0 0 0 0 0 445,765 0 2017 0 0 0 0 0 0 445,765 0 SUBTOT 38,344 0 200,000 0 238,344 445,765 250,753 REMAIN 0 0 0 0 0 0 445,765 0 TOTAL 38,344 0 200,000 0 238,344 445,765 250,753 LIFE OF EVALUATION IS 8.49 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 318 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #57 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 627,145 FINAL - 1.000000 0.875000 4.22 10.00% - 454,784 REMARKS - 15.00% - 333,752 20.00% - 247,559 25.00% - 185,369
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 79 0 0 68.994 0.00 4.22 2007 1 0 0 55 0 0 48.324 0.00 4.22 2008 1 0 0 40 0 0 35.340 0.00 4.22 2009 1 0 0 33 0 0 28.629 0.00 4.22 2010 1 0 0 28 0 0 24.411 0.00 4.22 2011 1 0 0 25 0 0 21.470 0.00 4.22 2012 1 0 0 22 0 0 19.281 0.00 4.22 2013 1 0 0 20 0 0 17.577 0.00 4.22 2014 1 0 0 16 0 0 14.226 0.00 4.22 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 318 0 0 278.252 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 318 0 0 278.252 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 318
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 291,153 0 291,153 0 8,735 282,418 2007 0 0 203,927 0 203,927 0 6,117 197,810 2008 0 0 149,135 0 149,135 0 4,474 144,661 2009 0 0 120,813 0 120,813 0 3,625 117,188 2010 0 0 103,012 0 103,012 0 3,090 99,922 2011 0 0 90,602 0 90,602 0 2,718 87,884 2012 0 0 81,366 0 81,366 0 2,441 78,925 2013 0 0 74,174 0 74,174 0 2,225 71,949 2014 0 0 60,033 0 60,033 0 1,801 58,232 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 1,174,215 0 1,174,215 0 35,226 1,138,989 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 1,174,215 0 1,174,215 0 35,226 1,138,989
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 76,418 76,418 49,203 2007 7,200 0 0 0 7,200 190,610 267,028 122,224 2008 7,200 0 0 0 7,200 137,461 404,489 79,692 2009 7,200 0 0 0 7,200 109,988 514,477 57,688 2010 7,200 0 0 0 7,200 92,722 607,199 44,008 2011 7,200 0 0 0 7,200 80,684 687,883 34,658 2012 7,200 0 0 0 7,200 71,725 759,608 27,884 2013 7,200 0 0 0 7,200 64,749 824,357 22,785 2014 6,291 0 0 0 6,291 51,941 876,298 16,642 2015 0 0 0 0 0 0 876,298 0 2016 0 0 0 0 0 0 876,298 0 2017 0 0 0 0 0 0 876,298 0 SUBTOT 62,691 0 200,000 0 262,691 876,298 454,784 REMAIN 0 0 0 0 0 0 876,298 0 TOTAL 62,691 0 200,000 0 262,691 876,298 454,784 LIFE OF EVALUATION IS 11.87 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 319 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #58 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 333,677 FINAL - 1.000000 0.875000 4.22 10.00% - 250,753 REMARKS - 15.00% - 189,104 20.00% - 143,059 25.00% - 108,519
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 65 0 0 56.839 0.00 4.22 2007 1 0 0 42 0 0 36.777 0.00 4.22 2008 1 0 0 30 0 0 26.367 0.00 4.22 2009 1 0 0 24 0 0 21.179 0.00 4.22 2010 1 0 0 21 0 0 17.972 0.00 4.22 2011 1 0 0 9 0 0 7.990 0.00 4.22 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.124 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.124 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 239,861 0 239,861 0 7,196 232,665 2007 0 0 155,201 0 155,201 0 4,656 150,545 2008 0 0 111,270 0 111,270 0 3,338 107,932 2009 0 0 89,374 0 89,374 0 2,681 86,693 2010 0 0 75,843 0 75,843 0 2,275 73,568 2011 0 0 33,718 0 33,718 0 1,012 32,706 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,267 0 705,267 0 21,158 684,109 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,267 0 705,267 0 21,158 684,109
