Blue Dolphin sells interest in Langsa field

By Romel S. Gurky

Houston-based Blue Dolphin Energy Company announced that its wholly-owned subsidiary, Blue Dolphin Exploration Company (BDEX), has completed the disposal of its 7 percent undivided working interest in the North Sumatra Basin ? Langsa Field offshore Indonesia.

The Interest was acquired by Blue Sky Langsa, Limited, the lease operator, pursuant to a Sale and Purchase Agreement between the parties, the company said in a statement.

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. 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.

Editing by Dadan Wijaksana