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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
SALAS PETER E
(Last) (First) (Middle)
P.O. BOX 16867
(Street)
FERNANDINA BEACH FL 32035
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
TENGASCO INC [ TGC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
01/05/2015
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 218,000(1) D
Common Stock 20,420,652(2) I By Affiliate Partnership(1)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option Right to buy $0.25 01/05/2015 J(3) 1 01/05/2015 01/04/2020 Common Stock 6,250 $0 1 D
Option Right to Buy $0.44 10/02/2014 J(3) 1 10/02/2014 10/01/2019 Common Stock 6,250 $0 1 D
Option Right to buy $0.44 07/02/2014 J(3) 1 07/02/2014 07/01/2019 Common Stock 6,250 $0 1 D
Option Right to buy $0.48 04/01/2014 J(3) 1 04/01/2014 03/31/2019 Common Stock 6,250 $0 1 D
Option Right to buy $0.41 01/03/2014 J(3) 1 01/03/2014 01/02/2019 Common Stock 6,250 $0 1 D
Option Right to buy $0.41 10/02/2013 J(3) 1 10/02/2013 10/01/2018 Common Stock 6,250 $0 1 D
Option Right to buy $0.48 07/01/2013 J(3) 1 07/01/2013 06/30/2018 Common Stock 6,250 $0 1 D
Option Right to buy $0.62 04/01/2013 J(3) 1 04/01/2013 03/31/2018 Common Stock 6,250 $0 1 D
Option Right to buy $0.64 01/02/2013 J(3) 1 01/02/2013 01/01/2018 Common Stock 6,250 $0 1 D
Option Right to buy $0.73 10/01/2012 J(3) 1 10/01/2012 09/30/2017 Common Stock 6,250 $0 1 D
Option Right to buy $0.81 07/02/2012 J(3) 1 07/02/2012 07/01/2017 Common Stock 6,250 $0 1 D
Option Right to buy $1.07 04/02/2012 J(3) 1 04/02/2012 04/01/2017 Common Stock 6,250 $0 1 D
Option Right to buy $0.75 01/03/2012 J(3) 1 01/03/2012 01/02/2017 Common Stock 6,250 $0 1 D
Option Right to Buy $0.72 10/03/2011 J(3) 1 10/03/2011 10/02/2016 Common Stocik 6,250 $0 1 D
Option Right to buy $0.84 07/06/2011 J(3) 1 07/06/2011 07/05/2016 Common Stock 6,250 $0 1 D
Option Right to buy $1.16 04/01/2011 J(3) 1 04/01/2011 03/31/2016 Common Stock 6,250 $0 1 D
Option Right to Buy $1.08 03/17/2011 J(3) 1 03/17/2011 03/16/2016 Common Stock 25,000 $0 1 D
Option Right to buy $0.43 02/08/2010 J(3) 1 02/08/2010 02/07/2015 Common Stock 25,000 $0 1 D
1. Name and Address of Reporting Person*
SALAS PETER E
(Last) (First) (Middle)
P.O. BOX 16867
(Street)
FERNANDINA BEACH FL 32035
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
DOLPHIN OFFSHORE PARTNERS LP
(Last) (First) (Middle)
P.O. BOX 16867
(Street)
FERNANDINA BEACH FL 32035
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. In December 2014 SSB Ventures LLC, a Delaware limited liability company in which Peter. E. Salas and Dolphin Direct Equity Partners, L.P. were members, agreed to convey all of SSB's 15,458,321 Tengasco shares as follows: 218,000 shares of Tengasco, Inc. to Peter E. Salas individually and 15,240,321 shares to Dolphin Offshore Partners, L.P. ("Dolphin Offshore"). Dolphin Offshore already owned 5,180,321 Tengasco shares as previously reported. The conveyance of those shares has been completed as of the date of this Report. Peter E. Salas is the Chairman of Tengasco, Inc.'s Board of Directors and is the sole shareholder and controlling person of Dolphin Mgmt. Services, Inc., the managing general partner of both Dolphin Direct Equity Partners, L.P. and of Dolphin Offshore Partners, L.P.
2. There has been no change in the total number of shares [i.e. 20,638,642] previously reported as held directly by Peter E. Salas or affiliated partnerships. As of the date of this filing, Peter E. Salas owns 218,000 shares in his individual capacity and 20,420,652 shares by affiliation with Dolphin Offshore Partners, L.P that owns 20,420,652 shares as set out in Table 1 of this filing, for a total of 20,638,642 shares.
3. Grant of option pursuant to Tengasco's Stock Incentive Plan.
Remarks:
/s/ Peter E Salas 01/07/2015
/s/ Dolphin Offshore Partners, L.P. 01/07/2015
** Signature of Reporting Person Date
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