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 26,665 26,665 14,370 2007 7,200 0 0 0 7,200 143,345 170,010 91,945 2008 7,200 0 0 0 7,200 100,732 270,742 58,406 2009 7,200 0 0 0 7,200 79,493 350,235 41,698 2010 7,200 0 0 0 7,200 66,368 416,603 31,502 2011 3,544 0 0 0 3,544 29,162 445,765 12,832 2012 0 0 0 0 0 0 445,765 0 2013 0 0 0 0 0 0 445,765 0 2014 0 0 0 0 0 0 445,765 0 2015 0 0 0 0 0 0 445,765 0 2016 0 0 0 0 0 0 445,765 0 2017 0 0 0 0 0 0 445,765 0 SUBTOT 38,344 0 200,000 0 238,344 445,765 250,753 REMAIN 0 0 0 0 0 0 445,765 0 TOTAL 38,344 0 200,000 0 238,344 445,765 250,753 LIFE OF EVALUATION IS 8.49 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 320 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #59 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 483,484 FINAL - 1.000000 0.875000 4.22 10.00% - 355,974 REMARKS - 15.00% - 264,096 20.00% - 197,288 25.00% - 148,295
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 71 0 0 62.078 0.00 4.22 2007 1 0 0 49 0 0 42.843 0.00 4.22 2008 1 0 0 36 0 0 31.206 0.00 4.22 2009 1 0 0 28 0 0 25.236 0.00 4.22 2010 1 0 0 25 0 0 21.496 0.00 4.22 2011 1 0 0 22 0 0 18.894 0.00 4.22 2012 1 0 0 19 0 0 16.960 0.00 4.22 2013 1 0 0 5 0 0 4.412 0.00 4.22 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 255 0 0 223.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 255 0 0 223.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 255
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 261,968 0 261,968 0 7,859 254,109 2007 0 0 180,798 0 180,798 0 5,424 175,374 2008 0 0 131,691 0 131,691 0 3,951 127,740 2009 0 0 106,494 0 106,494 0 3,195 103,299 2010 0 0 90,713 0 90,713 0 2,721 87,992 2011 0 0 79,734 0 79,734 0 2,392 77,342 2012 0 0 71,572 0 71,572 0 2,147 69,425 2013 0 0 18,617 0 18,617 0 559 18,058 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 941,587 0 941,587 0 28,248 913,339 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 941,587 0 941,587 0 28,248 913,339
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 48,109 48,109 29,319 2007 7,200 0 0 0 7,200 168,174 216,283 107,845 2008 7,200 0 0 0 7,200 120,540 336,823 69,884 2009 7,200 0 0 0 7,200 96,099 432,922 50,405 2010 7,200 0 0 0 7,200 80,792 513,714 38,347 2011 7,200 0 0 0 7,200 70,142 583,856 30,130 2012 7,200 0 0 0 7,200 62,225 646,081 24,192 2013 1,992 0 0 0 1,992 16,066 662,147 5,852 2014 0 0 0 0 0 0 662,147 0 2015 0 0 0 0 0 0 662,147 0 2016 0 0 0 0 0 0 662,147 0 2017 0 0 0 0 0 0 662,147 0 SUBTOT 51,192 0 200,000 0 251,192 662,147 355,974 REMAIN 0 0 0 0 0 0 662,147 0 TOTAL 51,192 0 200,000 0 251,192 662,147 355,974 LIFE OF EVALUATION IS 10.28 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 321 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #60 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 483,484 FINAL - 1.000000 0.875000 4.22 10.00% - 355,974 REMARKS - 15.00% - 264,096 20.00% - 197,288 25.00% - 148,295
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 71 0 0 62.078 0.00 4.22 2007 1 0 0 49 0 0 42.843 0.00 4.22 2008 1 0 0 36 0 0 31.206 0.00 4.22 2009 1 0 0 28 0 0 25.236 0.00 4.22 2010 1 0 0 25 0 0 21.496 0.00 4.22 2011 1 0 0 22 0 0 18.894 0.00 4.22 2012 1 0 0 19 0 0 16.960 0.00 4.22 2013 1 0 0 5 0 0 4.412 0.00 4.22 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 255 0 0 223.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 255 0 0 223.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 255
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 261,968 0 261,968 0 7,859 254,109 2007 0 0 180,798 0 180,798 0 5,424 175,374 2008 0 0 131,691 0 131,691 0 3,951 127,740 2009 0 0 106,494 0 106,494 0 3,195 103,299 2010 0 0 90,713 0 90,713 0 2,721 87,992 2011 0 0 79,734 0 79,734 0 2,392 77,342 2012 0 0 71,572 0 71,572 0 2,147 69,425 2013 0 0 18,617 0 18,617 0 559 18,058 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 941,587 0 941,587 0 28,248 913,339 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 941,587 0 941,587 0 28,248 913,339
