Blue Dolphin Announces Year End Earnings

Apr 02, 2001, 01:00 ET from Blue Dolphin Energy Company

    HOUSTON, April 2 /PRNewswire/ --
 Blue Dolphin Energy Company (Nasdaq:   BDCO) reported net income of $.2 million
 on revenues of $2.2 million for the quarter ended December 31, 2000, compared
 to a net loss of $2.2 million on revenues of $.9 million for the quarter ended
 December 31, 1999.  The improvement in net income and revenues in the current
 quarter is primarily due to the Company's 77% ownership interest in American
 Resources Offshore, Inc. (OTC Bulletin Board:   GASS) acquired in December 1999.
 
 
                                        Quarter Ended
                                         December 31,
                                                                Net Increase
                                      2000            1999      2000 vs 1999
 
     Revenues                    $ 2,181,197        $936,883    $1,244,314
     Net income (loss)              $229,068     $(2,175,395)   $2,404,463
     Net income (loss) per
      common share (Basic)            $ 0.04          $(0.36)        $ .40
 
 
     The Company reported revenues of $7.9 million for the year ended
 December 31, 2000, compared to revenues of $2.8 million for the year ended
 December 31, 1999.  The increase in revenues for 2000 was due primarily to the
 Company's ownership interest in American Resources Offshore, Inc., acquired in
 December 1999.  For the year ended December 31, 2000, the Company reported an
 impairment of oil and gas properties of $10.8 million, due to the non-cash
 write-off of the Galveston Block 288 (Buccaneer Field) of $5.4 million and the
 recognition of associated plugging and abandonment costs estimated to be
 $5.4 million, resulting in a $10.1 million net loss.  Excluding the impairment
 charge, the Company's net income for the year ended December 31, 2000 was
 approximately $.6 million compared to a net loss of $2.1 million for 1999.
 
 
                                          Year Ended
                                          December 31,
                                                                 Net Change
                                     2000             1999      2000 vs 1999
 
     Revenues                     $7,941,970      $2,757,056    $5,184,914
     Net loss                   $(10,135,120)    $(2,086,511)  $(8,048,609)
     Net loss per
      common share (Basic)           $ (1.70)         $(0.43)       $(1.27)
 
 
     Pro Forma excluding the impairment charge.
                                                                 Net Increase
 
     Revenues                     $7,941,970      $2,757,056    $5,184,914
     Net income (loss)              $619,856     $(2,086,511)   $2,706,367
     Net income (loss) per
      common share (Basic)             $0.10          $(0.43)        $0.53
 
 
     There are currently 6,016,718 shares of common stock issued and
 outstanding.
     Blue Dolphin Energy Company is engaged in the acquisition and exploration
 of oil and gas properties, and the gathering and transportation of natural gas
 and condensate.  In addition, the Company actively pursues upstream and
 midstream development projects with long-term revenue potential such as
 Drillmar, Inc. and its semi-tender assisted drilling and well intervention
 solution, the Petroport and Sabine Seaport offshore crude oil ports and the
 New Avoca natural gas storage facility.  Questions should be directed to
 Haavard Strommen, Manager of Finance, at the Company's offices in Houston,
 Texas, 713-227-7660 Extension 163.  For further information see our Home Page
 at http://www.blue-dolphin.com.
 
 

SOURCE Blue Dolphin Energy Company
    HOUSTON, April 2 /PRNewswire/ --
 Blue Dolphin Energy Company (Nasdaq:   BDCO) reported net income of $.2 million
 on revenues of $2.2 million for the quarter ended December 31, 2000, compared
 to a net loss of $2.2 million on revenues of $.9 million for the quarter ended
 December 31, 1999.  The improvement in net income and revenues in the current
 quarter is primarily due to the Company's 77% ownership interest in American
 Resources Offshore, Inc. (OTC Bulletin Board:   GASS) acquired in December 1999.
 
 
                                        Quarter Ended
                                         December 31,
                                                                Net Increase
                                      2000            1999      2000 vs 1999
 
     Revenues                    $ 2,181,197        $936,883    $1,244,314
     Net income (loss)              $229,068     $(2,175,395)   $2,404,463
     Net income (loss) per
      common share (Basic)            $ 0.04          $(0.36)        $ .40
 
 
     The Company reported revenues of $7.9 million for the year ended
 December 31, 2000, compared to revenues of $2.8 million for the year ended
 December 31, 1999.  The increase in revenues for 2000 was due primarily to the
 Company's ownership interest in American Resources Offshore, Inc., acquired in
 December 1999.  For the year ended December 31, 2000, the Company reported an
 impairment of oil and gas properties of $10.8 million, due to the non-cash
 write-off of the Galveston Block 288 (Buccaneer Field) of $5.4 million and the
 recognition of associated plugging and abandonment costs estimated to be
 $5.4 million, resulting in a $10.1 million net loss.  Excluding the impairment
 charge, the Company's net income for the year ended December 31, 2000 was
 approximately $.6 million compared to a net loss of $2.1 million for 1999.
 
 
                                          Year Ended
                                          December 31,
                                                                 Net Change
                                     2000             1999      2000 vs 1999
 
     Revenues                     $7,941,970      $2,757,056    $5,184,914
     Net loss                   $(10,135,120)    $(2,086,511)  $(8,048,609)
     Net loss per
      common share (Basic)           $ (1.70)         $(0.43)       $(1.27)
 
 
     Pro Forma excluding the impairment charge.
                                                                 Net Increase
 
     Revenues                     $7,941,970      $2,757,056    $5,184,914
     Net income (loss)              $619,856     $(2,086,511)   $2,706,367
     Net income (loss) per
      common share (Basic)             $0.10          $(0.43)        $0.53
 
 
     There are currently 6,016,718 shares of common stock issued and
 outstanding.
     Blue Dolphin Energy Company is engaged in the acquisition and exploration
 of oil and gas properties, and the gathering and transportation of natural gas
 and condensate.  In addition, the Company actively pursues upstream and
 midstream development projects with long-term revenue potential such as
 Drillmar, Inc. and its semi-tender assisted drilling and well intervention
 solution, the Petroport and Sabine Seaport offshore crude oil ports and the
 New Avoca natural gas storage facility.  Questions should be directed to
 Haavard Strommen, Manager of Finance, at the Company's offices in Houston,
 Texas, 713-227-7660 Extension 163.  For further information see our Home Page
 at http://www.blue-dolphin.com.
 
 SOURCE  Blue Dolphin Energy Company