Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the consideration for the Merger (presented in thousands, except stock price):

Tengasco common stock price	$	29.64
Tengasco common stock - issued and outstanding as of February 26, 2021	891
Total consideration	$	26,392

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values on February 26, 2021 (in thousands):

Assets
Cash and cash equivalents	$	860
Accounts receivable	325
Prepaid and other current assets	759
Total current assets	1,944
Oil and gas properties	4,525
Other property and equipment	91
Right of use assets	42
Other non-current assets	4
Deferred tax assets	2,987
Total assets acquired	$	9,593
Liabilities
Accounts payable	$	130
Accrued liabilities	409
Current lease liabilities, operating	42
Current lease liabilities, financing	68
Total current liabilities	649
Asset retirement obligations	1,565
Total liabilities assumed	2,214
Net identifiable assets acquired	7,379
Goodwill	19,013
Net assets acquired	$	26,392

Schedule of Business Acquisition, Pro Forma Information

The following unaudited pro forma combined results for the year ended September 30, 2021 reflect the consolidated results of operations of the Company as if the Merger had occurred on October 1, 2019. Subsequent to the Merger, the Company changed its fiscal year period from October 1st through September 30th each year to January 1st to December 31st each year commencing with the 2022 calendar year. The unaudited pro forma information includes adjustments for $3.6 million of transaction costs being reclassified to the fourth quarter of calendar year 2019 which were incurred during the year ended September 30, 2021. Additionally, the Company adjusted for $0.9 million of oil and natural gas property impairment that Tengasco recognized under the full-cost method of accounting, which would not have been recognized under the successful efforts method, during the three months ended December 31, 2020. Also, the unaudited pro forma information has been tax

effected using a 21% tax rate. The common stock was also adjusted for the conversion of the REP LLC preferred units into common units and retroactively adjusted for the Exchange Ratio and one-for-twelve reverse stock split.

	For the year ended September 30, 2021
	(In thousands, except per share/unit amounts)
	(Unaudited)
Total Revenues	$	151,036
Pro Forma Net Loss before Taxes	(29,871)
Pro forma income tax benefit	6,273
Pro Forma Net Loss	$	(23,598)
Net Loss per Share/Unit from Continuing Operations:
Basic	$	(1.88)
Diluted	$	(1.88)
Net Income per Share/Unit from Discontinued Operations:
Basic	$	0.02
Diluted	$	0.02

Schedule of Transactions Costs

The Company recognized transaction costs for the periods presented below:

	Year Ended December 31, 2022		Three Months Ended December 31, 2021		Year Ended September 30, 2021
	(In thousands)
Business combination acquisition costs	$	2,638	$	1,258	$	3,572
Other	—		—		160
Total transaction costs	$	2,638	$	1,258	$	3,732