# EDGAR Filing Document

**Accession Number:** 0000793306
**File Stem:** 0001437749-25-025635
**Filing Date:** 2025-8
**Character Count:** 19425
**Document Hash:** 58969a0b2e35d61a7d1d709b0b23d743
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-025635.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001437749-25-025635

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250804

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLUE DOLPHIN ENERGY CO
- **CENTRAL INDEX KEY:** 0000793306
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 731268729
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-15905
- **FILM NUMBER:** 251197191

**BUSINESS ADDRESS:**
- **STREET 1:** 801 TRAVIS SUITE 2100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002-5729
- **BUSINESS PHONE:** 713-568-4725

**MAIL ADDRESS:**
- **STREET 1:** 801 TRAVIS SUITE 2100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002-5729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUSTANG RESOURCES CORP
- **DATE OF NAME CHANGE:** 19900122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIM ENERGY CORP
- **DATE OF NAME CHANGE:** 19870921

?xml version='1.0' encoding='ASCII'? bdco20250806_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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**FORM 8-K**

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

August 4, 2025

**Blue Dolphin Energy Company**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** <br> (State or Other Jurisdiction<br> of Incorporation) | **0-15905**<br> (Commission File Number) | **73-1268729**<br> (IRS Employer Identification No.) |

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**Houston, TX 77002**

**801 Travis Street, Suite 2100**

**(713) 568-4725**

**(Not Applicable)**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol (s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | BDCO | OTCQX |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

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On August 4, 2025, but effective as of June 1, 2025, the Board of Directors of Blue Dolphin Energy Company ("Blue Dolphin") approved an amendment to the Amended and Restated Affiliate Revolving Credit Agreement (the "Second Amended and Restated Affiliate Revolving Credit Agreement") by and between Lazarus Energy Holdings, LLC, Blue Dolphin, and Blue Dolphin's wholly owned subsidiaries. The maximum borrowing limit under the Second Amended and Restated Affiliate Revolving Credit Agreement increased from $10.0 million to $15.0 million. All other terms of the Second Amended and Restated Affiliate Revolving Credit Agreement are materially the same as the prior agreement. The proceeds under the agreement are anticipated to be used for working capital and general corporate purposes.

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| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant** |

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The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits.

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| | |
|:---|:---|
| 10.1 | [Second Amended and Restated Affiliate Revolving Credit Agreement dated and effective June 1, 2025 by and between Lazarus Energy Holdings, LLC, Blue Dolphin Energy Company, and Blue Dolphin Energy Company's wholly owned subsidiaries.](ex_849661.htm) |

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|:---|:---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 8, 2025

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| |
|:---|
| Blue Dolphin Energy Company |
| /s/ JONATHAN P. CARROLL |
| Jonathan P. Carroll<br> Chairman of the Board, Chief Executive Officer, President, Assistant Treasurer, and Secretary<br> (Principal Executive Officer) |

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**<u>Exhibit Index</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Second Amended and Restated Affiliate Revolving Credit Agreement dated and effective June 1, 2025 by and between Lazarus Energy Holdings, LLC, Blue Dolphin Energy Company, and Blue Dolphin Energy Company's wholly owned subsidiaries. |

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|:---|:---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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## Exhibit 10.1

**Exhibit 10.1**

**<u>SECOND AMENDED AND RESTATED AFFILIATE REVOLVING CREDIT AGREEMENT</u>**

**THIS SECOND AMENDED AND RESTATED AFFILIATE REVOLVING CREDIT AGREEMENT** (this "**Agreement**") is made and entered into as of June 1, 2025 (the "**Second Amendment Date**"), by and between Lazarus Energy Holdings, LLC., a Delaware limited liability company and its affiliates ("**Lender**"), and Blue Dolphin Energy Company and each of its wholly owned subsidiaries ("**Borrower(s)**" and, together with Lender, the "**Parties**" and each, a "**Party**").

