Blue Dolphin Briefs 2009 Financial Results

Blue Dolphin reported financial results for the three and twelve month periods ended December 31, 2009.

For the three months ended December 31, 2009, Blue Dolphin announced a net loss of $2,065,248 on revenues of $379,014 compared to a net loss of $822,650 on revenues of $640,639 for the three months ended December 31, 2008. The increase in net loss was primarily the result of recording an allowance for doubtful note receivable of $2.0 million, including associated consulting revenue of $500,000. The reduction in revenues was primarily due to a decrease in throughput volumes, which was slightly offset by an increase in production in the current quarter compared to the previous quarter as properties previously shut-in from Hurricane Ike were brought back online.

For the twelve months ended December 31, 2009, Blue Dolphin announced a net loss of $4,136,892 on revenues of $1,992,948, compared to net loss of $1,966,240 on revenues of $2,989,410 for the twelve months ended December 31, 2008. The increase in net loss was primarily the result of recording an allowance for doubtful note receivable of $2.0 million, including associated consulting revenue of $500,000, as well as recognizing an impairment on our oil and gas properties of $203,110 due to significantly lower commodity prices. The reduction in revenues was due to decreases in throughput volumes, natural production declines, lower commodity prices and one well being off production for five months.

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