Blue Dolphin Energy Company (BDCO) reported the purchase of a crude oil processing facility in Texas. The facility is situated near to several major oil producing areas, including the Eagle Ford Shale.
Blue Dolphin Energy Company is purchasing the Nixon Crude Processing Facility from an unidentified private oil and gas company in exchange for the company’s common stock.
The Nixon Crude Processing Facility is located in both Gonzales and Wilson Counties in Texas, and is composed of a number of buildings on a 56 acre site. The facility is being refurbished and the company estimates that it will be operational by the fourth quarter of 2011.
Blue Dolphin Energy Company said that the Nixon Crude Processing Facility has a processing capacity of 15,000 barrels of oil per day, and a storage capacity of 295,000 barrels of oil. The facility will received crude oil as an input and separate the condensate from that feedstock.
Blue Dolphin Energy Company said that the acquisition is subject to the company obtaining financing to complete the refurbishment of the facility. The company must also obtain shareholder approval of the transaction.
Blue Dolphin Energy Company is an energy company with assets in the onshore United States, the Gulf of Mexico and Indonesia.
For more information on the company, go to http://www.blue-dolphin.com/home.html
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