**RECITALS**

**WHEREAS**, Lender previously extended credit to Borrower(s) pursuant to certain promissory notes for working capital purposes, for which all obligations were satisfied in 2023;

**WHEREAS**, Borrower(s) requested that the Lender provide, and Lender agreed to provide an additional extension of credit to Borrower(s) under an Affiliate Revolving Credit Agreement dated April 1, 2024 with a maximum amount of borrowings outstanding of $5,000,000.00;

**WHEREAS**, Borrower(s) requested that the Lender provide, and Lender agreed to provide a further extension of credit to Borrower(s) under an Amended and Restated Affiliate Revolving Credit Agreement dated February 1, 2025 (the "**First Amendment Date**") with a maximum amount of borrowings outstanding of $10,000,000.00; and

**WHEREAS**, Borrower(s) requested that the Lender provide, and Lender is willing to provide a further extension of credit to Borrower(s) under this Agreement effective as of the Second Amendment Date, and on the terms and subject to the conditions described herein.

**AGREEMENT**

**NOW, THEREFORE,** in consideration of the foregoing and the mutual covenants and agreements set forth below, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Loan(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrowing. Following the date hereof, Borrower(s) may at any time and from time to time, request to borrow and reborrow from Lender (an "Advance") up to a maximum amount of borrowings outstanding of $15,000,000.00 in the aggregate. Lender shall consider Borrower(s)' request, and shall make a determination of such request(s) in light of satisfaction of all of the conditions set forth herein and other factors as determined by Lender, in its sole discretion. Lender shall not be obligated to make an Advance and shall not make an Advance if Lender disapproves of the proposed use thereof by Borrower(s) for such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Interest</u>. Borrower(s) shall be charged interest on a daily basis for the outstanding balance of borrowings and accrued and unpaid interest under this Agreement. The interest rate to be paid by Borrower(s) shall be at a rate equal to the Wall Street Journal ("WSJ") Prime rate plus two percent (WSJ Prime rate + 2.00%) per annum, compounded annually, and shall continue to accrue until paid. Interest shall be computed based on a 365-day year. Borrower(s) agree to pay interest on the outstanding balance monthly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Schedules</u>. Borrowings and accrued and unpaid interest hereunder shall be evidenced by one or more loan accounts or records maintained by Lender in the ordinary course of business. Lender shall also attach and update on at least a quarterly basis <u>Schedule I</u> to this Agreement, detailing the balances and payments made hereunder during each fiscal quarter of Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Repayment</u>. Borrower(s) may repay at any time any and all outstanding borrowings hereunder without penalty. On the Maturity Date (defined below), Borrower(s) shall be obligated to repay in full the entire amount of outstanding borrowings hereunder plus accrued and unpaid interest thereon. Repayment of borrowings hereunder and interest thereon may be made in cash, set off against other obligations owed by Borrower(s) to Lender, between the Parties, or such other form as may be agreed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Term of Agreement</u>. The term of this Agreement shall commence on April 1, 2024 (the "**Effective Date**") and shall continue until April 30, 2025 (the "Initial Term"), unless terminated earlier as provided below or extended by the mutual agreement of the Parties. This Agreement shall automatically renew for successive one (1) year terms (each a "Renewal Term"), unless either party provides written notice of its intention not to renew at least sixty (60) days prior to the expiration of the Initial Term or any Renewal Term, as applicable. Each end of term, whether the Initial Term or any Renewal Term, shall constitute the maturity date for borrowings within the respective period (the "**Maturity Date** "). For the avoidance of doubt, the Maturity Date for the Initial Term shall be April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Termination</u>. Either Party shall have the right to terminate this Agreement upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A material breach of this Agreement by either Party that is not cured within thirty (30) days after receipt of written notice of such breach from the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no way limiting the foregoing, the Parties may terminate this Agreement by mutual consent memorialized in a writing reasonably satisfactory to both Lender and Borrower(s) upon sixty (60) days prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Miscellaneous</u>. The terms set forth in <u>Schedule A</u> attached hereto are incorporated by reference herein and shall apply to this Agreement as if fully set forth herein.

