Blue Dolphin Sells Interest in Gulf of Mexico Producing Property

Blue Dolphin Energy Company has sold its' interest in the South Timbalier Block 148 oil and gas property to the operator of the field for $2.3 million. The Company’s South Timbalier Block 148 property, located 30 miles offshore Louisiana in the Gulf of Mexico, includes 7 producing wells with working interests ranging from 9% to 1%. As of December 31, 2001, the Company’s interest in the South Timbalier Block 148 property represented 1.35 billion cubic feet of gas equivalent reserves.

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