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Press Releases>
Blue Dolphin Energy Company Provides Preliminary Assessment of Ike's Impact On Its Operations
Sep 24, 2008 --
Houston, September 24 / PRNewswire / -- Blue Dolphin Energy Company (NASDAQ: BDCO) (“Blue Dolphin” or the “Company”), an independent oil and gas company with operations in the Gulf of Mexico, announced today that it has completed its preliminary assessment of the impact of Hurricane Ike on its facilities and that no major structural damage was discovered.
The Company’s principal pipeline assets, the Blue Dolphin Pipeline System and the GA 350 Pipeline, are both back in operation following downstream third party shut downs. Producers into the Blue Dolphin Pipeline System began deliveries this morning. As of September 20th, following stabilization ofthe system, the GA 350 Pipeline was transporting approximately 25,000 MMBtu/d (pre-Ike the pipeline was transporting approximately 27,000 MMBtu/d).
Production from the Company’s working interests in High Island Blocks 115 and 37 remain offline. Preliminary assessments from the operators of these facilities indicate no significant damage. Blue Dolphin is currently unable to report when this production may be reestablished, as third party assessments associated with downstream pipeline and processing facilities have not been completed.
“We are very fortunate that our Freeport facility and our offshore gathering systems sustained no significant damage due to Hurricane Ike,” said Michael J. Jacobson, President of Blue Dolphin Energy Company.
Blue Dolphin Energy Company is engaged in the gathering and transportation of natural gas and condensate and production of oil and gas in the Gulf of Mexico. Blue Dolphin is headquartered in Houston, Texas. For further information visit the Company’s website at http://www.blue-dolphin.com.
Investor Relations Contact:
William J. Dale, Chief Financial Officer
(713) 568-4727
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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© Copyright 2007-2008 Blue Dolphin Energy Company. All Rights Reserved.
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