Form 4: Lazarus Energy Holdings Boosts Blue Dolphin Stake

Lazarus Energy Holdings, a 10% owner and director, increased its direct beneficial ownership in Blue Dolphin Energy Co. common stock through multiple pre-planned purchases in September 2025.

Summary

• Lazarus Energy Holdings, LLC, a 10% owner and director of Blue Dolphin Energy Co. (BDCO), reported the acquisition of 35,000 shares of common stock.
• The transactions occurred on September 8, 2025, and September 10, 2025, with share prices ranging from $1.39 to $1.45 per share.
• Following these transactions, Lazarus Energy Holdings, LLC directly beneficially owns a total of 8,475,000 shares of Blue Dolphin Energy Co. common stock.
• These purchases were made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan, indicating pre-planned transactions.
• Jonathan Carroll, President/Managing Member of Lazarus Energy Holdings, LLC, who is also the CEO and President of Blue Dolphin Energy Company, separately and directly owns 4,120,779 shares of Blue Dolphin Energy Company.

Sentiment

Score: 6

Explanation: The increase in insider ownership is a positive signal of confidence. However, the unusual future-dated transactions, while under a 10b5-1 plan, introduce a degree of ambiguity regarding immediate market impact or the precise timing of the actual execution relative to the filing date.

Positives

• Increased insider ownership by a significant shareholder and director, Lazarus Energy Holdings, LLC, signals confidence in the company's future prospects.
• The transactions were executed under a Rule 10b5-1 plan, suggesting a strategic, pre-planned investment rather than opportunistic trading.

Future Outlook

The transactions, executed under a Rule 10b5-1 plan, indicate a pre-planned strategy for increasing beneficial ownership. The reported transaction dates are in September 2025, suggesting these are future-dated, pre-scheduled acquisitions.

Management Comments

• Jonathan Carroll, President/Managing Member of Lazarus Energy Holdings, LLC, also serves as the CEO and President of Blue Dolphin Energy Company, and directly owns an additional 4,120,779 shares of the company.

Industry Context

This insider buying activity occurs within the energy sector, where such transactions can be interpreted as a signal of management's and significant shareholders' confidence in the company's valuation and future performance, potentially driven by specific company developments or broader industry trends.

Corporate Governance

Related Party Transactions

• Lazarus Energy Holdings, LLC is a 10% owner and director of Blue Dolphin Energy Co. The managing member of Lazarus Energy Holdings, LLC, Jonathan Carroll, is also the CEO and President of Blue Dolphin Energy Company, making these transactions related-party dealings.

Stakeholder Impact

• Shareholders may view the increased insider ownership as a positive indicator of management's and significant shareholders' belief in the company's value and future prospects, potentially boosting investor confidence.

Key Dates

Recommendation

The significant increase in direct beneficial ownership by a 10% owner and director, Lazarus Energy Holdings, LLC, signals strong insider confidence in Blue Dolphin Energy Co. The transactions were executed under a Rule 10b5-1 plan, indicating a pre-planned strategy. While insider buying is generally a positive indicator, a Form 4 filing primarily reports transactions and does not provide comprehensive financial or operational details to warrant a 'buy' or 'sell' recommendation without further analysis of the company's fundamentals. The unusual future transaction dates, while reported, suggest these are pre-scheduled events rather than immediate market reactions, supporting a 'hold' stance for further evaluation.

Keywords

Blue Dolphin Energy Co, BDCO, Lazarus Energy Holdings, Insider Buying, Form 4, Stock Purchase, Energy Sector, Beneficial Ownership, Rule 10b5-1