Blue Dolphin Completes Asset Disposal Offshore Indonesia
by Blue Dolphin Energy Co.
|Friday, March 08, 2013
Blue Dolphin Energy Company announced that its wholly-owned subsidiary, Blue Dolphin Exploration Company completed the disposal of its 7 percent undivided working interest in the North Sumatra Basin – Langsa Field offshore Indonesia. The Indonesian Interest was acquired by Blue Sky Langsa, Limited, the lease operator, pursuant to a Sale and Purchase Agreement between the parties.
Blue Sky's consideration to BDEX for the Indonesian Interest was 150,000 shares of Blue Dolphin common stock, par value $0.01 per share. BDEX acquired the Indonesian Interest from Blue Sky in June 2010 for 342,857 shares of Blue Dolphin Common Stock. BDEX's receipt of the 150,000 shares from Blue Sky represents the recovery of a significant portion of its original share consideration paid for the Indonesian Interest.
Blue Dolphin also reported that its crude oil and condensate processing facility in Nixon, Wilson County, Texas recently completed a 7 day maintenance turnaround. Following completion of the maintenance turnaround, the Nixon Facility has been processing approximately 12,500 barrels of oil per day.
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