*(Signature Page Follows)*

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**IN WITNESS WHEREOF**, Lender and Borrower(s) have each caused this Agreement to be executed on the date first written above.‎‎

**LAZARUS ENERGY HOLDINGS, LLC**

By: <u>/s/ JONATHAN P. CARROLL</u>

Name: **Jonathan P. Carroll**

Its: **Managing Member**

**BLUE DOLPHIN ENERGY COMPANY**

By: <u>/s/ JONATHAN P. CARROLL</u>

Name: **Jonathan P. Carroll**

Its: **President**

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**SCHEDULE A**

**Additional Terms**

The term "Agreement" shall refer to the agreement to which this Schedule A is attached. To the extent that there is any conflict between any provision of this Schedule and any provision set forth in the body of this Agreement, the provision set forth in the body of this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Governing Law</u>. The internal laws of the State of Texas (without reference to its principles of conflicts of law) govern the construction, interpretation and other matters arising out of, relating to, or in connection with this Agreement, unless expressly provided otherwise in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Notices</u>. Any notice to be provided under this Agreement shall be provided by certified mail, return receipt requested, courier delivery, or by electronic means, such as facsimile or email. Notice shall be deemed to have been properly given upon receipt of such written communication at the following addresses of the parties (or such other addresses as may be specified in a subsequent written notice):

<u> Lender: </u> Borrower(s): <br> <u> To: Jonathan Carroll Lazarus Energy Holdings, LLC 801 Travis Street, Suite 2100 Houston, Texas 77002 jcarroll@lazarusenergy.com </u> <u> To: Jonathan Carroll Blue Dolphin Energy Company 801 Travis Street, Suite 2100 Houston, Texas 77002 jonathan.carroll@blue-dolphin.com </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Binding Effect and Assignment</u>. This Agreement binds and benefits the Parties and their respective successors and assigns. No Party may assign any of its rights or delegate any of its obligations under this Agreement without the written consent of Lender and Borrower(s), which consent shall not be unreasonably withheld or delayed. Notwithstanding the preceding sentence, Lender may assign this Agreement in connection with (a) a merger transaction in which Lender is not the surviving entity or (b) the sale of all or substantially all its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Severability</u>. If any provision of this Agreement is determined to be invalid, illegal, or unenforceable, the remaining provisions of this Agreement shall remain in full force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Counterparts</u>. The Parties may execute this Agreement in multiple counterparts, each of which constitutes an original as against the Party that signed it, and all of which together constitute one agreement. The signatures of the Parties need not appear on the same counterpart. The delivery of signed counterparts by facsimile or e-mail transmission that includes a copy of the sending Party's signature is as effective as signing and delivering the counterpart in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Certain Expenses</u>. Each Party will be responsible its own respective costs, fees and expenses relating to this Agreement and the transactions hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Amendment</u>. The Parties may amend this Agreement only by a written agreement signed by each of the Parties that identifies itself as an amendment to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Waiver</u>. No course of dealing and no delay or failure of any Party in exercising any right, power, remedy or privilege under this Agreement shall affect any other or future exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power, remedy or privilege preclude any further exercise thereof or of any other right, power, remedy or privilege. The rights and remedies of the Parties under this Agreement are cumulative and not exclusive of any rights or remedies which they would otherwise have. Any waiver, permission, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement or any such waiver of any provision or condition of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Authority</u>. Each Party represents to the other that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate or other action, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Damages</u>. IN NO EVENT WILL ANY PARTY BE LIABLE TO ANY OTHER PARTY FOR ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES INCLUDING BUT NOT LIMITED TO LOST PROFITS OR BUSINESS INTERRUPTION DAMAGES, HOWEVER CAUSED BASED UPON ANY THEORY OF LIABILITY.

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**SCHEDULE I**

**Quarterly Loan Balances and Payments**

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| | | | |
|:---|:---|:---|:---|
| Quarterly Period | Loan Amount Made During Quarter | Interest Accrued During Quarter | Outstanding Balance (Net of Repayment and<br> Offsets) at End of Quarter |

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