Edgar Filing: TENGASCO INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

SALAS PETER E

2. Issuer Name and Ticker or Trading Symbol
TENGASCO INC [TGC]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

P.O. BOX 16867

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2014

(Street)

FERNANDINA BEACH, FL 32035

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								15,458,321 ⁽¹⁾	I	By Affiliate Partnership
Common Stock								5,180,321 ⁽²⁾	I	By Affiliate Partnership

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option Right to buy

$ 0.44

07/02/2014

J⁽³⁾

07/02/2014

07/01/2019

Common Stock

6,250

$ 0

Option Right to buy

$ 0.48

04/01/2014

J⁽³⁾

04/01/2014

03/31/2019

Common Stock

6,250

$ 0

Option Right to buy

$ 0.41

01/03/2014

J⁽³⁾

01/03/2014

01/02/2019

Common Stock

6,250

$ 0

Option Right to buy

$ 0.41

10/02/2013

J⁽³⁾

10/02/2013

10/01/2018

Common Stock

6,250

$ 0

Option Right to buy

$ 0.48

07/01/2013

J⁽³⁾

07/01/2013

06/30/2018

Common Stock

6,250

$ 0

Option Right to buy

$ 0.62

04/01/2013

J⁽³⁾

04/01/2013

03/31/2018

Common Stock

6,250

$ 0

Option Right to buy

$ 0.64

01/02/2013

J⁽³⁾

01/02/2013

01/01/2018

Common Stock

6,250

$ 0

Option Right to buy

$ 0.73

10/01/2012

J⁽³⁾

10/01/2012

09/30/2017

Common Stock

6,250

$ 0

Option Right to buy

$ 0.81

07/02/2012

J⁽³⁾

07/02/2012

07/01/2017

Common Stock

6,250

$ 0

Option Right to buy

$ 1.07

04/02/2012

J⁽³⁾

04/02/2012

04/01/2017

Common Stock

6,250

$ 0

Option Right to buy

$ 0.75

01/03/2012

J⁽³⁾

01/03/2012

01/02/2017

Common Stock

6,250

$ 0

Option Right to Buy

$ 0.72

10/03/2011

J⁽³⁾

10/03/2011

10/02/2016

Common Stocik

6,250

$ 0

Option Right to buy

$ 0.84

07/06/2011

J⁽³⁾

07/06/2011

07/05/2016

Common Stock

6,250

$ 0

Option Right to buy

$ 1.16

04/01/2011

J⁽³⁾

04/01/2011

03/31/2016

Common Stock

6,250

$ 0

Option Right to Buy

$ 1.08

03/17/2011

J⁽³⁾

03/17/2011

03/16/2016

Common Stock

25,000

$ 0

Option Right to buy

$ 0.43

02/08/2010

J⁽³⁾

02/08/2010

02/07/2015

Common Stock

25,000

$ 0

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
SALAS PETER E P.O. BOX 16867 FERNANDINA BEACH, FL 32035	X	X
SSB Ventures LLC P.O. BOX 16867 FERNANDINA BEACH, FL 32035		X

Signatures

/s/ Peter E Salas		07/07/2014
^**Signature of Reporting Person		Date
/s/ SSB Ventures LLC		07/07/2014
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Shares are held by SSB Ventures LLC, a Delaware limited liability company in which Dolphin Direct Equity Partners, L.P. is a member. Pursuant to the SSB Ventures LLC company agreement, Dolphin Direct Equity Partners, L.P. retains the power to direct the voting by SSB Ventures LLC of these shares. Peter E. Salas, the Chairman of the Company's Board of Directors, is the sole shareholder and controlling person of Dolphin Mgmt. Services, Inc., the managing general partner of Dolphin Direct Equity Partners, L.P.
(2)	Shares owned by Dolphin Offshore Partners L.P.
(3)	Grant of option pursuant to Tengasco's Stock Incentive Plan.

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