EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
November 14, 2006
BLUE DOLPHIN ENERGY COMPANY REPORTS THIRD QUARTER RESULTS
Houston, Nov. 14 / PRNewswire / -- Blue Dolphin Energy Company (NASDAQ: BDCO)
("Blue Dolphin"), an independent oil and gas company with operations in the Gulf
of Mexico, today announced financial results for the three and nine month
periods ended September 30, 2006.
Blue Dolphin reported net income of $159,930 on revenues of $1,068,708 for the
quarter ended September 30, 2006, compared to net income of $1,030,448 on
revenues of $2,107,568 for the quarter ended September 30, 2005. Revenues from
the sales of oil and gas decreased $1,319,000 in the quarter due to the
recognition in the third quarter of 2005 of $1,697,000 from the sales of oil and
gas associated with an after-payout interest in High Island Block 37 in the Gulf
of Mexico. The High Island Block 37 revenue represented the Company's interest
in production from payout in July 2004 through September 2005. The decrease in
oil and gas sales revenue was offset by increased revenues from pipeline
operations of approximately $280,000.
(In thousands, except per share amounts)
Quarter Ended
September 30,
---------------------------- Net Change
2006 2005 2006 vs 2005
------------ ------------ ------------
Revenues $ 1,069 $ 2,108 $ (1,039)
Net income (loss) $ 160 $ 1,030 $ (870)
Net income (loss) per common share
Basic $ 0.01 $ 0.11 $ (0.10)
Diluted $ 0.01 $ 0.11 $ (0.10)
For the nine months ended September 30, 2006, Blue Dolphin reported net income
of $364,990 on revenues of $3,255,801, compared to a net loss of $367,812 on
revenues of $2,836,027 for the nine months ended September 30, 2005. The
improvement in year to date 2006 results was primarily due to increased revenues
from pipeline operations of approximately $351,000.
Nine Months Ended
September 30,
-------------------------------- Net Change
2006 2005 2006 vs 2005
-------------- -------------- ------------
Revenues $ 3,256 $ 2,836 $ 420
Net income (loss) $ 365 $ (368) $ 733
Net income (loss) per common share
Basic $ 0.03 $ (0.04) $ 0.07
Diluted $ 0.03 $ (0.04) $ 0.07
There are currently 11,553,784 shares of common stock issued and outstanding.
Blue Dolphin Energy Company is engaged in the gathering and transportation of
natural gas and condensate and production of oil and gas. For further
information visit the Company's website at http://www.blue-dolphin.com.
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Contact:
- --------
Gregory W. Starks
Vice President and Treasurer
713-227-7660
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.
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