HOUSTON, March 7, 2013 /PRNewswire/ -- Blue Dolphin
Energy Company (OTCQX: BDCO) ("Blue Dolphin" or the "Company"),
today announced that its wholly-owned subsidiary, Blue Dolphin
Exploration Company ("BDEX") completed the disposal of its
seven percent (7%) undivided working interest in the
North Sumatra Basin – Langsa Field
offshore Indonesia (the
"Indonesian Interest"). The Indonesian Interest was acquired
by Blue Sky Langsa, Limited ("Blue Sky"), the lease operator,
pursuant to a Sale and Purchase Agreement between the parties.
Blue Sky's consideration to BDEX for the Indonesian Interest was
150,000 shares of Blue Dolphin common stock, par value $0.01 per share (the "Common Stock"). BDEX
acquired the Indonesian Interest from Blue Sky in June 2010 for 342,857 shares of Blue Dolphin
Common Stock. BDEX's receipt of the 150,000 shares from Blue
Sky represents the recovery of a significant portion of its
original share consideration paid for the Indonesian Interest.
Blue Dolphin also reported that its crude oil and condensate
processing facility in Nixon,
Wilson County, Texas (the "Nixon
Facility") recently completed a seven (7) day maintenance
turnaround. Following completion of the maintenance
turnaround, the Nixon Facility has been processing approximately
12,500 barrels of oil per day.
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