LAZARUS ENERGY HOLDINGS, LLC 4

What Happened
Lazarus Energy Holdings, LLC (listed as a 10% owner) purchased a total of 20,000 shares of Blue Dolphin Energy Co. (BDCO) in four open-market transactions on May 27, 2026. The purchases were: 5,000 shares @ $3.91 ($19,550); 5,000 @ $3.92 ($19,600); 5,000 @ $3.95 ($19,750); and 5,000 @ $3.95 ($19,750), for a combined cost of $78,650. Transaction code P = Purchase.

Key Details

• Transaction date: 2026-05-27. Filing date: 2026-05-29 (filed within the typical 2-business-day Form 4 window).
• Lot breakdown: 5,000 @ $3.91; 5,000 @ $3.92; 5,000 @ $3.95; 5,000 @ $3.95.
• Total purchased: 20,000 shares for $78,650.
• Shares owned after transaction: the filing does not state Lazarus Energy Holdings’ total holdings after these purchases.
• Notable footnote (F1): Jonathan Carroll — President/Managing Member of Lazarus Energy and CEO/President of Blue Dolphin — directly owns 4,125,000 shares of Blue Dolphin.
• Transaction type: open-market purchases (code P).

Context
These are outright open-market purchases by a 10% owner (an institutional/affiliate holder). The filing ties the purchasing entity to company CEO Jonathan Carroll via the footnote, indicating related-party ownership. Purchases increase insider/affiliate ownership but, as always, do not guarantee future company performance.