May 27, 2010 (FinancialWire) — Blue Dolphin Energy Co. (NASDAQ: BDCO) said that a NASDAQ hearings panel has approved the company’s compliance plan for meeting the minimum bid requirement and, as permitted under NASDAQ's listing rules, granted the company an extension for continued listing.

The panel has given Blue Dolphin until August 1, 2010 to demonstrate compliance with the minimum bid requirement.

Blue Dolphin said that on May 20 it was notified by NASDAQ's listing qualifications department that the company's stockholders' equity slipped below the minimum requirement for continued listing.

The company said it will submit a plan to regain compliance with respect to the stockholders' equity threshold to the panel by May 27.

Texas-based Blue Dolphin Energy is engaged in the gathering and transportation of natural gas and condensate and production of oil and gas in the Gulf of Mexico.  

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