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 18, 2010

Blue Dolphin Energy Company

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of Incorporation or organization)	0-15905 (Commission file number)	73-1268729 (I.R.S. Employer 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:

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

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

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

q   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 17, 2010, 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, 2010.

ITEM 9.01         FINANCIAL STATEMENTS AND EXHIBITS.

(c)	Exhibits
	99.1	Blue Dolphin Energy Company Press Release Issued May 17, 2010.

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 18, 2010

BLUE DOLPHIN ENERGY COMPANY
By:	/s/ T. SCOTT HOWARD
	T. Scott Howard
	Treasurer (Principal Financial and Accounting Officer)

INDEX TO EXHIBITS

Exhibit	Description of Exhibit
99.1	Blue Dolphin Energy Company Press Release Issued May 17, 2010.

EX-99.1

   BLUE DOLPHIN ENERGY COMPANY

PRESS RELEASE

FOR IMMEDIATE RELEASE

May 17, 2010

BLUE DOLPHIN REPORTS FIRST QUARTER 2010 FINANCIAL RESULTS

Houston, May 17 / PRNewswire / -- 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 month period ended March 31, 2010.

For the three months ended March 31, 2010 (the “current quarter”), Blue Dolphin announced a net loss of $525,754 on revenues of $448,109 compared to a net loss of $1,000,009 on revenues of $536,705 for the three months ended March 31, 2009 (the “previous quarter”).  Despite a reduction in revenues from pipeline operations and oil and gas sales, Blue Dolphin decreased its net loss primarily as a result of lower pipeline operating, lease operating and general and administrative expenses.

	(In thousands, except per share amounts)
	Three Months Ended
	March 31,						Net Change
	2010			2009			2010 vs 2009
Revenues	$	448		$	537		$	(89	)
Net loss	$	(526	)	$	(1,000	)	$	474
Net loss per common share
Basic	$	(0.04	)	$	(0.09	)		0.04
Diluted	$	(0.04	)	$	(0.09	)		0.04

There are currently 11,928,251 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

713-568-4725

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 our ability t o continue as a going concern; collectability of a $2.0 million loan receivable; our ability to regain compliance for continued listing on NASDAQ; our ability to complete a combination with one or more target businesses; our ability to improve pipeline utilization levels; our ability to secure additional working capital to fund operations; performance of third party operators for properties where we have an interest; production from oil and gas properties that we have interests in; volatility of oil and gas prices; uncertainties in the estimation of proved reserves, in the projection of future rates of production, the timing of development expenditures and the amount and timing of property abandonment; costly changes in environmental and other government regulations for which Blue Dolphin is subject; and adverse changes in the global financial markets.  Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes ma y 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.

# # #