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 6,000 0 200,000 0 206,000 48,109 48,109 29,319 2007 7,200 0 0 0 7,200 168,174 216,283 107,845 2008 7,200 0 0 0 7,200 120,540 336,823 69,884 2009 7,200 0 0 0 7,200 96,099 432,922 50,405 2010 7,200 0 0 0 7,200 80,792 513,714 38,347 2011 7,200 0 0 0 7,200 70,142 583,856 30,130 2012 7,200 0 0 0 7,200 62,225 646,081 24,192 2013 1,992 0 0 0 1,992 16,066 662,147 5,852 2014 0 0 0 0 0 0 662,147 0 2015 0 0 0 0 0 0 662,147 0 2016 0 0 0 0 0 0 662,147 0 2017 0 0 0 0 0 0 662,147 0 SUBTOT 51,192 0 200,000 0 251,192 662,147 355,974 REMAIN 0 0 0 0 0 0 662,147 0 TOTAL 51,192 0 200,000 0 251,192 662,147 355,974 LIFE OF EVALUATION IS 10.28 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 322 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #61 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 320,098 FINAL - 1.000000 0.875000 4.22 10.00% - 232,228 REMARKS - 15.00% - 169,003 20.00% - 123,299 25.00% - 90,118
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 38 0 0 32.831 0.00 4.22 2007 1 0 0 47 0 0 41.491 0.00 4.22 2008 1 0 0 33 0 0 29.143 0.00 4.22 2009 1 0 0 27 0 0 23.213 0.00 4.22 2010 1 0 0 22 0 0 19.608 0.00 4.22 2011 1 0 0 20 0 0 17.142 0.00 4.22 2012 1 0 0 4 0 0 3.697 0.00 4.22 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 191 0 0 167.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 191 0 0 167.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 191
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 138,547 0 138,547 0 4,156 134,391 2007 0 0 175,092 0 175,092 0 5,253 169,839 2008 0 0 122,983 0 122,983 0 3,690 119,293 2009 0 0 97,957 0 97,957 0 2,938 95,019 2010 0 0 82,745 0 82,745 0 2,483 80,262 2011 0 0 72,341 0 72,341 0 2,170 70,171 2012 0 0 15,603 0 15,603 0 468 15,135 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 705,268 0 705,268 0 21,158 684,110 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 705,268 0 705,268 0 21,158 684,110
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 3,600 0 200,000 0 203,600 -69,209 -69,209 -50,348 2007 7,200 0 0 0 7,200 162,639 93,430 104,347 2008 7,200 0 0 0 7,200 112,093 205,523 65,000 2009 7,200 0 0 0 7,200 87,819 293,342 46,066 2010 7,200 0 0 0 7,200 73,062 366,404 34,680 2011 7,200 0 0 0 7,200 62,971 429,375 27,051 2012 1,669 0 0 0 1,669 13,466 442,841 5,432 2013 0 0 0 0 0 0 442,841 0 2014 0 0 0 0 0 0 442,841 0 2015 0 0 0 0 0 0 442,841 0 2016 0 0 0 0 0 0 442,841 0 2017 0 0 0 0 0 0 442,841 0 SUBTOT 41,269 0 200,000 0 241,269 442,841 232,228 REMAIN 0 0 0 0 0 0 442,841 0 TOTAL 41,269 0 200,000 0 241,269 442,841 232,228 LIFE OF EVALUATION IS 9.23 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 323 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #62 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 170,118 FINAL - 1.000000 0.875000 4.22 10.00% - 125,231 REMARKS - 15.00% - 92,004 20.00% - 67,398 25.00% - 49,178
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 34 0 0 30.136 0.00 4.22 2007 1 0 0 40 0 0 34.571 0.00 4.22 2008 1 0 0 27 0 0 23.394 0.00 4.22 2009 1 0 0 21 0 0 18.372 0.00 4.22 2010 1 0 0 6 0 0 5.527 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 128 0 0 112.000 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 128 0 0 112.000 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 128
