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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>January 1, 2005 </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Tengasco, Inc.(Exact
<BR>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><u>87-0267438</u></TH></TR>
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     <TD>(State or other jurisdiction of<br>incorporation or organization)  </TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I.R.S. Employer Identification No.) </TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>603 Main Avenue,
Suite 500, Knoxville, Tennessee 37902</u><br>(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)&nbsp;523-1124</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)<br> [ ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br> [ ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br> [ ]
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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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item
5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Departure of Directors or Principal Officers; Election of Directors; Appointment <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of Principal Officers</b></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
as of January 1, 2005, Bill L. Harbert resigned as a Director of the Company for personal
reasons. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  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
December 23, 2004 the thirteen (13) holders of all of the Company&#146;s Series A 8%
Cumulative Convertible Preferred Stock (the &#147;Series A Shares&#148;) having an
aggregate face value of $2,867,900 were offered options to exchange their Series A Shares.
The exchange options were voluntary in that each holder also had a right to retain his
current Series A 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;One
option offered was to exchange the Series A shares for cash in an amount equal to 66.67%
of the outstanding face value of the Series A shares, excluding accrued and unpaid
dividends, in full satisfaction of the Company&#146;s obligations under the Series A
Shares. An amount equal to the dividend for the quarter ending December 31, 2004 would be
paid without discount. Seven of the thirteen existing holders selected this option,
exchanging $1,085,000 of Series A Shares having a face value of $1,085,00 for cash
payments totaling $749,069 including a dividend value of $25,700. The Company obtained the funds for this exchange from cash on
hand and the proceeds of a loan from Dolphin Offshore Partners, L.P.
(&#147;Dolphin&#148;), the Company&#146;s largest shareholder. The loan from Dolphin was
evidenced by a promissory note in the principal amount of $550,000 bearing 12% interest
per annum payable interest only until the principal amount of the note was due on May 20,
2005. The note is secured by a lien on the Company&#146;s assets in Tennessee and Kansas. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
second option offered was to exchange the face value of Series A Shares including accrued
dividends, on a dollar for dollar basis, for up to eight unit interests in a drilling and
development program to drill eight oil wells on properties leased by the Company in Kansas
(the &#147;Program&#148;). The Company will act as operator of the Program, charging to
the participants a &#147;turnkey&#148; fee of $250,000 per unit. Participants will
receive, pro rata to their unit interests, all net cash flow from the Program, until
receipt of 80% of exchanged face value of the Series A shares. Thereafter, participants
will pay the Company a management fee equal to 85% of all their net cash flow from the
Program Wells. The Company has identified two (2) wells to be drilled in the first quarter
of 2005, and is to drill the remaining wells by March 31, 2006. Five holders of the Series
A Shares having an aggregate face value of $1,582,900 plus an accrued dividend value of
$31,658 selected this option. The exchange of these Series A Shares was made on December
31, 2004 for approximately 6.5 units in the Program. The remaining 1.5 units in the
Program are currently retained by the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
one Series A shareholder chose not to exercise any of the offered options and instead
elected to retain its shares in current form. Consequently, as of January 1, 2005 the </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company has one Series A shareholder
having shares with a face value of $200,000. </FONT></P>

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

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) Exhibits<br><br>17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letter of resignation of Bill L. Harbert dated December 29, 2004 <br>
99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated January 6, 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: January 6, 2005 </FONT></P>

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

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     <TH></TH></TR>
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     <TD>By:<u> s/Jeffrey R. Bailey</u>  <br>Jeffrey R. Bailey,<br>President</TD></TR>
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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": "05515702"}, "business-address": {"street1": "603 MAIN AVE", "street2": "SUITE 500", "city": "KNOXVILLE", "state": "TN", "zip": "37902", "phone": "4235231124"}, "mail-address": {"street1": "630 MAIN AVENUE", "street2": "SUITE 500", "city": "KNOXVILLE", "state": "TN", "zip": "37902"}}
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):
January 1, 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.)
603 Main Avenue,
Suite 500, Knoxville, Tennessee 37902
(Address of Principal
Executive Office)
(865) 523-1124
(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
5.02           Departure of Directors or Principal Officers; Election of Directors; Appointment
Of Principal Officers
Effective
as of January 1, 2005, Bill L. Harbert resigned as a Director of the Company for personal
reasons.
Item 8.01           Other Events
On
December 23, 2004 the thirteen (13) holders of all of the Company's Series A 8%
Cumulative Convertible Preferred Stock (the "Series A Shares") having an
aggregate face value of $2,867,900 were offered options to exchange their Series A Shares.
The exchange options were voluntary in that each holder also had a right to retain his
current Series A Shares.
One
option offered was to exchange the Series A shares for cash in an amount equal to 66.67%
of the outstanding face value of the Series A shares, excluding accrued and unpaid
dividends, in full satisfaction of the Company's obligations under the Series A
Shares. An amount equal to the dividend for the quarter ending December 31, 2004 would be
paid without discount. Seven of the thirteen existing holders selected this option,
exchanging $1,085,000 of Series A Shares having a face value of $1,085,00 for cash
payments totaling $749,069 including a dividend value of $25,700. The Company obtained the funds for this exchange from cash on
hand and the proceeds of a loan from Dolphin Offshore Partners, L.P.
("Dolphin"), the Company's largest shareholder. The loan from Dolphin was
evidenced by a promissory note in the principal amount of $550,000 bearing 12% interest
per annum payable interest only until the principal amount of the note was due on May 20,
2005. The note is secured by a lien on the Company's assets in Tennessee and Kansas.
A
second option offered was to exchange the face value of Series A Shares including accrued
dividends, on a dollar for dollar basis, for up to eight unit interests in a drilling and
development program to drill eight oil wells on properties leased by the Company in Kansas
(the "Program"). The Company will act as operator of the Program, charging to
the participants a "turnkey" fee of $250,000 per unit. Participants will
receive, pro rata to their unit interests, all net cash flow from the Program, until
receipt of 80% of exchanged face value of the Series A shares. Thereafter, participants
will pay the Company a management fee equal to 85% of all their net cash flow from the
Program Wells. The Company has identified two (2) wells to be drilled in the first quarter
of 2005, and is to drill the remaining wells by March 31, 2006. Five holders of the Series
A Shares having an aggregate face value of $1,582,900 plus an accrued dividend value of
$31,658 selected this option. The exchange of these Series A Shares was made on December
31, 2004 for approximately 6.5 units in the Program. The remaining 1.5 units in the
Program are currently retained by the Company.
Only
one Series A shareholder chose not to exercise any of the offered options and instead
elected to retain its shares in current form. Consequently, as of January 1, 2005 the
2
Company has one Series A shareholder
having shares with a face value of $200,000.
Item 9.01            Financial Statements
and Exhibits
(c) Exhibits
17.1     Letter of resignation of Bill L. Harbert dated December 29, 2004
99.1     Press Release dated January 6, 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: January 6, 2005
Tengasco,
Inc.
By:
s/Jeffrey R. Bailey
Jeffrey R. Bailey,
President
3