HOUSTON, Feb. 4, 2013 /PRNewswire/ -- Blue Dolphin
Energy Company (OTCQX: BDCO) ("Blue Dolphin" or the "Company"),
today announced that its Board of Directors (the "Board") has
formed a special committee comprised of three independent directors
to conduct a strategic review of the feasibility of optimizing
value for stockholders by converting Blue Dolphin from a publicly
traded corporation to a publicly traded master limited
partnership. The special committee, upon completion of its
review, will make its recommendation to the Board.
No decisions have been made by the special committee with
respect to the conversion of Blue Dolphin to a master limited
partnership. There is no assurance that the review will result in
the proposal or completion of any conversion of Blue
Dolphin. Blue Dolphin does not expect to update the
market with any further information on the process unless and until
disclosure is deemed appropriate.
Jonathan Carroll, Blue Dolphin's
President and Chief Executive Officer, stated, "While the special
committee explores the feasibility of converting from a publicly
traded corporation to a publicly traded MLP, we will continue to
implement our strategy and work to create value for our
stockholders."
About Blue Dolphin
Blue Dolphin Energy Company (OTCQX: BDCO) is primarily engaged
in crude oil and condensate processing in the Eagle Ford
Shale. The company also gathers and transports oil and
natural gas, as well as has leaseholds interests in oil and gas
properties. For additional company information, visit Blue
Dolphin's corporate website at
http://www.blue-dolphin-energy.com.
Forward-Looking Statements: 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. These forward-looking statements are not
guarantees of future performance or events and such statements
involve a number of risks, uncertainties and assumptions.
These include the uncertainties set forth in this press release
regarding whether a reorganization of the Company will be
consummated. Further information and risks regarding factors that
could affect the Company's business, operations, financial results
or financial positions are discussed from time to time in its
Securities and Exchange Commission filings and reports.
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.
SOURCE Blue Dolphin Energy Company