LAZARUS ENERGY HOLDINGS, LLC 4

What Happened

• Lazarus Energy Holdings, LLC (reported as a 10% owner) purchased a total of 10,000 shares of Blue Dolphin Energy Co. (BDCO) in two transactions on June 12, 2026. Each lot was 5,000 shares at $3.54 per share, for a combined outlay of $35,400.
• Transaction code P indicates these were purchases (open market or private purchase).

Key Details

• Dates and prices: 2026-06-12 — 5,000 shares @ $3.54 (Acquired); 2026-06-12 — 5,000 shares @ $3.54 (Acquired).
• Total shares purchased: 10,000; total value: $35,400.
• Shares owned after transaction: Not specified in this Form 4; filing identifies Lazarus Energy as a 10% owner but does not state its post-transaction holdings.
• Footnote: Jonathan Carroll is listed as President/Managing Member of Lazarus Energy and is also CEO and President of Blue Dolphin; he directly owns 4,125,000 BDCO shares (separate direct holdings).
• Filing timeliness: Report filed on 2026-06-16 for transactions on 2026-06-12 (filed four days after the trade); Form 4s are generally due within two business days, so this may be a late filing.

Context

• Purchases by a 10% owner can be meaningful to investors because they increase the owner's stake, but filings do not state motivation. The footnote links Lazarus Energy to Blue Dolphin’s CEO, indicating the buy was by an entity affiliated with management rather than an unrelated institutional investor.