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 127,173 0 127,173 0 3,815 123,358 2007 0 0 145,889 0 145,889 0 4,377 141,512 2008 0 0 98,724 0 98,724 0 2,962 95,762 2009 0 0 77,529 0 77,529 0 2,325 75,204 2010 0 0 23,325 0 23,325 0 700 22,625 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 472,640 0 472,640 0 14,179 458,461 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 472,640 0 472,640 0 14,179 458,461
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 3,600 0 200,000 0 203,600 -80,242 -80,242 -57,909 2007 7,200 0 0 0 7,200 134,312 54,070 86,222 2008 7,200 0 0 0 7,200 88,562 142,632 51,365 2009 7,200 0 0 0 7,200 68,004 210,636 35,677 2010 2,457 0 0 0 2,457 20,168 230,804 9,876 2011 0 0 0 0 0 0 230,804 0 2012 0 0 0 0 0 0 230,804 0 2013 0 0 0 0 0 0 230,804 0 2014 0 0 0 0 0 0 230,804 0 2015 0 0 0 0 0 0 230,804 0 2016 0 0 0 0 0 0 230,804 0 2017 0 0 0 0 0 0 230,804 0 SUBTOT 27,657 0 200,000 0 227,657 230,804 125,231 REMAIN 0 0 0 0 0 0 230,804 0 TOTAL 27,657 0 200,000 0 227,657 230,804 125,231 LIFE OF EVALUATION IS 7.34 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 324 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #63 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 167,655 FINAL - 1.000000 0.875000 4.22 10.00% - 123,418 REMARKS - 15.00% - 90,663 20.00% - 66,400 25.00% - 48,430
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 34 0 0 30.079 0.00 4.22 2007 1 0 0 40 0 0 34.440 0.00 4.22 2008 1 0 0 26 0 0 23.290 0.00 4.22 2009 1 0 0 21 0 0 18.286 0.00 4.22 2010 1 0 0 6 0 0 5.029 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.124 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.124 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 126,935 0 126,935 0 3,808 123,127 2007 0 0 145,337 0 145,337 0 4,360 140,977 2008 0 0 98,286 0 98,286 0 2,949 95,337 2009 0 0 77,165 0 77,165 0 2,315 74,850 2010 0 0 21,224 0 21,224 0 636 20,588 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 3,600 0 200,000 0 203,600 -80,473 -80,473 -58,068 2007 7,200 0 0 0 7,200 133,777 53,304 85,880 2008 7,200 0 0 0 7,200 88,137 141,441 51,119 2009 7,200 0 0 0 7,200 67,650 209,091 35,491 2010 2,241 0 0 0 2,241 18,347 227,438 8,996 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 123,418 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 123,418 LIFE OF EVALUATION IS 7.31 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 325 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #65 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 167,655 FINAL - 1.000000 0.875000 4.22 10.00% - 123,418 REMARKS - 15.00% - 90,663 20.00% - 66,400 25.00% - 48,430
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 34 0 0 30.079 0.00 4.22 2007 1 0 0 40 0 0 34.440 0.00 4.22 2008 1 0 0 26 0 0 23.290 0.00 4.22 2009 1 0 0 21 0 0 18.286 0.00 4.22 2010 1 0 0 6 0 0 5.029 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.124 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.124 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 126,935 0 126,935 0 3,808 123,127 2007 0 0 145,337 0 145,337 0 4,360 140,977 2008 0 0 98,286 0 98,286 0 2,949 95,337 2009 0 0 77,165 0 77,165 0 2,315 74,850 2010 0 0 21,224 0 21,224 0 636 20,588 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 3,600 0 200,000 0 203,600 -80,473 -80,473 -58,068 2007 7,200 0 0 0 7,200 133,777 53,304 85,880 2008 7,200 0 0 0 7,200 88,137 141,441 51,119 2009 7,200 0 0 0 7,200 67,650 209,091 35,491 2010 2,241 0 0 0 2,241 18,347 227,438 8,996 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 123,418 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 123,418 LIFE OF EVALUATION IS 7.31 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 326 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E POSSIBLE LOCATION #67 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 165,577 FINAL - 1.000000 0.875000 4.22 10.00% - 120,384 REMARKS - 15.00% - 87,346 20.00% - 63,188 25.00% - 45,525
