Blue Dolphin Announces Disposal Of Asset, Provides Nixon Operational Update
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