EXHIBIT 99.1
BLUE DOLPHIN ENERGY COMPANY
PRESS RELEASE
FOR IMMEDIATE RELEASE
May 14, 2009
BLUE DOLPHIN ENERGY COMPANY REPORTS FIRST QUARTER RESULTS
Houston, May 14 / 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, 2009.
For the three months ended March 31, 2009, Blue Dolphin announced a net loss of
$1,000,009 on revenues of $536,705 compared to a net loss of $525,374 on
revenues of $678,537 for the three months ended March 31, 2008. Net income
decreased primarily due to production interruptions resulting from damage to
third party shore facilities during Hurricane Ike in September 2008, as well as
lower commodity prices. In addition, we recognized an impairment on our oil and
gas properties of $203,110 resulting from the lower commodity prices.
(In thousands, except per share amounts)
Three Months Ended
March 31, Net Change
-------------------------------
2009 2008 2009 vs 2009
--------------- -------------- ---------------
Revenues $ 537 $ 679 $ (142)
Net loss $ (1,000) $ (525) $ (475)
Net loss per common share
Basic $ (0.09) $ (0.05) $ (0.04)
Diluted $ (0.09) $ (0.05) $ (0.04)
There are currently 11,745,299 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:
Thomas W. Heath
President, Assistant Treasurer & Secretary
713-568-4725
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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