Key Developments: Blue Dolphin Energy Co (BDCO.PK)
5.32USD
23 May 2013
$-0.18 (-3.27%)
$5.50
$5.65
$5.65
$5.32
328
2,241
$9.97
$3.85
Latest Key Developments (Source: Significant Developments)
Blue Dolphin Energy Co's Blue Dolphin Exploration Co Announces Disposal Of Asset, Provides Nixon Operational Update
Blue Dolphin Energy Co announced that its wholly owned subsidiary, Blue Dolphin Exploration Co completed the disposal of its 7% undivided working interest in the North Sumatra Basin -- Langsa Field offshore Indonesia (the Indonesian Interest). The Indonesian Interest was acquired by Blue Sky Langsa, Limited (Blue Sky), the lease operator, pursuant to a Sale and Purchase Agreement between the parties. Blue Sky's consideration to BDEX for the Indonesian Interest was 150,000 shares of Blue Dolphin common stock, par value $0.01 per share (the Common Stock). BDEX acquired the Indonesian Interest from Blue Sky in June 2010 for 342,857 shares of Blue Dolphin Common Stock. BDEX's receipt of the 150,000 shares from Blue Sky represents the recovery of a significant portion of its original share consideration paid for the Indonesian Interest. Full Article
Blue Dolphin Energy Company Announces Resignation Of Chief Financial Officer
Blue Dolphin Energy Company announced that Thomas J. McReynolds, Jr., the Company's Senior Vice President and Chief Financial Officer (CFO), has resigned from his positions with the Company, effective February 29, 2012. Tommy Byrd, will take over as the Company's Chief Financial Officer and Principal Financial Officer on an interim basis until a permanent replacement can be found. Full Article
Blue Dolphin Energy Company Closes Transaction To Acquire Lazarus Energy, LLC; Lazarus Energy Holdings, LLC Owns 80% Of Blue Dolphin Energy Company's Common Stock
Blue Dolphin Energy Company announced that it has closed its previously announced acquisition of Lazarus Energy, LLC (the Acquisition). Lazarus Energy's primary asset is the 56-acre Nixon Crude Oil Processing Facility located near Nixon, Texas. As consideration, on February 15, 2012, Blue Dolphin issued 8,393,560 shares of common stock, par value $0.01 per share (Common Stock), subject to anti-dilution adjustments, to Lazarus Energy Holdings, LLC (LEH). Additionally, on February 21, 2012, pursuant to the anti-dilution provisions contained in the purchase and sale agreement, Blue Dolphin issued 32,896 shares of Common Stock to LEH. As a result of the issuances, LEH owns 80% of Blue Dolphin's issued and outstanding Common Stock, which represents a change in control of Blue Dolphin. Full Article
Blue Dolphin Energy Company To Acquire Nixon Crude Processing Facility
Blue Dolphin Energy Company announced that it has signed a definitive agreement to acquire the Nixon Crude Processing Facility (Nixon Facility) from a privately-held company in an all stock transaction. The facility has a near term processing capacity of 15,000 barrels per day with a storage capacity of 295,000 barrels and, as a topping unit, a low operating cost. The Nixon Facility is currently in the final phase of refurbishment with an anticipated restart in the fourth quarter of 2011. Once complete, the facility will separate input crude oil and condensate into diesel and jet fuel for sale into nearby markets, as well as naphtha and atmospheric gasoil for sale to nearby refineries for further processing. Initial throughput is estimated at approximately 10,000 barrels per day. Financial terms of the transaction were not disclosed. Full Article
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