LAZARUS ENERGY HOLDINGS, LLC 4

What Happened

Lazarus Energy Holdings, LLC (reported as a 10% owner) made multiple open-market purchases of Blue Dolphin Energy Co. (BDCO) common stock between April 16 and April 20, 2026. The entity acquired a total of 72,500 shares at prices ranging from $2.80 to $3.25 per share, for an aggregate cost of $222,675. These were purchases (code P) — an accumulation of shares rather than sales.

A filing footnote notes Jonathan Carroll is President/Managing Member of Lazarus Energy Holdings and is also CEO and President of Blue Dolphin; Carroll directly owns 4,125,000 shares of Blue Dolphin separate from these Lazarus purchases.

Key Details

• Transaction type: Open-market purchases (Form 4, code P)
• Dates and per-day breakdown:
  • Apr 16, 2026: 32,500 shares purchased (prices $2.95–$3.25) — $104,000 total
  • Apr 17, 2026: 27,500 shares purchased (prices $2.80–$2.90) — $78,675 total
  • Apr 20, 2026: 12,500 shares purchased (price $3.20) — $40,000 total
• Total acquired: 72,500 shares for $222,675
• Shares owned after transaction: Not specified for Lazarus Energy in the filing; separate disclosure shows Jonathan Carroll directly owns 4,125,000 shares
• Footnote: Jonathan Carroll is President/Managing Member of Lazarus Energy Holdings and CEO/President of Blue Dolphin
• Filing timeliness: Form filed April 20, 2026 (covers Apr 16–20 trades); filing shows no indication of a late report

Context These were straightforward open-market purchases by a 10% owner entity. Purchases increase the insider entity’s stake but do not by themselves explain motivation. Retail investors should consider these transactions alongside other fundamentals and disclosures (e.g., issuer filings, overall insider holdings, and market conditions) before drawing conclusions.