Blue Dolphin Energy Company (OTCMKTS:BDCO) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement.
Form 8-K is incorporated by reference into this Item 1.02.
(“BDPL“), a wholly-owned subsidiary of Blue Dolphin
Energy Company, completed several related transactions with
Freeport LNG Expansion, L.P. (“FLEX“) and its
affiliates, as described below.
(“FLNG“), an affiliate of FLEX, were parties to a
Pipeline Easement dated November 5, 2005 and a Master Easement
Agreement dated December 11, 2013 (together, the
“Easements“). The Easements provided FLNG and its
affiliates:
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a pipeline easement and right of way across certain
property owned by BDPL located in Brazoria County Texas (the “BDPL Property“) to certain property owned by FLNG; and |
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rights of ingress and egress across the BDPL Property to
the property owned by FLNG. |
$500,000 in October of each year through 2019 and (ii) $10,000 in
October of each year after 2019 for so long as FLNG desired to
use the rights of ingress and egress across the property.
BDPL Property to FLIQ Common Facilities, LLC, an affiliate of
FLEX, for cash proceeds of approximately $539,000.
approximately $1,336,000 as consideration for the full
satisfaction and discharge of FLNG’s future annual payment and
other obligations to BDPL under the Easements.
the Master Easement Agreement referred to above, BDPL and FLEX
entered into a Letter of Intent dated December 11, 2013 (the
“Letter of Intent“), to which BDPL and FLEX committed to
study the feasibility of jointly developing facilities to source
and supply liquefied natural gas for sale to third parties for
use as transportation fuel in the U.S. domestic transportation
markets. In connection with the sale of real estate, BDPL and
FLEX terminated the Letter of Intent. No definitive agreements
for any transaction contemplated by the Letter of Intent were
entered into between the parties prior to the termination of the
Letter of Intent.
About Blue Dolphin Energy Company (OTCMKTS:BDCO)
Blue Dolphin Energy Company (Blue Dolphin) is an independent refiner and marketer of petroleum products. The Company’s primary asset is an approximately 15,000 barrels per day (bpd) crude oil and condensate processing facility that is located in Nixon, Texas (the Nixon Facility). The Nixon Facility is situated on approximately 60 acres in Nixon, Wilson County, Texas. The Company operates through two segments: Refinery Operations and Pipeline Transportation. Business activities related to its refinery operations business segment are conducted at the Nixon Facility. Business activities related to its pipeline transportation business segment are primarily conducted in the Gulf of Mexico through the Company’s pipeline assets and leasehold interests in oil and gas properties. As part of its refinery business segment, it conducts petroleum storage and terminaling operations under third-party lease agreements at the Nixon Facility. Blue Dolphin Energy Company (OTCMKTS:BDCO) Recent Trading Information
Blue Dolphin Energy Company (OTCMKTS:BDCO) closed its last trading session down -0.38 at 3.37 with 1,169 shares trading hands.