8-K

                       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)
                                  May 15, 2007

                           Blue Dolphin Energy Company
             (Exact name of registrant as specified in its charter)




             Delaware                      0-15905               73-1268729
 (State or other jurisdiction of   (Commission file number)   (I.R.S. Employer
  Incorporation or organization)                             Identification No.)


               801 Travis Street, Suite 2100, Houston, Texas 77002
                    (Address of principal executive offices)


                                 (713) 227-7660
                           (Issuer's telephone number)



Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

|_|  Written communication pursuant to Rule 425 under the Securities Act (17 CFR
     230.425)

|_|  Soliciting  material pursuant to rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

|_|  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))










ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

     On May 15, 2007, Blue Dolphin Energy Company, a Delaware corporation ("Blue
Dolphin"),  issued a press release reporting its financial results for the three
month period ended March 31, 2007.


ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

     (c)  Exhibits

          99.1 Blue Dolphin press release issued May 15, 2007.











                                    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:   May 15, 2007

                                            BLUE DOLPHIN ENERGY COMPANY



                                            By:  /s/ GREGORY W. STARKS
                                            ---------------------------
                                            Gregory W. Starks
                                            Vice President, Treasurer, Secretary









                                INDEX TO EXHIBITS


Exhibit           Description of Exhibit

99.1              Blue Dolphin press release issued May 15, 2007.

EX-99.1

                                  EXHIBIT 99.1

                           BLUE DOLPHIN ENERGY COMPANY


PRESS RELEASE

FOR IMMEDIATE RELEASE
May 15, 2007

BLUE DOLPHIN ENERGY COMPANY REPORTS FIRST QUARTER RESULTS

Houston,  May 15 / PRNewswire / -- Blue Dolphin  Energy Company  (NASDAQ:  BDCO)
("Blue Dolphin"), an independent oil and gas company with operations in the Gulf
of Mexico,  today announced  financial  results for the three month period ended
March 31, 2007.

For the three months ended March 31, 2007,  Blue Dolphin  reported a net loss of
$319,188 on revenues of $854,996, compared to net income of $136,965 on revenues
of $1,101,024 for the three months ended March 31, 2006.  First quarter  results
reflect a  reduction  in  revenues  from  sales of oil and gas of  approximately
$486,000,  partially  offset by increased  revenues from pipeline  operations of
approximately $240,000.


                                      (In thousands, except per share amounts)
                                       Three Months Ended
                                            March 31,          Net Change
                                         2007        2006    2007 vs 2006
                                       --------    -------   -------------


Revenues                             $   855    $   1,101   $  (246)
Net income (loss)                    $  (319)   $     137   $  (456)
Net income (loss) per common share
Basic                                $ (0.03)   $    0.01   $ (0.04)
Diluted                              $ (0.03)   $    0.01   $ (0.04)



There are currently 11,559,643 shares of common stock issued and outstanding.

Blue Dolphin  Energy Company is engaged in the gathering and  transportation  of
natural  gas  and  condensate  and  production  of  oil  and  gas.  For  further
information visit the Company's website at http://www.blue-dolphin.com.

Contact:
Gregory W. Starks
Vice President, Treasurer and Secretary
713-227-7660

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.

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