EXHIBIT 99.1
BLUE DOLPHIN ENERGY COMPANY
PRESS RELEASE
FOR IMMEDIATE RELEASE
March 31, 2008
BLUE DOLPHIN ENERGY COMPANY REPORTS FOURTH QUARTER AND YEAR END RESULTS
Houston, March 31 / PRNewswire / -- Blue Dolphin Energy Company (NASDAQ: BDCO)
("Blue Dolphin"), an independent oil and gas company with operations in the Gulf
of Mexico, today reported financial results for the three and twelve month
periods ended December 31, 2007.
For the three months ended December 31, 2007, Blue Dolphin announced a net loss
of $283,751 on revenues of $750,306 compared to net income of $547,874 on
revenues of $1,042,907 for the three months ended December 31, 2006. The decline
in net income was primarily due to an anticipated decline in oil and gas
production and resulting sales of approximately $381,000. Also, in December
2006, a gain of $500,000 was recorded associated with the extinguishment of
debt.
(In thousands, except per share amounts)
Three Months Ended
December 31, Net Change
---------------------------- ------------
2007 2006 2007 vs 2006
-------- --------- ------------
Revenues $ 750 $ 1,043 $ (293)
Net income (loss) $ (284) $ 548 $ (832)
Net income (loss) per common share
Basic $ (0.02) $ 0.05 $ (0.07)
Diluted $ (0.02) $ 0.05 $ (0.07)
For the twelve months ended December 31, 2007, Blue Dolphin announced a net loss
of $1,625,572 on revenues of $3,011,817, compared to net income of $912,864 on
revenues of $4,298,708 for the twelve months ended December 31, 2006. The loss
for 2007 was primarily due to reduced revenues from sales of oil and gas of
approximately $1,841,000 resulting from an anticipated decline in production
levels, and increased pipeline operating expenses of approximately $662,000,
partially offset by increased revenues from pipeline operations of approximately
$555,000. 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)
Three Months Ended
December 31, Net Change
---------------------------- ------------
2007 2006 2007 vs 2006
-------- --------- ------------
Revenues $ 3,012 $ 4,299 $ (1,287)
Net income (loss) $ (1,626) $ 913 $ (2,539)
Net income (loss) per common share
Basic $ (0.14) $ 0.08 $ (0.22)
Diluted $ (0.14) $ 0.08 $ (0.22)
There are currently 11,624,447 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:
Michael J. Jacobson
President
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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