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 20 0 0 17.254 0.00 4.22 2007 1 0 0 46 0 0 40.155 0.00 4.22 2008 1 0 0 28 0 0 25.172 0.00 4.22 2009 1 0 0 22 0 0 19.274 0.00 4.22 2010 1 0 0 11 0 0 9.271 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 72,813 0 72,813 0 2,184 70,629 2007 0 0 169,452 0 169,452 0 5,084 164,368 2008 0 0 106,225 0 106,225 0 3,187 103,038 2009 0 0 81,336 0 81,336 0 2,440 78,896 2010 0 0 39,121 0 39,121 0 1,173 37,948 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 1,800 0 200,000 0 201,800 -131,171 -131,171 -90,275 2007 7,200 0 0 0 7,200 157,168 25,997 101,008 2008 7,200 0 0 0 7,200 95,838 121,835 55,602 2009 7,200 0 0 0 7,200 71,696 193,531 37,619 2010 4,041 0 0 0 4,041 33,907 227,438 16,430 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 120,384 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 120,384 LIFE OF EVALUATION IS 7.56 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 327 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #68 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 165,577 FINAL - 1.000000 0.875000 4.22 10.00% - 120,384 REMARKS - 15.00% - 87,346 20.00% - 63,188 25.00% - 45,525
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 20 0 0 17.254 0.00 4.22 2007 1 0 0 46 0 0 40.155 0.00 4.22 2008 1 0 0 28 0 0 25.172 0.00 4.22 2009 1 0 0 22 0 0 19.274 0.00 4.22 2010 1 0 0 11 0 0 9.271 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 72,813 0 72,813 0 2,184 70,629 2007 0 0 169,452 0 169,452 0 5,084 164,368 2008 0 0 106,225 0 106,225 0 3,187 103,038 2009 0 0 81,336 0 81,336 0 2,440 78,896 2010 0 0 39,121 0 39,121 0 1,173 37,948 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 1,800 0 200,000 0 201,800 -131,171 -131,171 -90,275 2007 7,200 0 0 0 7,200 157,168 25,997 101,008 2008 7,200 0 0 0 7,200 95,838 121,835 55,602 2009 7,200 0 0 0 7,200 71,696 193,531 37,619 2010 4,041 0 0 0 4,041 33,907 227,438 16,430 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 120,384 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 120,384 LIFE OF EVALUATION IS 7.56 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 328 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #69 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 165,577 FINAL - 1.000000 0.875000 4.22 10.00% - 120,384 REMARKS - 15.00% - 87,346 20.00% - 63,188 25.00% - 45,525
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 1 0 0 20 0 0 17.254 0.00 4.22 2007 1 0 0 46 0 0 40.155 0.00 4.22 2008 1 0 0 28 0 0 25.172 0.00 4.22 2009 1 0 0 22 0 0 19.274 0.00 4.22 2010 1 0 0 11 0 0 9.271 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.126 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.126 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 72,813 0 72,813 0 2,184 70,629 2007 0 0 169,452 0 169,452 0 5,084 164,368 2008 0 0 106,225 0 106,225 0 3,187 103,038 2009 0 0 81,336 0 81,336 0 2,440 78,896 2010 0 0 39,121 0 39,121 0 1,173 37,948 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 1,800 0 200,000 0 201,800 -131,171 -131,171 -90,275 2007 7,200 0 0 0 7,200 157,168 25,997 101,008 2008 7,200 0 0 0 7,200 95,838 121,835 55,602 2009 7,200 0 0 0 7,200 71,696 193,531 37,619 2010 4,041 0 0 0 4,041 33,907 227,438 16,430 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 120,384 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 120,384 LIFE OF EVALUATION IS 7.56 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 329 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #70 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 162,170 FINAL - 1.000000 0.875000 4.22 10.00% - 115,491 REMARKS - 15.00% - 82,086 20.00% - 58,175 25.00% - 41,066
