EXHIBIT 99.1
NEWS RELEASE
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FOR IMMEDIATE RELEASE August 15, 2005
Houston, Texas - Blue Dolphin Energy Company (NASDAQ Symbol: BDCO)
BLUE DOLPHIN ENERGY COMPANY REPORTS SECOND QUARTER RESULTS
Blue Dolphin Energy Company reported a net loss of $514,796 on revenues of
$369,429 for the quarter ended June 30, 2005, compared to a net loss of $823,406
on revenues of $345,585 for the quarter ended June 30, 2004. Second quarter 2005
benefited from lower pipeline operating expenses of approximately $205,000.
Other expense in 2004 contained a charge of approximately $200,000 associated
with a proposed financing transaction that was subsequently terminated.
(In thousands, except per share amounts)
Quarter Ended
June 30,
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Net Change
2005 2004 2005 vs 2004
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Revenues $ 369 $ 346 $ 23
Net income (loss) $ (515) $ (823) $ 308
Net income (loss) per common share
Basic $ (0.06) $ (0.12) $ 0.06
Diluted $ (0.06) $ (0.12) $ 0.06
For the six months ended June 30, 2005, the Company reported a net loss of
$711,788 on revenues of $728,459, compared to net loss of $1,343,012 on revenues
of $704,516 for the six months ended June 30, 2004. The improvement in second
half 2005 results was primarily due to lower pipeline operating expenses of
approximately $160,000, lower other expense of approximately $145,000 and higher
other income of approximately $189,000. In the first quarter, 2005, we recorded
a gain of approximately $140,000 for the placement of our interests in certain
oil and gas leases, and a gain of approximately $132,000 due to the elimination
of accrued interest pursuant to the restructuring of a promissory note.
(In thousands, except per share amounts)
Six Months Ended
June 30,
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Net Change
2005 2004 2005 vs 2004
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Revenues $ 728 $ 705 $ 23
Net income (loss) $ (712) $ (1,343) $ 631
Net income (loss) per common share
Basic $ (0.09) $ (0.20) $ 0.11
Diluted $ (0.09) $ (0.20) $ 0.11
There are currently 9,157,917 shares of common stock issued and outstanding.
Blue Dolphin Energy Company is engaged in the gathering and transportation of
natural gas and condensate. Questions should be directed to Gregory W. Starks,
Treasurer, 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.