Blue Dolphin Energy Reports First Quarter Results

Blue Dolphin Energy Company (Nasdaq: BDCO) reported a loss of $519,606 on revenues of $358,931 for the quarter ended March 31, 2004, compared to a loss of $396,510 on revenues of $320,974 for the quarter ended March 31, 2003. The decrease in 2004 results was due to lower throughput on the Company's Blue Dolphin Pipeline system, offset in part by higher revenues from oil and gas sales.



                                      (In thousands, except per share amounts)
                                              Quarter Ended
                                                 March 31,
                                                                   Net Change
                                             2004         2003    2004 vs 2003

    Revenues                                $  359      $  321      $   38
    Net income (loss)                       $ (520)     $ (397)     $ (123)
    Net income (loss) per common share
      Basic and diluted                     $(0.08)     $(0.06)     $(0.02)



There are currently 6,712,438 shares of common stock issued and outstanding.
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