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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES and
EXCHANGE COMMISSION </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WASHINGTON, D.C. 20549 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report
Pursuant to Section 13 or 15(d) of theSecurities <BR>Exchange Act of 1934 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report (Date
of Earliest Event Reported): </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 18, 2005 </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Tengasco, Inc.<br>(Exact
Name of Registrant as specified in its charter) </U></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commission File Number
0-20975 </FONT></P>








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     <TH><u>Tennessee </u>   </TH>
     <TH></TH>
     <TH><u>87-0267438</u></TH></TR>
<TR VALIGN="TOP">
     <TD align=center>(State or other jurisdiction of<br>incorporation or organization) </TD>
     <TD></TD>
     <TD align=center>(I.R.S. Employer Identification No.)</TD></TR>
<TR VALIGN="TOP">
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>10215 Technology
Drive N.W., Suite 301, Knoxville, Tennessee 37932 </U></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address of Principal
Executive Office </FONT></P>







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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>(865) 675-1554</u><br>(Registrant&#146;s Telephone number) </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[ ] Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1 </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.</FONT></H1>





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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.02 Unregistered
Sales of Equity Securities. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August
1, 2005, the Company made an offer to all the holders of its Series B 8% and Series 6%
Cumulative Convertible Preferred Stock (the &#147;Series B and Series C shares&#148;) to
exchange their Series B and C Shares for either a cash payment or shares of the
Company&#146;s common stock, $.001 par value. The cash option provided a payment equal to
66.7% of the aggregate face value of the holders Series B and C Shares together with any
accrued unpaid dividends and interest thereon. The share exchange option provided for four
shares of the Company&#146;s common stock to be issued for each dollar of the face value,
dividends, and interest of the holders&#146; Series B and C shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 22, 2005, the Company accepted subscription agreements tendered by holders of all
of the Company&#146;s Series B and C shares having a total aggregate face value together
with accrued unpaid dividends and interest thereon of $5,113,045.39 exchanging of all
their rights under their Series B and C shares for either cash or for shares of the
Company&#146;s common stock. As a result of the exchange, as of August 22, 2005 there are
no longer any holders of the Series B and C Shares and the Company no longer has any
further obligations with respect to those shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of approximately 54.3 % of the face value of outstanding Series B and C shares selected
the cash payment option, exchanging preferred shares having an aggregate value of
$2,721,140.39 for cash payments totaling $1,814,184.30. The Company obtained the funds for
this exchange primarily from proceeds of a loan of $1,814,000 from Dolphin Offshore
Partners, L.P. (&#147;Dolphin&#148;), the Company&#146;s largest holder of common stock
and the managing partner of which is Peter E. Salas, the Chairman of the Company&#146;s
Board of Directors. The loan from Dolphin was evidenced by a promissory note secured by a
lien on the Company&#146;s assets and bearing 12% interest per annum payable interest only
monthly until the principal amount of the note becomes due on December 31, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the holders of the remaining aggregate value of $2,391,905 or 55.7% of the Series B and
C shares, including Dolphin, selected the share exchange option, and as a result a total
of 9,567,620 shares of the Company&#146;s common stock will be issued to those holders. Of
this total number, 4,595,040 shares of unregistered common stock are to be issued to
Dolphin in exchange for the $1,148,760 in aggregate value for all of the Series B shares
held by Dolphin. The shares of common stock will be issued to all holders selecting this
exchange option following the approval by the American Stock Exchange of the
Company&#146;s additional listing application for those shares that is pending upon the
date of this filing. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.01 Other Events. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 18, 2005 the Company&#146;s Board of Directors adopted a resolution authorizing the extension of a
promissory note dated May 19, 2005 made by the Company to Dolphin, the current principal
balance of which is $700,000. By an amended and restated note dated August 18, 2005, the
due date of note was extended on the same terms as the existing note from August 20, 2005
to December 31, 2005. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01 Financial
Statements and Exhibits </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) Exhibits </FONT></P>

10.1     Promissory Note dated August 22, 2005 from Tengasco, Inc. To Dolphin Offshore
         Partners, L.P. in the principal amount of $1,814,000.

10.2     Amended and Restated Promissory Note dated August 18, 2005 from Tengasco, Inc. To
         Dolphin Offshore Partners, L.P. in the principal amount of $700,000.


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 Press Release dated
August 24, 2005 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly
caused and authorized this report to be signed on its behalf by the undersigned. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: August 24, 2005 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tengasco,
Inc.</FONT></P>


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     <TD>By: <u>s/Jeffery R. Bailey</u><br>Jeffrey R. Bailey,<br> President </TD>
     <TD></TD>
     <TD></TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>


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{"company-data": {"conformed-name": "TENGASCO INC", "cik": "0001001614", "assigned-sic": "1311", "irs-number": "870267438", "state-of-incorporation": "TN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15555", "film-number": "051045486"}, "business-address": {"street1": "10215 TECHNOLOGY DRIVE", "street2": "SUITE 301", "city": "KNOXVILLE", "state": "TN", "zip": "37932", "phone": "865-675-1554"}, "mail-address": {"street1": "10215 TECHNOLOGY DRIVE", "street2": "SUITE 301", "city": "KNOXVILLE", "state": "TN", "zip": "37932"}}
UNITED STATES
SECURITIES and
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of theSecurities
Exchange Act of 1934
Date of Report (Date
of Earliest Event Reported):
August 18, 2005
Tengasco, Inc.
(Exact
Name of Registrant as specified in its charter)
Commission File Number
0-20975
Tennessee
87-0267438
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
10215 Technology
Drive N.W., Suite 301, Knoxville, Tennessee 37932
(Address of Principal
Executive Office
(865) 675-1554
(Registrant's Telephone number)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
1
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
Item 3.02 Unregistered
Sales of Equity Securities.
On August
1, 2005, the Company made an offer to all the holders of its Series B 8% and Series 6%
Cumulative Convertible Preferred Stock (the "Series B and Series C shares") to
exchange their Series B and C Shares for either a cash payment or shares of the
Company's common stock, $.001 par value. The cash option provided a payment equal to
66.7% of the aggregate face value of the holders Series B and C Shares together with any
accrued unpaid dividends and interest thereon. The share exchange option provided for four
shares of the Company's common stock to be issued for each dollar of the face value,
dividends, and interest of the holders' Series B and C shares.
On
August 22, 2005, the Company accepted subscription agreements tendered by holders of all
of the Company's Series B and C shares having a total aggregate face value together
with accrued unpaid dividends and interest thereon of $5,113,045.39 exchanging of all
their rights under their Series B and C shares for either cash or for shares of the
Company's common stock. As a result of the exchange, as of August 22, 2005 there are
no longer any holders of the Series B and C Shares and the Company no longer has any
further obligations with respect to those shares.
Holders
of approximately 54.3 % of the face value of outstanding Series B and C shares selected
the cash payment option, exchanging preferred shares having an aggregate value of
$2,721,140.39 for cash payments totaling $1,814,184.30. The Company obtained the funds for
this exchange primarily from proceeds of a loan of $1,814,000 from Dolphin Offshore
Partners, L.P. ("Dolphin"), the Company's largest holder of common stock
and the managing partner of which is Peter E. Salas, the Chairman of the Company's
Board of Directors. The loan from Dolphin was evidenced by a promissory note secured by a
lien on the Company's assets and bearing 12% interest per annum payable interest only
monthly until the principal amount of the note becomes due on December 31, 2005.
All
of the holders of the remaining aggregate value of $2,391,905 or 55.7% of the Series B and
C shares, including Dolphin, selected the share exchange option, and as a result a total
of 9,567,620 shares of the Company's common stock will be issued to those holders. Of
this total number, 4,595,040 shares of unregistered common stock are to be issued to
Dolphin in exchange for the $1,148,760 in aggregate value for all of the Series B shares
held by Dolphin. The shares of common stock will be issued to all holders selecting this
exchange option following the approval by the American Stock Exchange of the
Company's additional listing application for those shares that is pending upon the
date of this filing.
2
Item 8.01 Other Events.
On
August 18, 2005 the Company's Board of Directors adopted a resolution authorizing the extension of a
promissory note dated May 19, 2005 made by the Company to Dolphin, the current principal
balance of which is $700,000. By an amended and restated note dated August 18, 2005, the
due date of note was extended on the same terms as the existing note from August 20, 2005
to December 31, 2005.
Item 9.01 Financial
Statements and Exhibits
(c) Exhibits
10.1     Promissory Note dated August 22, 2005 from Tengasco, Inc. To Dolphin Offshore
         Partners, L.P. in the principal amount of $1,814,000.

10.2     Amended and Restated Promissory Note dated August 18, 2005 from Tengasco, Inc. To
         Dolphin Offshore Partners, L.P. in the principal amount of $700,000.
99.1 Press Release dated
August 24, 2005
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly
caused and authorized this report to be signed on its behalf by the undersigned.
Dated: August 24, 2005
Tengasco,
Inc.
By:
s/Jeffery R. Bailey
Jeffrey R. Bailey,
President
3