EX-99.1 2 bluedol8kex991033106.txt PRESS RELEASE ISSUED MARCH 30, 2006 EXHIBIT 99.1 NEWS RELEASE ------------ FOR IMMEDIATE RELEASE March 30, 2006 Houston, Texas - Blue Dolphin Energy Company (NASDAQ Symbol: BDCO) BLUE DOLPHIN ENERGY COMPANY REPORTS FOURTH QUARTER AND YEAR END RESULTS Blue Dolphin Energy Company ("Blue Dolphin") reported net income of $909,198 on revenues of $1,675,156 for the quarter ended December 31, 2005, compared to a net loss of $616,827 on revenues of $475,341 for the quarter ended December 31, 2004. Fourth quarter 2005 results improved primarily due to increased revenues from the sale of oil and gas of approximately $1,245,000. (In thousands, except per share amounts) Quarter Ended December 31, ------------- Net Change 2005 2004 2005 vs 2004 --------- ------- ------------ Revenues $ 1,675 $ 475 $ 1,200 Net income (loss) $ 909 $ (617) $ 1,526 Net income (loss) per common share Basic $ 0.09 $ (0.09) $ 0.18 Diluted $ 0.09 $ (0.09) $ 0.18 For the year ended December 31, 2005, the Company reported net income of $541,386 on revenues of $4,511,183, compared to a net loss of $2,500,334 on revenues of $1,435,646 for the year ended December 31, 2004. The improvement in annual 2005 results was primarily due to increased revenues from the sale of oil and gas of approximately $2,740,000 and increased pipeline operations revenues of approximately $361,000. (In thousands, except per share amounts) Year Ended December 31, ------------- Net Change 2005 2004 2005 vs 2004 --------- ------- ------------ Revenues $ 4,511 $ 1,436 $ 3,057 Net income (loss) $ 541 $(2,500) $ 3,041 Net income (loss) per common share Basic $ 0.06 $ (0.37) $ 0.43 Diluted $ 0.06 $ (0.37) $ 0.43 There are currently 11,140,734 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 development and production of oil and gas properties. Questions should be directed to Gregory W. Starks, Treasurer, 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.