Business Combinations (Tables)

6 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the purchase price or consideration for the Merger (presented in thousands, except per share amounts).

	Consideration
Tengasco common stock price	$	29.64
Tengasco common stock - issued and outstanding as of February 26, 2021	891
Total consideration	$	26,392

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values on February 26, 2021.

	February 26, 2021
Assets
Cash and cash equivalents	$	860
Account receivable	325
Prepaid and other current assets	759
Total current assets	1,944
Oil and gas properties, net	4,525
Other property and equipment, net	91
Right of use assets	42
Other non-current assets	4
Deferred tax assets	2,943
Total non-current assets	7,605
Total assets acquired	$	9,549
Liabilities
Accounts payable	130
Accrued liabilities	409
Current lease liabilities, operating	42
Current lease liabilities, financing	68
Total current liabilities	649
Asset retirement obligations	1,565
Total non-current liabilities	1,565
Total liabilities assumed	2,214
Net identifiable assets acquired	7,335
Goodwill	19,057
Net assets acquired	$	26,392

Business Acquisition, Pro Forma Information

The following pro forma combined results for the three and six months ended March 31, 2021 and 2020 reflect the consolidated results of operations of the Company as if the Merger had occurred on October 1, 2019. The pro forma information includes adjustments for $3.2 million of transaction costs being reclassified to the first quarter of fiscal year 2020 instead of $2.2 million and $1.0 million of transaction costs recorded in the three months ended March 31, 2021 and December 31, 2020. Additionally, the Company adjusted for $0.9 million of oil and natural gas property impairment Tengasco recognized under the full-cost method of accounting, which would not have been recognized under the successful efforts method, during the three months ended December 31, 2020. Also, the pro forma information has been effected for taxes with a 21% tax rate. The common stock was also adjusted for the conversion of the REP LLC preferred units into common units and retroactively adjusted for the Exchange Ratio and 1-for-12 reverse stock split.

	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
	($ in thousands)
Total Revenues	$	37,259	$	25,406	$	60,273	$	54,955
Pro Forma Net Income (Loss) from Continuing Operations	(16,877)		75,053		(23,364)		64,999
Pro Forma Net Income (Loss) from Discontinued Operations	(25)		19		25		(18,133)
Pro Forma Net Income (Loss) before Taxes	(16,902)		75,072		(23,339)		46,866
Pro forma income tax benefit (expense)	3,549		(15,765)		4,901		(9,842)
Pro Forma Net Income (Loss)	$	(13,353)	$	59,307	$	(18,438)	$	37,024
Net Income (Loss) per Share/Unit from Continuing Operations:
Basic	$	(0.96)	$	4.34	$	(1.33)	$	3.77
Diluted	$	(0.96)	$	4.32	$	(1.33)	$	3.76
Net Income (Loss) per Share/Unit from Discontinued Operations:
Basic	$	—	$	—	$	—	$	(1.05)
Diluted	$	—	$	—	$	—	$	(1.05)