EXHIBIT 99.1
BLUE DOLPHIN ENERGY COMPANY
PRESS RELEASE
FOR IMMEDIATE RELEASE
November 14, 2007
BLUE DOLPHIN ENERGY COMPANY REPORTS THIRD QUARTER RESULTS
Houston, November 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, 2007.
For the three months ended September 30, 2007, Blue Dolphin reported a net loss
of $238,148 on revenues of $785,588 compared to net income of $159,930 on
revenues of $1,068,708 for the three months ended September 30, 2006. The
decline in revenues and net income were primarily due to an anticipated decline
in oil and gas production and resulting sales of approximately $377,000.
(In thousands, except per share amounts)
Three Months Ended
September 30, Net Change
-----------------------------
2007 2006 2007 vs 2006
------------- -------------- --------------
Revenues $ 786 $ 1,069 $ (283)
Net income (loss) $ (238) $ 160 $ (398)
Net income (loss) per common share
Basic $ (0.02) $ 0.01 $ (0.03)
Diluted $ (0.02) $ 0.01 $ (0.03)
For the nine months ended September 30, 2007, Blue Dolphin reported a net loss
of $1,341,821 on revenues of $2,261,511, compared to net income of $364,990 on
revenues of $3,255,801 for the nine months ended September 30, 2006. The loss
for the first three quarters of 2007 was primarily due to reduced revenues from
sales of oil and gas of approximately $1,460,000 resulting from an anticipated
decline in production levels, and increased pipeline operating expenses of
approximately $598,000, partially offset by increased revenues from pipeline
operations of approximately $466,000. Increased pipeline operating expenses were
primarily the result of unanticipated costs associated with repairs to pipeline
assets and increased insurance costs. Increased revenues from pipeline
operations were the result of increased throughput from the addition of seven
shippers on the Blue Dolphin System and the GA 350 Pipeline, and increased
throughput from two existing shippers on the Blue Dolphin System during 2006 and
2007.
(In thousands, except per share amounts)
Nine Months Ended
September 30, Net Change
-----------------------------
2007 2006 2007 vs 2006
------------- -------------- --------------
Revenues $ 2,262 $ 3,256 $ (994)
Net income (loss) $ (1,342) $ 365 $ (1,707)
Net income (loss) per common share
Basic $ (0.12) $ 0.03 $ (0.15)
Diluted $ (0.12) $ 0.03 $ (0.15)
There are currently 11,573,293 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.
Contact:
Gregory W. Starks
Vice President, Treasurer and Secretary
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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