-----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, PzZaAAjUKvLj/y2T6Kosov4fwxQ5FStnG305NpJkPJoAO7/kqHGamnsE9lTELzxw hpMB78WKCly55qq9OSHMHg== 0001010549-07-000973.txt : 20071115 0001010549-07-000973.hdr.sgml : 20071115 20071115124521 ACCESSION NUMBER: 0001010549-07-000973 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071114 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071115 DATE AS OF CHANGE: 20071115 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: 071248637 BUSINESS ADDRESS: STREET 1: 801 TRAVIS SUITE 2100 CITY: HOUSTON STATE: TX ZIP: 77002-5729 BUSINESS PHONE: 7132277660 MAIL ADDRESS: STREET 1: 801 TRAVIS SUITE 2100 CITY: HOUSTON STATE: TX ZIP: 77002-5729 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 bdco8k111507.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) November 15, 2007 (November 14, 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 November 14, 2007, Blue Dolphin Energy Company, a Delaware corporation ("Blue Dolphin"), issued a press release reporting its financial results for the three and nine month periods ended September 30, 2007. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits 99.1 Blue Dolphin press release issued November 14, 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: November 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 November 14, 2007. EX-99.1 2 bdco8kex991111507.txt PRESS RELEASE EXHIBIT 99.1 BLUE DOLPHIN ENERGY COMPANY PRESS RELEASE FOR IMMEDIATE RELEASE November 14, 2007 BLUE DOLPHIN ENERGY COMPANY REPORTS THIRD QUARTER RESULTS Houston, November 14 / 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 and nine month periods ended September 30, 2007. For the three months ended September 30, 2007, Blue Dolphin reported a net loss of $238,148 on revenues of $785,588 compared to net income of $159,930 on revenues of $1,068,708 for the three months ended September 30, 2006. The decline in revenues and net income were primarily due to an anticipated decline in oil and gas production and resulting sales of approximately $377,000. (In thousands, except per share amounts) Three Months Ended September 30, Net Change ----------------------------- 2007 2006 2007 vs 2006 ------------- -------------- -------------- Revenues $ 786 $ 1,069 $ (283) Net income (loss) $ (238) $ 160 $ (398) Net income (loss) per common share Basic $ (0.02) $ 0.01 $ (0.03) Diluted $ (0.02) $ 0.01 $ (0.03) For the nine months ended September 30, 2007, Blue Dolphin reported a net loss of $1,341,821 on revenues of $2,261,511, compared to net income of $364,990 on revenues of $3,255,801 for the nine months ended September 30, 2006. The loss for the first three quarters of 2007 was primarily due to reduced revenues from sales of oil and gas of approximately $1,460,000 resulting from an anticipated decline in production levels, and increased pipeline operating expenses of approximately $598,000, partially offset by increased revenues from pipeline operations of approximately $466,000. Increased pipeline operating expenses were primarily the result of unanticipated costs associated with repairs to pipeline assets and increased insurance costs. Increased revenues from pipeline operations were the result of increased throughput from the addition of seven shippers on the Blue Dolphin System and the GA 350 Pipeline, and increased throughput from two existing shippers on the Blue Dolphin System during 2006 and 2007. (In thousands, except per share amounts) Nine Months Ended September 30, Net Change ----------------------------- 2007 2006 2007 vs 2006 ------------- -------------- -------------- Revenues $ 2,262 $ 3,256 $ (994) Net income (loss) $ (1,342) $ 365 $ (1,707) Net income (loss) per common share Basic $ (0.12) $ 0.03 $ (0.15) Diluted $ (0.12) $ 0.03 $ (0.15) There are currently 11,573,293 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. # # # -----END PRIVACY-ENHANCED MESSAGE-----