EXHIBIT 99.1
BLUE DOLPHIN ENERGY COMPANY
PRESS RELEASE
FOR IMMEDIATE RELEASE
May 15, 2008
BLUE DOLPHIN ENERGY COMPANY REPORTS FIRST QUARTER RESULTS
Houston, May 15 / 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 month period ended
March 31, 2008.
For the three months ended March 31, 2008, Blue Dolphin announced a net loss of
$525,374 on revenues of $678,537 compared to a net loss of $319,188 on revenues
of $854,996 for the three months ended March 31, 2007. The decline in net income
was primarily due to an anticipated decline in oil and gas production and
resulting sales of approximately $164,000.
(In thousands, except per share amounts)
Three Months Ended
March 31, Net Change
----------------------------
2008 2007 2008 vs 2007
------------ -------------- ---------------
Revenues $ 679 $ 855 $ (176)
Net income (loss) $ (525) $ (319) $ (206)
Net income (loss) per common share
Basic $ (0.05) $ (0.03) $ (0.02)
Diluted $ (0.05) $ (0.03) $ (0.02)
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.
# # #