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

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<A NAME=A004></A>
<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 the </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities Exchange
Act of 1934 </FONT></H1>

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<A NAME=A009></A>
<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>October 5, 2005 </FONT></H1>

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

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<A NAME=A012></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact Name of
Registrant as specified in its charter) </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>Tennessee </TH>
     <TH> 87-0267438</TH></TR>
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     <TD>(State or other jurisdiction of<br>incorporation or organization)</TD>
     <TD>(I.R.S. Employer Identification No.)</TD></TR>
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     <TD></TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD></TD>
     <TD></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>10215Technology
Drive Suite 301, Knoxville, Tennessee 37932 </U></FONT></P>

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<A NAME=A015></A>
<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></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant&#146;s
Telephone number) </FONT></P>

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<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):<br>
[ ] 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))<br><br></font>


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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b> Item 1.01- Entry into a Material Definitive Agreement<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1.02-Termination of a Material Definitive Agreement</b>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On October 5, Tengasco, Inc. signed
and accepted a subscription agreement whereby Hoactzin Partners, L.P.
(&#147;Hoactzin&#148;) subscribed for a 94.275% working interest in a twelve well drilling
program to be undertaken by the Company on its properties in Kansas. The Company retains
the balance of the 5.725% working interest in the drilling program in Kansas not owned by
Hoactzin. In exchange for its interest in the drilling program, Hoactzin surrendered to
the Company two promissory notes made by the Company to Dolphin Offshore Partners, L.P.
(&#147;Dolphin&#148;) in the aggregate principal amount of $2.514 million which had been
assigned to Hoactzin. Hoactzin also will release all liens securing these notes. These
notes had been issued in connection with loans made to the Company by Dolphin to fund the
Company&#146;s offer to holders of the Company&#146;s Series A, B and C Preferred Stock to
exchange their Preferred Stock for a discounted cash payment of the face value of their
Preferred Stock together with any accrued unpaid dividends and interest thereon. Upon
Hoactzin&#146;s receipt of proceeds form its working interest in the drilling program in
the amount of $3,016,800, Hoactzin will then pay to the Company a management fee equal to
85% of its net revenues attributable to its working interest in the drilling program for
the remaining life of all the program wells. The Company has an option expiring March 31,
2006 to repurchase the obligations to drill the final six wells of the twelve well program
for $222,222 per well, plus interest on that amount at 6% per annum until the date of any
repurchase, plus a 1/16 overriding royalty to Hoactzin in the six program wells and the
next six drilled by the Company in Kansas. Payout and management fee calculations would
also be adjusted to reflect any reduction to a six well program. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peter E. Salas, the
Chairman of the Board of Directors of the Company, is the controlling person of Hoactzin.
He is also the sole shareholder and controlling person of Dolphin Management, Inc., the
general partner of Dolphin which is the Company&#146;s largest shareholder. </FONT></P>

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

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1 Subscription
Agreement </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 Press Release dated
October 5, 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><br>Dated: October 5, 2005<br> <br>Tengasco, Inc.</FONT></P><br>


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     <TD>By: <u>s/Jeffery R. Bailey </u> <br>Jeffrey R. Bailey,<br>President</TD>
     <TD></TD></TR>
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     <TD></TD>
     <TD></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": "051124142"}, "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 the
Securities Exchange
Act of 1934
Date of Report (Date
of Earliest Event Reported):
October 5, 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.)
10215Technology
Drive 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))
Item 1.01- Entry into a Material Definitive Agreement
Item 1.02-Termination of a Material Definitive Agreement
On October 5, Tengasco, Inc. signed
and accepted a subscription agreement whereby Hoactzin Partners, L.P.
("Hoactzin") subscribed for a 94.275% working interest in a twelve well drilling
program to be undertaken by the Company on its properties in Kansas. The Company retains
the balance of the 5.725% working interest in the drilling program in Kansas not owned by
Hoactzin. In exchange for its interest in the drilling program, Hoactzin surrendered to
the Company two promissory notes made by the Company to Dolphin Offshore Partners, L.P.
("Dolphin") in the aggregate principal amount of $2.514 million which had been
assigned to Hoactzin. Hoactzin also will release all liens securing these notes. These
notes had been issued in connection with loans made to the Company by Dolphin to fund the
Company's offer to holders of the Company's Series A, B and C Preferred Stock to
exchange their Preferred Stock for a discounted cash payment of the face value of their
Preferred Stock together with any accrued unpaid dividends and interest thereon. Upon
Hoactzin's receipt of proceeds form its working interest in the drilling program in
the amount of $3,016,800, Hoactzin will then pay to the Company a management fee equal to
85% of its net revenues attributable to its working interest in the drilling program for
the remaining life of all the program wells. The Company has an option expiring March 31,
2006 to repurchase the obligations to drill the final six wells of the twelve well program
for $222,222 per well, plus interest on that amount at 6% per annum until the date of any
repurchase, plus a 1/16 overriding royalty to Hoactzin in the six program wells and the
next six drilled by the Company in Kansas. Payout and management fee calculations would
also be adjusted to reflect any reduction to a six well program.
Peter E. Salas, the
Chairman of the Board of Directors of the Company, is the controlling person of Hoactzin.
He is also the sole shareholder and controlling person of Dolphin Management, Inc., the
general partner of Dolphin which is the Company's largest shareholder.
Item 9.01 Financial
Statements and Exhibits
(c) Exhibits
10.1 Subscription
Agreement
99.1 Press Release dated
October 5, 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: October 5, 2005
Tengasco, Inc.
By:
s/Jeffery R. Bailey
Jeffrey R. Bailey,
President