Blue Dolphin Sells Interest in Gulf of Mexico Producing Property
|Wednesday, July 10, 2002
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.