EXHIBIT 99.1
NEWS RELEASE
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FOR IMMEDIATE RELEASE March 30, 2006
Houston, Texas - Blue Dolphin Energy Company (NASDAQ Symbol: BDCO)
BLUE DOLPHIN ENERGY COMPANY REPORTS FOURTH QUARTER AND YEAR END RESULTS
Blue Dolphin Energy Company ("Blue Dolphin") reported net income of $909,198 on
revenues of $1,675,156 for the quarter ended December 31, 2005, compared to a
net loss of $616,827 on revenues of $475,341 for the quarter ended December 31,
2004. Fourth quarter 2005 results improved primarily due to increased revenues
from the sale of oil and gas of approximately $1,245,000.
(In thousands, except per share amounts)
Quarter Ended
December 31,
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Net Change
2005 2004 2005 vs 2004
--------- ------- ------------
Revenues $ 1,675 $ 475 $ 1,200
Net income (loss) $ 909 $ (617) $ 1,526
Net income (loss) per common share
Basic $ 0.09 $ (0.09) $ 0.18
Diluted $ 0.09 $ (0.09) $ 0.18
For the year ended December 31, 2005, the Company reported net income of
$541,386 on revenues of $4,511,183, compared to a net loss of $2,500,334 on
revenues of $1,435,646 for the year ended December 31, 2004. The improvement in
annual 2005 results was primarily due to increased revenues from the sale of oil
and gas of approximately $2,740,000 and increased pipeline operations revenues
of approximately $361,000.
(In thousands, except per share amounts)
Year Ended
December 31,
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Net Change
2005 2004 2005 vs 2004
--------- ------- ------------
Revenues $ 4,511 $ 1,436 $ 3,057
Net income (loss) $ 541 $(2,500) $ 3,041
Net income (loss) per common share
Basic $ 0.06 $ (0.37) $ 0.43
Diluted $ 0.06 $ (0.37) $ 0.43
There are currently 11,140,734 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 development and production of oil and gas
properties. 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.