Hurricane Ike Impacts Blue Dolphin Energy's 3Q Financial Results
Blue Dolphin has released financial results for the three and nine month periods ended September 30, 2008.
For the three months ended September 30, 2008, we reported a net loss of $442,737 on revenues of $681,279 compared to a net loss of $238,148 on revenues of $785,588 for the three months ended September 30, 2007.
The increase in net loss and reduction in revenues were primarily attributable to the impact of Hurricane Ike. As a result of Hurricane Ike, from September 13, 2008 forward, our oil and gas wells have been shut-in and our pipeline transportation revenues were significantly reduced. Although pipeline transportation revenues returned to pre-Hurricane Ike levels in early October, our oil and gas production remains shut-in due to downstream third-party onshore infrastructure damage. We experienced minimal physical damage to our assets; our pipeline and shore facilities are fully operational. Our oil and gas production is not expected to resume until late in the fourth quarter of 2008 or early first quarter of 2009.
For the nine months ended September 30, 2008, we reported a net loss of $1,143,590 on revenues of $2,348,771 compared to a net loss of $1,341,821 on revenues of $2,261,511 for the nine months ended September 30, 2007. Despite the adverse impact of Hurricane Ike on both our oil and gas production and pipeline transportation revenues, our financial results reflect a reduction in the net loss for the nine months of 2008, primarily due to an increase in revenue from oil and gas sales and a decrease in pipeline operating expenses.
There are currently 11,654,207 shares of our common stock issued and outstanding.
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