BLUE DOLPHIN ENERGY COMPANY
NEWS RELEASE
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FOR IMMEDIATE RELEASE July 9, 2002
Houston, Texas - Blue Dolphin Energy Company (NASDAQ Symbol: BDCO)
BLUE DOLPHIN ANNOUNCES THE SALE OF A PRODUCING PROPERTY
Blue Dolphin Energy Company announced that it has sold its' interest in the
South Timbalier Block 148 oil and gas property to the operator of the field for
$2.3 million.
The Company's South Timbalier Block 148 property, located 30 miles offshore
Louisiana in the Gulf of Mexico, includes 7 producing wells with working
interests ranging from 9% to 1%. As of December 31, 2001, the Company's interest
in the South Timbalier Block 148 property represented 1.35 billion cubic feet of
gas equivalent reserves.
Blue Dolphin Energy Company is engaged in the acquisition and production of oil
and gas properties, and the gathering and transportation of natural gas and
condensate. Questions should be directed to Haavard Strommen, Manager of
Finance, at the Company's offices in Houston, Texas, 713-227-7660. For further
information see our Home Page at http://www.blue-dolphin.com.
Certain of the statements included in this press release, which express a
belief, expectation or intention, as well as those regarding future financial
performance or results, or which are not historical facts, are "forward-looking"
statements as that term is defined in the Securities Act of 1933, as amended and
the Securities Exchange Act of 1934, as amended. The words "expect", "plan",
"believe", "anticipate", "project", "estimate", and similar expressions are
intended to identify forward-looking statements. These forward-looking
statements are not guarantees of future performance or events and such
statements involve a number of risks, uncertainties and assumptions, including
but not limited to industry conditions, prices of crude oil and natural gas,
regulatory changes, general economic conditions, interest rates, competition,
and other factors. Should one or more of these risks or uncertainties
materialize or should the underlying assumptions prove incorrect, actual results
and outcomes may differ materially from those indicated in the forward-looking
statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The Company
undertakes no obligation to republish revised forward-looking statements to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
801 Travis o Suite 2100 o Houston, Texas 77002
(713) 227-7660 o FAX (713) 227-7626