Lazarus Energy buys more Blue Dolphin (BDCO) shares

Rhea-AI Filing Summary

Lazarus Energy Holdings, LLC, a ten percent owner of Blue Dolphin Energy Co, reported a series of open-market purchases of the company’s common stock. Across multiple trades from April 16 to April 20, Lazarus bought 72,500 shares at prices between $2.80 and $3.25 per share.

After these transactions, Lazarus directly held 8,547,500 shares of Blue Dolphin common stock. A footnote also notes that Jonathan Carroll, President/Managing Member of Lazarus Energy Holdings and CEO and President of Blue Dolphin, directly owns an additional 4,125,000 shares of Blue Dolphin common stock.

Insider Trade Summary

Net Buyer: 72,500 shares ($222,675)

Net Buy 13 txns

Insider LAZARUS ENERGY HOLDINGS, LLC

Role null

Bought 72,500 shs ($223K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	7,500	$3.20	$24K
Purchase	Common Stock	5,000	$3.20	$16K
Purchase	Common Stock	7,500	$2.90	$22K
Purchase	Common Stock	7,500	$2.89	$22K
Purchase	Common Stock	5,000	$2.85	$14K
Purchase	Common Stock	7,500	$2.80	$21K
Purchase	Common Stock	5,000	$3.25	$16K
Purchase	Common Stock	5,000	$2.95	$15K
Purchase	Common Stock	5,000	$3.25	$16K
Purchase	Common Stock	2,500	$3.20	$8K
Purchase	Common Stock	5,000	$3.25	$16K
Purchase	Common Stock	5,000	$3.25	$16K
Purchase	Common Stock	5,000	$3.25	$16K

Holdings After Transaction: Common Stock — 8,542,500 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares purchased: 72,500 shares Price range: $2.80–$3.25 per share Holdings after transactions: 8,547,500 shares +3 more

6 metrics

Shares purchased 72,500 shares Total common stock bought in reported open-market transactions

Price range $2.80–$3.25 per share Range of reported purchase prices for Blue Dolphin common stock

Holdings after transactions 8,547,500 shares Lazarus Energy direct Blue Dolphin common stock position after final trade

Largest single-day purchase 7,500 shares Example transaction size on multiple dates, including April 16, 17, and 20

Jonathan Carroll direct holdings 4,125,000 shares Shares of Blue Dolphin common stock held directly by Jonathan Carroll

Example purchase price $3.20 per share Price for several April 20 and April 16 open-market buys

Key Terms

open-market purchase, non-derivative, ten percent owner, transaction code P, +1 more

5 terms

open-market purchase financial

"transaction_action: "open-market purchase" for each common stock trade"

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.

non-derivative financial

"transaction_type: "non-derivative" for all reported common stock transactions"

ten percent owner financial

"is_ten_percent_owner: 1 for Lazarus Energy Holdings, LLC"

transaction code P financial

"transaction_code: "P" with description "Purchase in open market or private transaction""

Form 4 regulatory

"INSIDER FILING DATA (Form 4): header describing the insider reporting format"

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.

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)
04/16/2026

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	04/16/2026		P		5,000	A	$3.25	8,480,000(1)	D
Common Stock	04/16/2026		P		5,000	A	$2.95	8,485,000(1)	D
Common Stock	04/16/2026		P		5,000	A	$3.25	8,490,000(1)	D
Common Stock	04/16/2026		P		2,500	A	$3.2	8,492,500(1)	D
Common Stock	04/16/2026		P		5,000	A	$3.25	8,497,500(1)	D
Common Stock	04/16/2026		P		5,000	A	$3.25	8,502,500(1)	D
Common Stock	04/16/2026		P		5,000	A	$3.25	8,507,500(1)	D
Common Stock	04/17/2026		P		7,500	A	$2.9	8,515,000(1)	D
Common Stock	04/17/2026		P		7,500	A	$2.89	8,522,500(1)	D
Common Stock	04/17/2026		P		5,000	A	$2.85	8,527,500(1)	D
Common Stock	04/17/2026		P		7,500	A	$2.8	8,535,000(1)	D
Common Stock	04/20/2026		P		7,500	A	$3.2	8,542,500(1)	D
Common Stock	04/20/2026		P		5,000	A	$3.2	8,547,500(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	04/20/2026
	** 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 transactions did Lazarus Energy Holdings report for BDCO?

Lazarus Energy Holdings reported multiple open-market purchases of Blue Dolphin Energy common stock, totaling 72,500 shares. The trades occurred over several days, reflecting incremental buying rather than a single block purchase, and were all reported as non-derivative transactions on the Form 4.

Over what dates did Lazarus Energy buy Blue Dolphin (BDCO) shares and at what prices?

Lazarus Energy bought Blue Dolphin shares on April 16, 17, and 20. Purchase prices ranged from $2.80 to $3.25 per share, with individual trades reported at $2.80, $2.85, $2.89, $2.90, $2.95, $3.20, and $3.25 according to the transaction detail.

How many Blue Dolphin (BDCO) shares does Lazarus Energy hold after these trades?

Following the reported transactions, Lazarus Energy directly holds 8,547,500 shares of Blue Dolphin common stock. This figure comes from the latest transaction entry, which lists the total shares following the final open-market purchase completed on April 20 at a price of $3.20 per share.

What is the total size of Lazarus Energy’s recent BDCO share purchases?

Lazarus Energy’s recent Blue Dolphin purchases total 72,500 shares of common stock. This aggregate figure reflects 13 separate open-market buy transactions, as summarized in the filing’s transaction summary, all categorized as non-derivative purchases of common stock.

Who is Jonathan Carroll and what is his direct Blue Dolphin (BDCO) share ownership?

A footnote states that Jonathan Carroll is President and Managing Member of Lazarus Energy Holdings and CEO and President of Blue Dolphin. Separate from Lazarus’s holdings, he directly owns 4,125,000 Blue Dolphin Energy common shares, highlighting a substantial personal equity position.

Are the Lazarus Energy BDCO trades classified as open-market purchases?

Yes. Each reported transaction carries code P and is described as an open-market or private purchase of non-derivative common stock. The filing’s transaction fields label these as open-market purchases, not option exercises, gifts, or tax-related dispositions.