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Blue Dolphin Announces 2011 Annual Stockholders Meeting Results
Posted January 30, 2012
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HOUSTON -- Blue Dolphin Energy Company (Nasdaq:BDCO), an independent oil and gas company, today announced the results of its 2011 Annual Meeting of Stockholders, which was held on January 27, 2012 at 10:00 a.m. Central inHouston, Texas.
Blue Dolphin's stockholders voted to approve the issuance of approximately 8.4 million common shares to Lazarus Energy Holdings, LLC as consideration to purchase Lazarus Energy, LLC ("LE"), the main asset of which is the Nixon Crude Oil Processing Facility. Approximately 98% of the votes cast were in favor of the transaction. Blue Dolphin expects to close the deal within the next couple of weeks.
Results of additional proposals for the Annual Meeting were as follows:
• re-election of five directors: Laurence N. Benz, John N. Goodpasture, Harris A. Kaffie, Erik Ostbyeand Ivar Siem, each of whom shall serve until their successors have been duly elected and qualified, or until their earlier resignation or removal; certain of the directors have agreed to resign, at which time new directors will be appointed pursuant to the terms of the purchase and sale agreement governing the LE transaction;
• ratification of UHY LLP as independent registered public accounting firm for the fiscal year endedDecember 31, 2011;
• approval of one amendment to Blue Dolphin's Certificate of Incorporation, as amended and restated, to decrease the number of authorized common shares (par value $0.01 per share) to 20 million; and
• approval of two amendments to Blue Dolphin's 2000 Stock Incentive Plan to extend the expiration date until 2020 and increase the aggregate number of common shares reserved for issuance under the plan to 1 million.
Following adjournment of the Annual Meeting, Ivar Siem, Chairman and Chief Executive Officer, made a presentation to those in attendance. The presentation is available on Blue Dolphin's corporate website under "Investor Relations."
Blue Dolphin Energy Company (Nasdaq:BDCO) is engaged in the gathering and transportation, as well as the exploration and production, of oil and natural gas. For additional company information, visit Blue Dolphin's corporate website at http://www.blue-dolphin.com.
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