Exhibit 99.1
NEWS RELEASE
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FOR IMMEDIATE RELEASE May 16, 2003
Houston, Texas - Blue Dolphin Energy Company (NASDAQ Symbol: BDCO)
BLUE DOLPHIN ENERGY COMPANY REPORTS FIRST QUARTER RESULTS
Blue Dolphin Energy Company reported a net loss of $396,510 on revenues of
$320,974 for the quarter ended March 31, 2003, compared to a net loss of
$923,411 on revenues of $907,566 for the quarter ended March 31, 2002. First
quarter 2002 results include an asset impairment and associated bad debt expense
totaling approximately $.5 million. The decrease in 2003 revenues reflects the
sale of the Company's producing oil and gas properties in the second half of
2002. The Company expects to begin receiving oil and gas sales revenues from its
reversionary working interest in the High Island Area Block A-7 field in the
second quarter 2003, as the Company believes payout has occurred in April 2003.
(In thousands, except per share amounts)
Quarter Ended
March 31,
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Net Change
2003 2002 2003 vs 2002
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Revenues $ 321 $ 908 $ (587)
Net loss $ (397) $ (923) $ 526
Net loss per
common share (Basic) $ (0.06) $ (0.15) $ 0.09
There are currently 6,635,150 shares of common stock issued and outstanding.
Blue Dolphin Energy Company is engaged in the gathering and transportation of
natural gas and condensate, and the acquisition and development 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.
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.