Biloxi Marsh Lands Corporation Announces Unaudited Results for the First Quarter of 2019

Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announces its
unaudited results for the first quarter of 2019. The Company’s revenue
for the three months ending March 31, 2019 from oil and gas production
for its fee lands was $2,739 compared to revenue of $5,813 in 2018.
Meanwhile, dividend and interest income for the first three months of
2019 was $32,541 compared to $28,133 for the first three months of 2018.
For the quarter, the Company realized a cumulative loss from the sale of
investment securities of $358,263 compared to a gain of $231,649 during
2018. The flow-through loss from B&L Exploration, LLC (B&L) reduced the
Company’s quarterly revenue by $469,288 in 2019 compared to $459,614
during 2018. Expenses for the quarter were $182,732 compared to $173,577
for the same period in 2018. The Company incurred a net loss of $972,503
or $.39 per share for the first quarter of 2019 compared to a net loss
of $367,596 or $.15 per share in 2018.

Please note that quarterly unaudited financial results are issued and
posted to the Company’s website on the dates set forth on its website, www.biloximarshlandscorp.com.
The Company strongly recommends that investors and all interested
parties visit its website to view historical press releases, historical
financial statements, and other relevant information.

The Company’s efforts to protect and sustain the Company’s fee lands in
St. Bernard Parish, Louisiana and in response to the Louisiana Coastal
Protection and Restoration Authority (CPRA) 2017 Coastal Master Plan
(2017 CMP), led to the submission on February 28, 2019 of the project
proposal: Leveraging Natural Resilience to Ensure the Long-Term
Sustainability of the Biloxi Marsh Complex: An Integrated Project. The
regional importance of the Biloxi Marsh Complex due to its geographic
location, its unique geological stability and its unique nearshore
topography, among other factors, were taken into consideration while
conceptualizing our integrated project. The project submittal was in
response to CPRA’s request for New Projects to be considered for
inclusion in the 2023 CMP. Additionally, our scientific experts’ report,
Day et al., 2019, in prep., will be available shortly and will
substantiate in detail our team’s conclusions concerning the degradation
of the Company’s marsh lands in St. Bernard Parish, Louisiana. To obtain
more information concerning coastal restoration, please visit our
website: http://www.biloximarshlandscorp.com/biloxi-marsh-coastal-restoration/.

As of February 2019, the Highlander well continued to produce from
mineral leases within the boundaries of the EOC-TUSC BL UDS SUA
production unit. Information reported by the Highlander well’s operator
to the Louisiana Department of Natural Resources (LDNR) is available on
LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com).
B&L continues its operations with producing wells in South Texas.
Meanwhile, new projects have been evaluated that focus on oil
production. As the result of this evaluation, we have obtained a ~562
acre lease position in Calhoun County, TX covering a portion of
historically prolific Heyser Field. This project’s goal is the recovery
of residual oil and natural gas by using horizontal well technology. The
lease was acquired by a new entity, B&L Resources, LLC, of which the
Company owns fifty percent.

On Wednesday, January 9, 2019, the Company paid a dividend to its
shareholders of record at the close of business on Monday, December 31,
2018. This represents a total cash dividend payment of $251,301 or $.10
per share. Since 2002, the Company has paid approximately $55,980,000 in
total dividends. With production emanating from the Company’s fee land
depleting and no new wells being drilled on its marsh lands in St.
Bernard Parish, Louisiana, it will be difficult to maintain the level of
dividends paid since 2002.

As previously reported, on June 15, 2012, the Company filed a claim
(Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in
the U.S. Court of Federal Claims against the US Army Corps of Engineers
(The Biloxi Case) seeking monetary damages for property damages and
losses caused by the Mississippi River Gulf Outlet (MR-GO). At this
time, the Company cannot predict the timing of resolution or the outcome
of this litigation process.

During 2017, the Company filed suit in Louisiana State District Court (34^th
Judicial District Court, Division D in St. Bernard Parish, LA) against
Alta Mesa Holdings, LP (Case No. 17-1104). We made claims under three
separate causes of action: 1) Specific performance to remove the North
Eros pipeline; 2) Property damages caused by installation, use and
operations of the North Eros pipeline; and 3) Specific performance to
plug and abandon all wells, remove all associated equipment, facilities
and fixtures from our property. We filed Motions for Summary Judgments
on all three claims which have been granted. Trial on the costs
associated with repairing the property damages is scheduled for
September 9, 2019. As of this time, the Company is unable to forecast
the amount of monetary damages that will be awarded, if any.

During March 2019, the Company completed its previously announced stock
buyback program authorized on December 14, 2015. On May 8, 2019, the
board of directors authorized the additional purchase of up to 30,000
shares of the Company’s common stock. Purchases of common stock will be
made from time to time on the open market. All shares purchased will be
held as treasury stock.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal
assets are surface and mineral rights to approximately 90,000 acres of
marsh land in St. Bernard Parish, Louisiana, which from time to time
generates revenues from mineral activities including lease bonuses,
delay rentals, royalties on oil and natural gas production, and surface
rentals unrelated to oil and gas activities.

The Company owns a seventy-five percent interest in B&L Exploration
L.L.C. which is engaged principally in the exploration for and
development of oil and natural gas resources through various ownership
interests in oil and natural gas properties located in Louisiana and
Texas.

This news release contains forward-looking statements regarding all of
the Company’s business activities including without limitation oil and
gas discoveries, oil and gas exploration, development and production
activities and reserves. Accuracy of the forward-looking statements
depends on assumptions about events that change over time and is thus
susceptible to periodic change based on actual experience and new
developments. The Company cautions readers that it assumes no obligation
to update or publicly release any revisions to the forward-looking
statements in this report. Important factors that might cause future
results to differ from these forward-looking statements include:
variations in the market prices of oil and natural gas; drilling
results; unanticipated fluctuations in flow rates of producing wells;
oil and natural gas reserves expectations; the ability to satisfy future
cash obligations and environmental costs; and general exploration and
development risks and hazards. Readers are cautioned not to place undue
reliance on forward-looking statements made by or on behalf of the
Company. Each such statement speaks only as of the day it was made. The
factors described above cannot be controlled by the Company. When used
in this report, the words “believes,” “estimates,” “plans,” “expects,”
“could,” “should,” “outlook,” and “anticipates” and similar expressions
as they relate to the Company or its management are intended to identify
forward-looking statements.

The following “Statements of Assets, Liabilities and Stockholders’
Equity” and “Statements of Revenues and Expenses” have been derived from
interim un-audited financial statements which do not include the
information and footnotes that are an integral part of a complete
financial statement.

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