Delaware
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1-15555
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87-0267438
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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TGC
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NYSE American
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•
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Callon Petroleum Company;
|
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•
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Centennial Resources Development, Inc.;
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•
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Diamondback Energy, Inc.;
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•
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Earthstone Energy, Inc.;
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•
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Matador Resources Company;
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•
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Parsley Energy, Inc.; and
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•
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Ring Energy, Inc.
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Enterprise Value (1)
$MM
|
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Enterprise Value / Net Daily Production ($/Boe/day)
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Enterprise Value / Net Proved Reserves
($/Boe)
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Enterprise Value / TTM
Adjusted EBITDA
|
Callon Petroleum Company
|
3,579.4
|
|
$32,940
|
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$7.31
|
|
5.6x
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Centennial Resources Development, Inc.
|
1,279.2
|
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$18,744
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$4.25
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3.0x
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||
Diamondback Energy, Inc.
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11,463.3
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$38,974
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$10.17
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4.4x
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||
Earthstone Energy, Inc.
|
736.2
|
|
$54,314
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$7.80
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4.7x
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Matador Resources Company
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2,934.4
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$40,032
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$11.62
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5.0x
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|||
Parsley Energy, Inc.
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7,348.2
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$40,120
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$12.40
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5.2x
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|||
Ring Energy, Inc.
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405.8
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$58,244
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$5.01
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3.9x
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(1)
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Enterprise Value is defined as market capitalization (outstanding shares multiplied by share price) plus outstanding debt less cash and cash equivalents.
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|
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Low(1)
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Median
|
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High(2)
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Total enterprise value divided by:
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Net Daily Production ($/BOE/D)
|
|
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$35,957.1
|
|
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$40,032.1
|
|
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$47,217.3
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Net Proved Reserves ($/BOE)
|
|
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$6.16
|
|
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$7.80
|
|
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$10.89
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TTM Adjusted EBITDA
|
|
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4.1x
|
|
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4.7x
|
|
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5.1x
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(1)
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Low is based upon the 25% quartile.
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(2)
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High is based upon the 75% quartile.
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•
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BNK Petroleum Inc.;
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•
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Evolution Petroleum Corporation;
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•
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Mid-Con Energy Partners, LP; and
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•
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Northern Oil & Gas, Inc.
|
|
Enterprise Value (1)
$MM
|
|
Enterprise Value / Net Daily Production ($/Boe/day)
|
|
Enterprise Value / Net Proved Reserves
($/Boe)
|
|
Enterprise Value / TTM
Adjusted EBITDA
|
Northern Oil and Gas, Inc.
|
1,209.0
|
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$50,792
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$7.40
|
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2.9x
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Mid-Con Energy Partners, LP
|
103.7
|
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$29,312
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$4.04
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6.7x
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||
Evolution Petroleum Corporation
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52.7
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$27,466
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$5.39
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4.1x
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||
BNK Petroleum Inc.
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30.9
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$26,609
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$0.91
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2.1x
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(1)
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Enterprise Value is defined as market capitalization (outstanding shares multiplied by share price) plus outstanding debt less cash and cash equivalents.
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Low(1)
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|
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Median
|
|
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High(2)
|
Total enterprise value divided by:
|
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|
|
|
|
|
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Net Daily Production ($/BOE/D)
|
|
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$27,252.0
|
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$28,389.3
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$34,682.0
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Net Proved Reserves ($/BOE)
|
|
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$3.26
|
|
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$3.94
|
|
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$5.90
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TTM Adjusted EBITDA
|
|
|
2.7x
|
|
|
3.5x
|
|
|
4.7x
|
(1)
|
Low is based upon the 25% quartile.
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(2)
|
High is based upon the 75% quartile.
|
|
|
|
Net Daily Production ($/BOE/D)
|
|
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Net Proved Reserves (BOE)
|
|
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TTM Adjusted EBITDA
|
|||||||||
|
|
|
Low(1)
|
|
|
High(2)
|
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Low(1)
|
|
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High(2)
|
|
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Low(1)
|
|
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High(2)
|
|
|
|
64.882276
|
|
|
117.539848
|
|
|
132.471782
|
|
|
387.78766
|
|
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337.10792
|
|
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450.94386
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Implied Exchange Ratio Ranges
|
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|
x
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x
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2x
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1x
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7x
|
|
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4x
|
(1)
|
Low is based upon the 25% quartile.
|
(2)
|
High is based upon the 75% quartile.
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NSAI
|
Management
|
||||||||||
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9% Discount
|
10% Discount
|
|
15% Discount
|
9% Discount
|
|
10% Discount
|
|
15% Discount
|
||
Net Asset Value (in thousands)
|
479,296.2
|
446,271.2
|
328,956.1
|
404,486.0
|
371,865.7
|
259,418.5
|
LaRoche
|
Management
|
||||||||||
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9% Discount
|
10% Discount
|
|
15% Discount
|
9% Discount
|
|
10% Discount
|
|
15% Discount
|
||
Net Asset Value (in thousands)
|
8,769.3
|
8,364.7
|
6,789.1
|
4,054.6
|
4,650.4
|
3,236.4
|
|
|
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Independent Reserve Report
|
|
|
Management Reserve Report
|
||||||
|
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Low(1)
|
|
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High(2)
|
|
|
Low(1)
|
|
|
High(2)
|
Implied Exchange Ratio Ranges
|
|
|
122.651781x
|
|
|
241.108210x
|
|
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185.342565x
|
|
|
391.225955x
|
(1)
|
Low is based upon the 25% quartile.
|
(2)
|
High is based upon the 75% quartile.
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Dated: February 16, 2021
|
TENGASCO, INC.
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By:
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/s/ Michael J. Rugen
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Name:
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Michael J. Rugen
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Title:
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Chief Financial Officer and Interim Chief Executive Officer
|