-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RRzGFWqH6R5/NMxzKXaF5nHDBJVOmYBjav6yJ6UMdXB8zTk2w2ERhs+Ut4ntal4z v1FlSnNPcA0oTwk9Kn58EA== 0001010549-04-000188.txt : 20040326 0001010549-04-000188.hdr.sgml : 20040326 20040326151843 ACCESSION NUMBER: 0001010549-04-000188 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040326 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLUE DOLPHIN ENERGY CO CENTRAL INDEX KEY: 0000793306 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 731268729 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15905 FILM NUMBER: 04692800 BUSINESS ADDRESS: STREET 1: 801 TRAVIS SUITE 2100 CITY: HOUSTON STATE: TX ZIP: 77002-5729 BUSINESS PHONE: 7132277660 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA SUITE 1606 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: MUSTANG RESOURCES CORP DATE OF NAME CHANGE: 19900122 FORMER COMPANY: FORMER CONFORMED NAME: ZIM ENERGY CORP DATE OF NAME CHANGE: 19870921 8-K 1 bluedol8k032604.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report: (Date of earliest event reported): March 26, 2004 (March 26, 2004) Blue Dolphin Energy Company (Exact name of registrant as specified in its charter) Delaware 0-15905 73-1268729 (State of Incorporation) (Commission File Number) (IRS Employer Identification No.) 801 Travis, Suite 2100 Houston, Texas 77002 (Address of Registrant's principal executive offices) (713) 227-7660 (Registrant's telephone number, including area code) (Not Applicable) (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS On March 26, 2004, Blue Dolphin Energy Company, a Delaware corporation ("Blue Dolphin"), issued a press release reporting its earnings for the quarter and year ended December 31, 2003. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Exhibits 99.1 Press Release issued March 26, 2004 ----------- 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: March 26, 2004 BLUE DOLPHIN ENERGY COMPANY /s/ G. Brian Lloyd ------------------------- G. Brian Lloyd Vice President, Treasurer 3 INDEX TO EXHIBITS EXHIBIT DESCRIPTION OF EXHIBIT - ------- ---------------------- 99.1 Press Release issued March 26, 2004 4 EX-99.1 3 bluedol8kex991032604.txt PRESS RELEASE DATED MARCH 26, 2004 Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE RELEASE March 26, 2004 Houston, Texas - Blue Dolphin Energy Company (NASDAQ Symbol: BDCO) BLUE DOLPHIN ENERGY COMPANY REPORTS YEAR END RESULTS Blue Dolphin Energy Company reported revenues of $2,516,816 for the year ended December 31, 2003, compared to revenues of $2,910,277 for the year ended December 31, 2002. Revenues in 2003 included approximately $1.4 million of oil and gas sales from the Company's reversionary working interest in the High Island Area Block A-7 field that it received in late April 2003. Revenues in 2002 included oil and gas sales of approximately $1.8 million from properties that were sold in the second half of 2002. The Company reported a net loss of $793,058 in 2003 compared to net income of $482,054 in 2002. Results for 2002 included a gain from the sale of the oil and gas properties of approximately $2.2 million.
(In thousands, except per share amounts) Year Ended December 31, ------------ Net Change 2003 2002 2003 vs 2002 ------------ ------------ ------------ Revenues $ 2,517 $ 2,910 $ (393) Net income (loss) $ (793) $ 482 $ (1,275) Net income (loss) per common share Basic $ (0.12) $ 0.08 $ (0.20) Diluted $ (0.12) $ 0.08 $ (0.20) For the quarter ended December 31, 2003, the Company reported a net loss of $850,378 on revenues of $531,838, compared to net income of $370,094 on revenues of $201,271 for the quarter ended December 31, 2002. Fourth quarter 2003 results include an impairment of oil and gas properties, non-recurring pipeline operating expenses and higher legal costs, while fourth quarter 2002 results included a gain of approximately $.8 million from the sale of oil and gas properties. (In thousands, except per share amounts) Quarter Ended December 31, Net Change 2003 2002 2003 vs 2002 ------------ ------------ ------------ Revenues $ 532 $ 201 $ 331 Net income (loss) $ (850) $ 370 $ (1,220) Net income (loss) per common share Basic $ (0.13) $ 0.06 $ (0.19) Diluted $ (0.13) $ 0.06 $ (0.19)
There are currently 6,662,438 shares of common stock issued and outstanding. Blue Dolphin Energy Company is engaged in the gathering and transportation of natural gas and condensate, and the acquisition and development of oil and gas properties. Questions should be directed to Haavard Strommen, Manager of Finance, at the Company's offices in Houston, Texas, 713-227-7660. For further information see our Home Page 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 industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. 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. -----END PRIVACY-ENHANCED MESSAGE-----