Tengasco, Inc. Announces Appointment of Patrick McInturff as Vice President of Tengasco, Inc. and Tengasco/Hoactzin Management Agreement With Tengasco Participation Option in Hoactzin`s Louisiana and Texas PropertiesMacReport.Net - Today's Markets
Announces Appointment of Patrick McInturff
as Vice President of Tengasco, Inc.
and Tengasco/Hoactzin Management Agreement With Tengasco Participation Option
in Hoactzin`s Louisiana and Texas Properties KNOXVILLE, TN--(December 26, 2007) - Tengasco, Inc. (AMEX: TGC) announced today that Patrick McInturff of Houston, Texas, was elected by the Board of Directors as Vice President of the Company as of December 18, 2007, the effective date of a two-year employment contract between Mr. McInturff and the Company.
As consideration for the Company entering into the Management Agreement, Hoactzin
agreed to reimburse the Company for half of Mr. McInturff's
salary and certain benefits he
receives during his
employment by the Company.In further consideration for the Company's agreement to enter into the Management Agreement, Hoactzin
granted to the Company an option to participate in up to a 15% working interest on a dollar-for-dollar cost basis in any new drilling or workover activities undertaken on Hoactzin's
managed properties during the term of the agreement.The term of the Management Agreement is the earlier of the date Hoactzin sells its managed interests or 5 years. Mr. McInturff received a B.S. in Civil Engineering degree from Texas A&M University in 1975.He is a Registered Professional Engineer in Texas and a member of the Society of Petroleum Engineers.Before joining the Company he was Vice President of Operations of Capco Offshore, Inc. and related companies in Houston from October 2006 until December 2007 responsible for managing and supervising offshore operations and workovers and identification and evaluation of drilling and workover candidates.From 1991 to 2006, he was employed by Ryder Scott Company in Houston, performing reservoir studies including determination of oil, gas, condensate and plant product reserves, enhanced recovery and oil and gas property appraisal.For most of the period 1978 to 1991, he worked in various petroleum engineering positions at Union Texas Petroleum Corp. in Midland and Houston, Texas, and Karachi, Pakistan, and was responsible for surveillance and engineering on primary and secondary recovery projects as well as design and field supervision of workovers, pressure-transient tests and completions both onshore and offshore.During that time period he also worked for Global Natural Resources from 1983 to 1986 as senior operations engineer responsible for all engineering activities.
From 1981 to 1983 he
was employed by Belco Petroleum performing reservoir engineering duties including field studies, economic evaluation, reserves estimation, and initiating major field studies on waterflood projects in southwestern Wyoming and west Texas.Mr. McInturff was employed by Exxon Co.
USA from 1975 to 1978 primarily with the reservoir engineering group in Midland, Texas performing drilling engineering duties including cost estimation, AFE preparation, drilling programs and field supervision.He
was responsible for the surveillance of fifteen Permian Basin oil and gas fields in west Texas using both primary and secondary recovery techniques.
CEO Jeffrey R. Bailey said, "I am very pleased to announce that Pat McInturff
has joined the Company as Vice President.
...The first growth opportunity has presented itself with the Hoactzin management agreement signed when Mr. McInturff joined the Company.