-----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, QS/N0xkF3D21YlWzpah1tCaA2zaM9xUT3fwgHG7li9rnGViT5dUmbU4aYyF0Vxsj QiqeG6SEEju8iHeQEYSMhQ== 0001010549-09-000174.txt : 20090316 0001010549-09-000174.hdr.sgml : 20090316 20090316171433 ACCESSION NUMBER: 0001010549-09-000174 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090313 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090316 DATE AS OF CHANGE: 20090316 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: 09685367 BUSINESS ADDRESS: STREET 1: 801 TRAVIS SUITE 2100 CITY: HOUSTON STATE: TX ZIP: 77002-5729 BUSINESS PHONE: 7132-568-4725 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 bdco8k031609.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 16, 2009 (March 13, 2009) 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) 568-4725 (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 March 13, 2009, Blue Dolphin Energy Company, a Delaware corporation ("Blue Dolphin"), issued a press release reporting its financial results for the three and twelve month periods ended December 31, 2008. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits 99.1 Blue Dolphin Energy Company Press Release Issued March 13, 2009. 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 16, 2009 BLUE DOLPHIN ENERGY COMPANY By: /s/ Michael J. Jacobson ------------------------ Michael J. Jacobson President INDEX TO EXHIBITS Exhibit Description of Exhibit - ------- ---------------------- 99.1 Blue Dolphin Energy Company Press Release Issued March 13, 2009. EX-99.1 2 bdco8kex991031609.txt PRESS RELEASE EXHIBIT 99.1 BLUE DOLPHIN ENERGY COMPANY PRESS RELEASE FOR IMMEDIATE RELEASE March 13, 2009 BLUE DOLPHIN ENERGY COMPANY REPORTS FOURTH QUARTER AND YEAR END RESULTS Houston, March 13 / GlobeNewswire / -- Blue Dolphin Energy Company (NASDAQ: BDCO) ("Blue Dolphin"), an independent oil and gas company with operations in the Gulf of Mexico, today reported financial results for the three and twelve month periods ended December 31, 2008. For the three months ended December 31, 2008, Blue Dolphin announced a net loss of $822,650 on revenues of $640,639 compared to a net loss of $283,751 on revenues of $750,306 for the three months ended December 31, 2007. The increase in net loss and reduction in revenues were primarily attributable to the impact of Hurricane Ike. As a result of Hurricane Ike, from September 13, 2008 through early February 2009, our oil and gas wells were shut-in due to damage to third party onshore processing facilities to which our production had been delivered. Although pipeline transportation revenues were also impacted, volume returned to pre-Hurricane Ike levels by late October. We experienced minimal physical damage to our assets; our pipeline and shore facilities are fully operational. In addition to the impact of Hurricane Ike on our business, we recognized an impairment of our oil and gas properties of $213,563, resulting from significantly lower commodities prices at year end 2008 as compared to year end 2007. (In thousands, except per share amounts) Three Months Ended December 31, ---------------------- Net Change 2008 2007 2008 vs 2007 --------- --------- ------------- Revenues $ 641 $ 750 $(109) Net income (loss) $(823) $(284) $(539) Net income (loss) per common share Basic $(0.07) $(0.02) (0.05) Diluted $(0.07) $(0.02) (0.05) For the twelve months ended December 31, 2008, Blue Dolphin announced a net loss of $1,966,240 on revenues of $2,989,410, compared to net loss of $1,625,572 on revenues of $3,011,817 for the twelve months ended December 31, 2007. The increase in net loss was primarily due to an impairment of our oil and gas properties of $213,563 and the impact of Hurricane Ike on our oil and gas sales and pipeline transportation revenues as noted above. (In thousands, except per share amounts) Twelve Months Ended December 31, ---------------------- Net Change 2008 2007 2008 vs 2007 --------- --------- ------------- Revenues $ 2,989 $ 3,012 $ (23) Net income (loss) $(1,966) $(1,626) $ (340) Net income (loss) per common share Basic $ (0.17) $ (0.14) (0.03) Diluted $ (0.17) $ (0.14) (0.03) There are currently 11,745,299 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: - -------- T. Scott Howard Treasurer 713-568-4729 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-----