August 16, 2011
Blue Dolphin Reports Second Quarter 2011 Financial Results
HOUSTON, Aug. 16, 2011 /PRNewswire/ -- Blue Dolphin Energy Company (OTCQB: BDCO) ("Blue Dolphin"), an independent oil and gas company with operations in the U.S. Gulf of Mexico and the North Sumatra Basin in offshore Indonesia, today announced financial results for the three and six month periods ended June 30, 2011.
For the three months ended June 30, 2011 (the "current quarter"), Blue Dolphin reported a net loss of $413,934 on revenue of $620,402 compared to a net loss of $369,937 on revenue of $483,591 for the three months ended June 30, 2010 (the "previous quarter"). The increase in net loss in the current quarter was primarily the result of significantly reduced pipeline throughput and increased lease operating expenses associated with the North Sumatra Basin-Langsa Field, which was offset by increased revenue from oil and gas sales.
(In thousands, except per share amounts) Three Months Ended June 30, Net Change -------- 2011 2010 2011 vs 2010 ---- ---- ------------ Revenue $620 $483 $137 Net loss $(414) $(370) $(44) Net loss per common share Basic $(0.20) $(0.22) $0.02 Diluted $(0.20) $(0.22) $0.02
For the six months ended June 30, 2011 (the "current period"), Blue Dolphin announced a net loss of $846,022 on revenue of $1,312,736 compared to a net loss of $895,691 on revenue of $931,700 for the six months ended June 30, 2010 (the "previous period"). The slight decrease in net loss in the current period was primarily due to increased revenue from oil and gas sales, which were offset by increased lease operating expense.
(In thousands, except per share amounts) Six Months Ended June 30, Net Change -------- 2011 2010 2011 vs 2010 ---- ---- ------------ Revenue $1,312 $931 $381 Net loss $(846) $(896) $50 Net loss per common share Basic $(0.41) $(0.53) $0.12 Diluted $(0.41) $(0.53) $0.12
There are currently 2,090,486 shares of common stock, par value $0.01 per share, issued and outstanding.
Blue Dolphin Energy Company (OTCQB: BDCO) is engaged in the gathering and transportation, as well as the exploration and production, of oil and natural gas. The Company trades on OTCQB, the OTC market tier for companies that report to the Securities and Exchange Commission or a U.S. banking or insurance regulator. Investors can find Real-Time quotes and market information for Blue Dolphin on www.otcmarkets.com. For additional company information, visit Blue Dolphin's corporate website at http://www.blue-dolphin.com.
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 our ability to continue as a going concern; collectability of a $2.0 million loan receivable, net of credited and recovered amounts; our ability to complete a business combination with one or more target businesses; our ability to secure additional working capital to fund operations; our ability to monetize our pipeline assets; our ability to improve pipeline utilization levels; performance of third party operators for properties where we have an interest; production from oil and natural gas properties that we have interests in; volatility of oil and natural gas prices; uncertainties in the estimation of proved reserves and in the projection of future rates of production, the timing of development expenditures and the amount and timing of property abandonment; costly changes in environmental and other government regulations for which Blue Dolphin is subject; adverse changes in the global financial markets; and potential delisting of Blue Dolphin's common stock by Nasdaq due to non-compliance with Nasdaq listing requirements. 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