EXHIBIT 99.1
BLUE DOLPHIN ENERGY COMPANY
PRESS RELEASE
FOR IMMEDIATE RELEASE
November 13, 2008
BLUE DOLPHIN ENERGY COMPANY REPORTS THIRD QUARTER RESULTS
Houston, November 13 / PRNewswire / -- Blue Dolphin Energy Company (NASDAQ:
BDCO) ("we" or "our"), an independent oil and gas company with operations in the
Gulf of Mexico, today released financial results for the three and nine month
periods ended September 30, 2008.
For the three months ended September 30, 2008, we reported a net loss of
$442,737 on revenues of $681,279 compared to a net loss of $238,148 on revenues
of $785,588 for the three months ended September 30, 2007. The increase in net
loss and reduction in revenues were primarily attributable to the impact of
Hurricane Ike. As a result of Hurricane Ike, from September 13, 2008 forward,
our oil and gas wells have been shut-in and our pipeline transportation revenues
were significantly reduced. Although pipeline transportation revenues returned
to pre-Hurricane Ike levels in early October, our oil and gas production remains
shut-in due to downstream third-party onshore infrastructure damage. We
experienced minimal physical damage to our assets; our pipeline and shore
facilities are fully operational. Our oil and gas production is not expected to
resume until late in the fourth quarter of 2008 or early first quarter of 2009.
(In thousands, except per share amounts)
Three Months Ended
September 30,
--------------------- Net Change
2008 2007 2008 vs 2007
-------- -------- --------------
Revenues $ 681 $ 786 $ (105)
Net loss $ (443) $ (238) $ (205)
Net loss per common share
Basic $(0.04) $(0.02) $(0.02)
Diluted $(0.04) $(0.02) $(0.02)
For the nine months ended September 30, 2008, we reported a net loss of
$1,143,590 on revenues of $2,348,771 compared to a net loss of $1,341,821 on
revenues of $2,261,511 for the nine months ended September 30, 2007. Despite the
adverse impact of Hurricane Ike on both our oil and gas production and pipeline
transportation revenues, our financial results reflect a reduction in the net
loss for the nine months of 2008, primarily due to an increase in revenue from
oil and gas sales and a decrease in pipeline operating expenses.
(In thousands, except per share amounts)
Nine Months Ended
September 30,
--------------------- Net Change
2008 2007 2008 vs 2007
-------- -------- --------------
Revenues $ 2,349 $ 2,262 $ 87
Net loss $(1,144) $(1,342) $ 198
Net loss per common share
Basic $ (0.10) $ (0.12) $(0.02)
Diluted $ (0.10) $( 0.12) $(0.02)
There are currently 11,654,207 shares of our 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.
Investor Relations Contact:
- ---------------------------
William J. Dale
Chief Financial Officer
713-568-4727
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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