Blue Dolphin Completes Asset Disposal Offshore Indonesia

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.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
SharePoint Project Manager
Expertise: IT - Programming & Database|Project Management
Location: Houston, TX
 
Commercial Director - Terminals
Expertise: Business Development
Location: South Carolina, 
 
Asset Integrity Manager
Expertise: Asset Management|Project Management|QA / QC / Inspection
Location: Pasadena
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours