Exhibit 99.1
NEWS RELEASE
------------
FOR IMMEDIATE RELEASE March 24, 2003
Houston, Texas - Blue Dolphin Energy Company (NASDAQ Symbol: BDCO)
Blue Dolphin Energy Company reported net income of $482,054 on revenues of
$2,910,277 for the year ended December 31, 2002, compared to a net loss of
$2,649,142 on revenues of $5,686,025 for the year ended December 31, 2001. The
increase in net income was primarily due to the gain on sale of proved oil and
gas reserves of approximately $2.2 million recorded in 2002, in two separate
transactions in the third quarter and in the fourth quarter.
(In thousands, except per share amounts)
Year Ended
December 31,
------------
Net Change
2002 2001 2002 vs 2001
------------ ------------ ------------
Revenues $ 2,910 $ 5,686 $ (2,776)
Net income (loss) $ 482 $ (2,649) $ 3,131
Net income (loss) per
common share (Basic) $ 0.08 $ (0.44) $ 0.52
The Company reported net income of $0.4 million on revenues of $0.2 million for
the quarter ended December 31, 2002, compared to a net loss of $2.7 million on
revenues of $0.8 million for the fourth quarter 2001. The increase in current
quarter results is primarily due to the gain on sale of proved oil and gas
reserves of $0.8 million recorded in fourth quarter 2002. In fourth quarter 2001
the Company recorded an impairment of $1.9 million on its Petroport and Sabine
Seaport projects.
(In thousands, except per share amounts)
Quarter Ended
December 31,
------------
Net Change
2001 2001 2002 vs 2001
------------ ------------ ------------
Revenues $ 201 $ 802 $ (601)
Net income (loss) $ 370 $ (2,713) $ 3,083
Net income (loss) per
common share (Basic) $ 0.06 $ (0.45) $ 0.51
Blue Dolphin Energy Company is engaged in the gathering and transportation of
natural gas and condensate, and the acquisition and exploration of oil and gas
properties. 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.