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 1 0 0 50 0 0 43.672 0.00 4.22 2008 1 0 0 33 0 0 29.387 0.00 4.22 2009 1 0 0 25 0 0 21.266 0.00 4.22 2010 1 0 0 19 0 0 16.800 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 184,295 0 184,295 0 5,529 178,766 2008 0 0 124,013 0 124,013 0 3,720 120,293 2009 0 0 89,741 0 89,741 0 2,692 87,049 2010 0 0 70,898 0 70,898 0 2,127 68,771 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 6,000 0 200,000 0 206,000 -27,234 -27,234 -21,417 2008 7,200 0 0 0 7,200 113,093 85,859 65,660 2009 7,200 0 0 0 7,200 79,849 165,708 41,909 2010 7,041 0 0 0 7,041 61,730 227,438 29,339 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 115,491 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 115,491 LIFE OF EVALUATION IS 7.98 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 330 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #71 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 162,170 FINAL - 1.000000 0.875000 4.22 10.00% - 115,491 REMARKS - 15.00% - 82,086 20.00% - 58,175 25.00% - 41,066
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 1 0 0 50 0 0 43.672 0.00 4.22 2008 1 0 0 33 0 0 29.387 0.00 4.22 2009 1 0 0 25 0 0 21.266 0.00 4.22 2010 1 0 0 19 0 0 16.800 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 184,295 0 184,295 0 5,529 178,766 2008 0 0 124,013 0 124,013 0 3,720 120,293 2009 0 0 89,741 0 89,741 0 2,692 87,049 2010 0 0 70,898 0 70,898 0 2,127 68,771 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 6,000 0 200,000 0 206,000 -27,234 -27,234 -21,417 2008 7,200 0 0 0 7,200 113,093 85,859 65,660 2009 7,200 0 0 0 7,200 79,849 165,708 41,909 2010 7,041 0 0 0 7,041 61,730 227,438 29,339 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 115,491 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 115,491 LIFE OF EVALUATION IS 7.98 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
TENGASCO, INC. TABLE 331 ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS SEC CASE AS OF DECEMBER 31, 2002 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE GAS LEASE TENGASCO, INC. - OPERATOR 11-T1S-R74E PROVED LOCATION #72 (KNOX) UNDEVELOPED
REVENUE INTEREST PRODUCT PRICES ---------------------------- ------------------------------------- DISCOUNTED EXPENSE OIL/ PLANT OIL/COND. PL PROD GAS FUTURE NET INCOME - $ INTEREST COND. PRODUCTS GAS $/BBL $/BBL $/MCF COMPOUNDED MONTHLY -------- -------- -------- -------- ------------- ------ -------------- ---------------------- INITIAL - 1.000000 0.875000 4.22 5.00% - 162,170 FINAL - 1.000000 0.875000 4.22 10.00% - 115,491 REMARKS - 15.00% - 82,086 20.00% - 58,175 25.00% - 41,066
ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES ------------------------------------- ------------------------------------------ ------------------ NO OF OIL/COND. PLANT PROD. GAS OIL/COND. PLANT PROD. GAS OIL/COND. GAS PD WELLS BARRELS BARRELS MMCF BARRELS BARRELS MMCF $/BBL. $/MCF ---- ----- ------------- ----------- ----------- -------------- ----------- ------------ --------- -------- 2003 0 0 0 0 0 0.000 0.00 0.00 2004 0 0 0 0 0 0.000 0.00 0.00 2005 0 0 0 0 0 0.000 0.00 0.00 2006 0 0 0 0 0 0.000 0.00 0.00 2007 1 0 0 50 0 0 43.672 0.00 4.22 2008 1 0 0 33 0 0 29.387 0.00 4.22 2009 1 0 0 25 0 0 21.266 0.00 4.22 2010 1 0 0 19 0 0 16.800 0.00 4.22 2011 0 0 0 0 0 0.000 0.00 0.00 2012 0 0 0 0 0 0.000 0.00 0.00 2013 0 0 0 0 0 0.000 0.00 0.00 2014 0 0 0 0 0 0.000 0.00 0.00 2015 0 0 0 0 0 0.000 0.00 0.00 2016 0 0 0 0 0 0.000 0.00 0.00 2017 0 0 0 0 0 0.000 0.00 0.00 SUB-TOTAL 0 0 127 0 0 111.125 0.00 4.22 REMAINDER 0 0 0 0 0 0.000 0.00 0.00 TOTAL 0 0 127 0 0 111.125 0.00 4.22 CUMULATIVE 0 0 0 ULTIMATE 0 0 127
