SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported)
March 23, 1995
BLUE DOLPHIN ENERGY COMPANY
(Exact name of registrant as specified in its charter)
Delaware 0-15905 73-1268729
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
11 Greenway Plaza
Suite 1606
Houston, Texas 77046
(Address of principal executive office) (Zip Code)
(713) 621-3993
(Registrant's telephone number, including area code)
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ITEM 5. OTHER
PRESS RELEASE
FOR IMMEDIATE RELEASE March 23, 1995
Houston, Texas - Blue Dolphin Energy Company (NASDAQ Symbol: BDCO)
The Company announced that it has completed its acquisition of
Petroport, L.C. Petroport, L.C. holds proprietary technology,
represented by certain patents issued and or pending, associated with
the development and operation of an offshore deepwater crude oil and
products port and storage facility. The form of the transaction was a
merger of Petroport, L.C. into Petroport, Inc., a wholly owned
subsidiary of the Company.
The Company reported that consideration paid included a small amount of
cash and future consideration contingent upon the successful development
and operation of the primary Petroport facility, planned for the western
Gulf of Mexico off the Texas coast. The contingent consideration
primarily includes the issuance of shares of Company common stock, with
issuance dependent upon successful completion of the facility and
maintaining a prespecified throughput volume.
The Petroport offshore terminal and storage facility will receive and
store imported crude oil and refined products with deliveries into U.S.
markets. Petroport will provide importers with a competitive and
environmentally attractive alternative to the lightering of large
tankers as well as low cost, long-term offshore onsite salt dome cavern
storage for crude oil and products.
Petroport's dramatically lower cost and turn-a-round times, made
possible by the unique design concept of the facility, combined with the
long-term dynamics affecting crude oil and products; supply, demand and
movements, contribute to the importance and timeliness of the Petroport
project. The Company agrees with related research which concludes a
likely continued dependence and growth of imported crude and a
significantly growing future reliance on imported refined products. By
delivering oil to salt dome caverns located directly under a vessel, it
will be routine to unload VLCCs in 1 to 2 days at the Petroport facility
rather than 5 to 7 days by lightering. With available salt dome surge
and long-term storage at the offshore facility site, the cost of the
facility using the Petroport design will be substantially less than that
of other proposed offshore facilities of similar capacity. Cost of the
facility is estimated at approximately $500 million, with operations
expected to commence in 1998.
Blue Dolphin Energy Company is engaged in the exploration, acquisition,
development and operation of oil and gas properties and in oil and gas
transportation, storage and marketing.
Questions should be directed to Michael J. Jacobson, President, at the
Company's offices in Houston, Texas.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits - None
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, as amended, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
BLUE DOLPHIN ENERGY COMPANY
By:
Michael J. Jacobson
President and Chief Executive Officer
Dated: March 23, 1995
