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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </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):<br>December 3, 2003 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </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<u>
0-20975</u> </FONT></P>

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     <TD WIDTH=58% ALIGN=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee</TD>
     <TD WIDTH=5% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=35% ALIGN=LEFT>87-0267438</TD>
     <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center>(State or other jurisdiction of</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>(I.R.S. Employer</TD><TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center>incorporation or organization)</TD><TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT>Identification No.)</TD><TD ALIGN=LEFT>&nbsp;</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) 523-1124 </U><br>(Registrant&#146;s Telephone number) </FONT></P>



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         Item 2. ACQUISITION OR DISPOSITION OF ASSETS

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOXVILLE,
Tenn., December 19, 2003 &#151; On December 3, 2003, the Board of Directors of Tengasco,
Inc. (AMEX:TGC) authorized management to execute additional promissory notes to
consolidate and extend $1.65 million of existing indebtedness payable to Dolphin Offshore
Partners, LP (&#147;Dolphin&#148;) and to borrow up to $1.7 million in additional funds
from Dolphin.&nbsp; Dolphin is deemed to own approximately 20.1 percent of the common
stock of the Company.&nbsp; Peter E. Salas is the managing partner of Dolphin and is a
director of the Company.&nbsp; The Board&#146;s action authorizes the Company to issue one
or more notes which would consolidate and extend all present indebtedness of $1.65 million
to Dolphin which is secured by a lien upon an undivided 66% of the Company&#146;s interest
in pipeline assets, and to incur an additional $1.7 million of indebtedness for a total
indebtedness to Dolphin, for a total principal amount of up to $3,350,000. The notes are
to bear interest at 12% per annum, and are to be due and payable on April 4, 2004. None of
the notes being consolidated, extended, or issued are convertible into shares of the
Company&#146;s common stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If all of the authorized additional
$1.7 million is borrowed, Dolphin would be granted a security interest upon a total
undivided 96.64% interest in the pipeline assets of the Company and its wholly owned
subsidiary, Tengasco Pipeline Corporation (&#147;TPC&#148;) in Tennessee and Kansas and a
pledge of TPC&#146;s common stock.&nbsp; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board found that the terms from
Dolphin are at least as favorable as may be reasonably expected to be offered by a third
party lender. Moreover, the Board found that since no third party lender has expressed a
willingness to the Company to lend such funds to the Company on the same or more favorable
terms or on any terms, given the Company&#146;s current financial position and dispute
with its primary lender, that the terms of the Company&#146;s borrowings from Dolphin are
fair to the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the Board&#146;s
authorization, the Company has executed two promissory notes dated December 3, 2003 in
amount of $225,000 and December 8, 2003 in amount of $250,000 representing a portion of
the additional $1.7 million in authorized borrowings from Dolphin.&nbsp; As a result of
these loans, the Company granted an additional 19% undivided interest in the pipeline
assets as collateral for these two notes, for a total of an 85% undivided security
interest as of the date of this filing.&nbsp; A separate note consolidating and extending
from January 4, 2004 to April 4, 2004 the existing $1.65 principal indebtedness is being
prepared pursuant to the Board&#146;s authorization, but has not yet been signed by the
Company. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7. Financial
Statements and Exhibits </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are filed herewith: </FONT></P>


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                    <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.42 </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

                     Promissory note dated December 3, 2003 made by Tengasco, Inc. to Dolphin
                    Offshore Partners, LP in the amount of $225,000 </FONT></TD>
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                    <BR>

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                    <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.43 </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

                     Promissory note dated December 9, 2003 made by Tengasco, Inc. to Dolphin
                    Offshore Partners, LP in the amount of $250,000 </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>


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<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp; 10.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuing
Security Agreement dated December 3, 2003 between Tengasco, Inc. and Dolphin Offshore Partners, LP </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: December 19, 2003.,<br>Tengasco, Inc. </FONT></P>









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<TD width=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;<u>/s/RICHARD T. WILLIAMS</U><br>Richard T. Williams<br>
Chief Executive Officer</font></td>
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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": "031065899"}, "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"}}
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):
December 3, 2003
Tengasco, Inc.
(Exact Name of Registrant as specified in its charter)
Commission File Number
0-20975
Tennessee
87-0267438
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
603 Main Avenue,
Suite 500, Knoxville, Tennessee 37902
(Address of Principal
Executive Office)
(865) 523-1124
(Registrant's Telephone number)
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
KNOXVILLE,
Tenn., December 19, 2003 — On December 3, 2003, the Board of Directors of Tengasco,
Inc. (AMEX:TGC) authorized management to execute additional promissory notes to
consolidate and extend $1.65 million of existing indebtedness payable to Dolphin Offshore
Partners, LP ("Dolphin") and to borrow up to $1.7 million in additional funds
from Dolphin.  Dolphin is deemed to own approximately 20.1 percent of the common
stock of the Company.  Peter E. Salas is the managing partner of Dolphin and is a
director of the Company.  The Board's action authorizes the Company to issue one
or more notes which would consolidate and extend all present indebtedness of $1.65 million
to Dolphin which is secured by a lien upon an undivided 66% of the Company's interest
in pipeline assets, and to incur an additional $1.7 million of indebtedness for a total
indebtedness to Dolphin, for a total principal amount of up to $3,350,000. The notes are
to bear interest at 12% per annum, and are to be due and payable on April 4, 2004. None of
the notes being consolidated, extended, or issued are convertible into shares of the
Company's common stock.
If all of the authorized additional
$1.7 million is borrowed, Dolphin would be granted a security interest upon a total
undivided 96.64% interest in the pipeline assets of the Company and its wholly owned
subsidiary, Tengasco Pipeline Corporation ("TPC") in Tennessee and Kansas and a
pledge of TPC's common stock.
The Board found that the terms from
Dolphin are at least as favorable as may be reasonably expected to be offered by a third
party lender. Moreover, the Board found that since no third party lender has expressed a
willingness to the Company to lend such funds to the Company on the same or more favorable
terms or on any terms, given the Company's current financial position and dispute
with its primary lender, that the terms of the Company's borrowings from Dolphin are
fair to the Company.
Pursuant to the Board's
authorization, the Company has executed two promissory notes dated December 3, 2003 in
amount of $225,000 and December 8, 2003 in amount of $250,000 representing a portion of
the additional $1.7 million in authorized borrowings from Dolphin.  As a result of
these loans, the Company granted an additional 19% undivided interest in the pipeline
assets as collateral for these two notes, for a total of an 85% undivided security
interest as of the date of this filing.  A separate note consolidating and extending
from January 4, 2004 to April 4, 2004 the existing $1.65 principal indebtedness is being
prepared pursuant to the Board's authorization, but has not yet been signed by the
Company.
Item 7. Financial
Statements and Exhibits
The
following exhibits are filed herewith:
10.42
Promissory note dated December 3, 2003 made by Tengasco, Inc. to Dolphin
                    Offshore Partners, LP in the amount of $225,000
10.43
Promissory note dated December 9, 2003 made by Tengasco, Inc. to Dolphin
                    Offshore Partners, LP in the amount of $250,000
10.44       Continuing
Security Agreement dated December 3, 2003 between Tengasco, Inc. and Dolphin Offshore Partners, LP
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: December 19, 2003.,
Tengasco, Inc.
By:
/s/RICHARD T. WILLIAMS
Richard T. Williams
Chief Executive Officer