COMPANY FUTURE GROSS REVENUE (FGR) - $ PRODUCTION TAXES - $ ------------------------------------------------------------------- ----------------------- FGR AFTER FROM FROM FROM PRODUCTION PD OIL/COND. PLANT PROD. GAS OTHER TOTAL OIL/COND. GAS/P.P. TAXES - $ ---- -------------- ----------- ------------- ------------ ------------- ----------- ----------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 0 0 184,295 0 184,295 0 5,529 178,766 2008 0 0 124,013 0 124,013 0 3,720 120,293 2009 0 0 89,741 0 89,741 0 2,692 87,049 2010 0 0 70,898 0 70,898 0 2,127 68,771 2011 0 0 0 0 0 0 0 0 2012 0 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 0 2015 0 0 0 0 0 0 0 0 2016 0 0 0 0 0 0 0 0 2017 0 0 0 0 0 0 0 0 SUB-TOT 0 0 468,947 0 468,947 0 14,068 454,879 REMAIN 0 0 0 0 0 0 0 0 TOTAL 0 0 468,947 0 468,947 0 14,068 454,879
DEDUCTIONS - $ FUTURE NET INCOME BEFORE INCOME TAXES - $ -------------------------------------------------------------- ------------------------------------------ OPERATING AD VALOREM DEVELOPMENT UNDISCOUNTED DISCOUNTED PD COSTS TAXES COSTS OTHER TOTAL ANNUAL CUMULATIVE @ 10.00 % ---- ------------ ----------- ----------- ----------- ------------- -------------- ------------- ------------- 2003 0 0 0 0 0 0 0 0 2004 0 0 0 0 0 0 0 0 2005 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 2007 6,000 0 200,000 0 206,000 -27,234 -27,234 -21,417 2008 7,200 0 0 0 7,200 113,093 85,859 65,660 2009 7,200 0 0 0 7,200 79,849 165,708 41,909 2010 7,041 0 0 0 7,041 61,730 227,438 29,339 2011 0 0 0 0 0 0 227,438 0 2012 0 0 0 0 0 0 227,438 0 2013 0 0 0 0 0 0 227,438 0 2014 0 0 0 0 0 0 227,438 0 2015 0 0 0 0 0 0 227,438 0 2016 0 0 0 0 0 0 227,438 0 2017 0 0 0 0 0 0 227,438 0 SUBTOT 27,441 0 200,000 0 227,441 227,438 115,491 REMAIN 0 0 0 0 0 0 227,438 0 TOTAL 27,441 0 200,000 0 227,441 227,438 115,491 LIFE OF EVALUATION IS 7.98 YEARS. FINAL PRODUCTION RATE: 1.5 MMCF/MO
EX-99.17A 6 c27529_ex99-17a.txt Exhibit 99.17(a) CONSENT OF INDEPENDENT PETROLEUM ENGINEERS As independent oil and gas consultants, Ryder Scott Company, L.P. hereby consents to: (a) the use of our report setting forth our estimates of proved reserves and future revenue, as of December 31, 2002, to the interest of Tengasco, Inc. ("Tengasco") in certain oil and gas properties; and (b) all references to our firm included in or made a part of Tengasco's Annual Report on Form 10-K for the year ended December 31, 2002. /s/ Ryder Scott Company, L.P. RYDER SCOTT COMPANY, L.P. Houston, Texas March 20, 2003 EX-99.18 7 c27529_ex99-18.txt [Letterhead BDO Seidman, LLP] CONSENT OF INDEPENDENT AUDITORS Tengasco Inc. and Subsidiaries Knoxville, Tennessee We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-48694) of Tengasco Inc. and Subsidiaries of our report dated February 27, 2003, relating to the consolidated financial statements, which appears in the Annual Report to Shareholders, which is incorporated in this Annual Report on Form 10-K. Our report contains an explanatory paragraph regarding the Company's ability to continue as a going concern. Atlanta, Georgia /s/ BDO Seidman, LLP March 31, 2003 -----END PRIVACY-ENHANCED MESSAGE-----