Lazarus Energy boosts Blue Dolphin (BDCO) stake with 20K-share buy

Rhea-AI Filing Summary

Lazarus Energy Holdings, LLC, a 10% owner of Blue Dolphin Energy Co, reported open-market purchases of a total of 20,000 shares of common stock on May 27, 2026. The buys were executed in four trades at prices between $3.91 and $3.95 per share, increasing Lazarus Energy’s direct holdings to 8,552,500 shares of common stock. A footnote also notes that CEO Jonathan Carroll separately owns 4,125,000 Blue Dolphin shares directly.

Insider Trade Summary

Net Buyer: 20,000 shares ($78,650)

Net Buy 4 txns

Insider LAZARUS ENERGY HOLDINGS, LLC

Role null

Bought 20,000 shs ($79K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	5,000	$3.91	$20K
Purchase	Common Stock	5,000	$3.92	$20K
Purchase	Common Stock	5,000	$3.95	$20K
Purchase	Common Stock	5,000	$3.95	$20K

Holdings After Transaction: Common Stock — 8,552,500 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Total shares purchased: 20,000 shares Purchase prices: $3.91–$3.95 per share Holdings after transactions: 8,552,500 shares +1 more

4 metrics

Total shares purchased 20,000 shares Open-market buys on May 27, 2026

Purchase prices $3.91–$3.95 per share Four separate trades of 5,000 shares each

Holdings after transactions 8,552,500 shares Lazarus Energy direct BDCO common stock position

CEO direct holdings 4,125,000 shares Jonathan Carroll’s separate BDCO ownership per footnote

Key Terms

open-market purchase, ten percent owner, Common Stock, Form 4

4 terms

open-market purchase financial

"transaction_action: open-market purchase"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

ten percent owner financial

"is_ten_percent_owner: 1 for Lazarus Energy Holdings, LLC"

Common Stock financial

"security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LAZARUS ENERGY HOLDINGS, LLC

(Last) (First) (Middle)

2301 COMMERCE STREET, SUITE 140

(Street)

HOUSTON TEXAS 77002

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BLUE DOLPHIN ENERGY CO [ BDCO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/27/2026		P		5,000	A	$3.91	8,552,500(1)	D
Common Stock	05/27/2026		P		5,000	A	$3.92	8,557,500(1)	D
Common Stock	05/27/2026		P		5,000	A	$3.95	8,562,500(1)	D
Common Stock	05/27/2026		P		5,000	A	$3.95	8,567,500(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Jonathan Carroll, President/Managing Member of LEH and CEO and President of Blue Dolphin Energy Company also directly owns 4,125,000 shares of Blue Dolphin Energy Company.

	/s/ Jonathan Pitts Carroll, Sr., President	05/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did BDCO disclose for Lazarus Energy Holdings?

Blue Dolphin Energy disclosed that Lazarus Energy Holdings bought 20,000 BDCO common shares in open-market transactions. The purchases occurred on May 27, 2026, and reflect routine buying activity rather than any derivative exercise or restructuring event.

At what prices did Lazarus Energy buy Blue Dolphin Energy (BDCO) shares?

Lazarus Energy bought BDCO common shares at prices between $3.91 and $3.95 per share. The filing lists four separate open-market purchases of 5,000 shares each, executed at $3.95, $3.95, $3.92, and $3.91 on May 27, 2026.

How many BDCO shares does Lazarus Energy hold after the latest purchases?

After the reported trades, Lazarus Energy directly holds 8,552,500 Blue Dolphin Energy common shares. This post-transaction balance appears in the Form 4 detail, showing the updated ownership level following the 20,000 shares of open-market purchases.

Is Lazarus Energy considered a major shareholder of Blue Dolphin Energy (BDCO)?

Yes. Lazarus Energy is identified as a ten percent owner of Blue Dolphin Energy. The Form 4 flags it as a more-than-10% beneficial owner, and the updated position of 8,552,500 common shares underscores its status as a significant shareholder.

Does Blue Dolphin’s CEO hold BDCO shares separate from Lazarus Energy?

Yes. A footnote states that CEO Jonathan Carroll directly owns 4,125,000 BDCO shares, separate from Lazarus Energy’s holdings. This means there are substantial holdings both at the Lazarus Energy entity level and in Carroll’s personal direct ownership.

Were any BDCO shares sold or only purchased in this Form 4 filing?

Only purchases were reported. The Form 4 shows four open-market buy transactions totaling 20,000 BDCO common shares, with no sales, gifts, tax withholdings, or derivative exercises disclosed in this particular filing.