Blue Dolphin Energy Company has completed the disposal of its seven percent (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.
March 8, 2013