Blue Dolphin Energy Company Makes Announcement.HOUSTON--(BUSINESS WIRE)--Aug. 3, 1999-- Blue Dolphin Blue Dolphin may refer to:
A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Blue Dolphin Exploration Company, to acquire a 75% ownership interest of American Resources Offshore Inc. ("ARO") (Nasdaq:GASS GASS Greenland Air Surveillance System GASS Gas Analyzing Sensor System GASS Guidance Accuracy Study for SPRINT GASS Google AdSense Stats Syndrome GASS Generic Application Simulation System (Boeing Rotocraft) ), through subscription of new shares. At the time of closing, ARO's assets will be limited to its Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east assets. The purchase price for the ARO shares will be approximately $4.7 million, subject to certain upward or downward adjustments based on ARO's liabilities at closing and its revenues and expenses from its Gulf of Mexico properties from Jan. 1, 1999 through closing of the transaction. Concurrently with the transaction, ARO will sell an 80% interest in its Gulf of Mexico assets to Fidelity Oil Holdings Inc. a subsidiary of MDU (1) (Multiple Dwelling Unit) A commercial or residential building with multiple offices or apartments. See BLEC. (2) (Multiply-Divide Unit) A high-speed circuit that performs multiplication and division within the CPU. Resources Group Inc. (NYSE NYSE See: New York Stock Exchange :MDU). The proceeds received by ARO will be used to retire debts. After closing the above mentioned transactions, ARO's assets will consist of an average 6% non-operated working interest in eight producing properties and one proved undeveloped property along with leasehold interests in 34 additional offshore tracts all located in the Gulf of Mexico offshore Louisiana and Texas. The properties have proven reserves of approximately 7.2 billion cubic feet of natural gas equivalent. Significant probable and possible reserves and exploratory drilling opportunities also exist. "The ARO transaction is a significant step forward to increasing our proven reserves, as well as providing the opportunity to exploit the probable, possible and exploratory reserve potential of these properties", stated Ivar Siem, chairman of Blue Dolphin. "Working together with Fidelity Oil was important to us in reaching an agreement with ARO." Closing is expected to occur in the fourth quarter 1999 and is subject to a number of conditions, including the approval of ARO's stockholders and the simultaneous closing Simultaneous Closing is a real estate seller financing technique, whereby the private mortgage note created by the seller is simultaneously sold to a note buyer on closing. of the transaction between ARO and Fidelity Oil Holdings Inc. Blue Dolphin Energy Company is engaged in the gathering and transportation of natural gas and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. , exploration and acquisition of oil and gas properties, and development of an offshore terminal and storage facility to handle crude oil and refined products. Questions should be directed to G. Brian Lloyd, Vice President, Treasurer, at the Company's offices in Houston, 713/227-7660. For further information see our home page at http://www.blue-dolphin.com. |
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