Blue Dolphin Energy Reports Year End Results

Blue Dolphin Energy Company (Nasdaq: BDCO) reported revenues of $2,516,816 for the year ended December 31, 2003, compared to revenues of $2,910,277 for the year ended December 31, 2002. Revenues in 2003 included approximately $1.4 million of oil and gas sales from the Company's reversionary working interest in the High Island Area Block A-7 field that it received in late April 2003. Revenues in 2002 included oil and gas sales of approximately $1.8 million from properties that were sold in the second half of 2002. The Company reported a net loss of $793,058 in 2003 compared to net income of $482,054 in 2002. Results for 2002 included a gain from the sale of the oil and gas properties of approximately $2.2 million.

(In thousands, except per share amounts)
                                            Year Ended
                                            December 31,
                                                               Net Change
                                          2003        2002    2003 vs 2002

    Revenues                             $2,517      $2,910     $  (393)
    Net income (loss)                    $ (793)     $  482     $(1,275)
    Net income (loss) per common share
      Basic                              $(0.12)     $ 0.08     $ (0.20)
      Diluted                            $(0.12)     $ 0.08     $ (0.20)


For the quarter ended December 31, 2003, the Company reported a net loss of $850,378 on revenues of $531,838, compared to net income of $370,094 on revenues of $201,271 for the quarter ended December 31, 2002. Fourth quarter 2003 results include an impairment of oil and gas properties, non-recurring pipeline operating expenses and higher legal costs, while fourth quarter 2002 results included a gain of approximately $.8 million from the sale of oil and gas properties.

(In thousands, except per share amounts)
                                            Quarter Ended
                                             December 31,
                                                                Net Change
                                           2003        2002    2003 vs 2002

    Revenues                             $  532       $ 201      $   331
    Net income (loss)                    $ (850)      $ 370      $(1,220)
    Net income (loss) per common share
      Basic                              $(0.13)      $0.06      $ (0.19)
      Diluted                            $(0.13)      $0.06      $ (0.19)


There are currently 6,662,438 shares of common stock issued and outstanding.
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