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BLUE DOLPHIN ENERGY COMPANY
PRESS RELEASE
FOR IMMEDIATE RELEASE
September 18, 2009
BLUE DOLPHIN ENERGY COMPANY RECEIVES NASDAQ DEFICIENCY NOTICE RELATED TO MINIMUM
BID PRICE RULE
Houston, September 18 / PRNewswire / -- Blue Dolphin Energy Company (NASDAQ:
BDCO) ("Blue Dolphin"), an independent oil and gas company with operations in
the Gulf of Mexico, today announced that on September 16, 2009, it received a
letter from the Listing Qualifications Department of The Nasdaq Stock Market
confirming that for the previous thirty consecutive trading days, the bid price
of Blue Dolphin's common stock closed below the minimum $1.00 per share
requirement ("minimum bid requirement") for continued listing as set forth in
Marketplace Rule 5550(a)(2).
In accordance with Marketplace Rule 5810(c)(3)(A), Blue Dolphin will be provided
180 calendar days ("grace period"), or until March 15, 2010, to regain
compliance with the minimum bid requirement. If during the grace period, Blue
Dolphin's common stock closes at or above the minimum bid requirement for at
least ten consecutive trading days, Blue Dolphin will regain compliance. During
the grace period Blue Dolphin will actively monitor the bid price while
considering various options to meet Nasdaq's initial listing standards.
Blue Dolphin Energy Company is engaged in the gathering and transportation of
natural gas and condensate and in the production of oil and gas. For further
information visit the Company's website at http://www.blue-dolphin.com.
Contact:
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Thomas W. Heath
President
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. Blue Dolphin
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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