Blue Dolphin Energy Enters Material Definitive Agreement

TL;DR

**Blue Dolphin Energy just signed a big deal, details pending, could be a game-changer.**

AI Summary

Blue Dolphin Energy Company filed an 8-K on January 4, 2024, to report entering into a material definitive agreement. This filing indicates a significant new contractual obligation or partnership for the company, which could impact its future operations and financial performance. Investors should pay close attention to the details of this agreement, as it could signal a strategic shift or a new revenue stream, potentially affecting the stock's valuation.

Why It Matters

This filing signals a new, potentially impactful business arrangement for Blue Dolphin Energy, which could alter its financial outlook and operational strategy. Understanding the specifics of this agreement is crucial for assessing future growth or risk.

Risk Assessment

Risk Level: medium — The filing indicates a material agreement without disclosing specifics, creating uncertainty about its financial implications and potential risks or benefits.

Analyst Insight

Investors should await further disclosures from Blue Dolphin Energy Company regarding the specifics of the 'Material Definitive Agreement' to assess its potential impact on the company's financials and future prospects before making investment decisions.

Key Players & Entities

• Blue Dolphin Energy Company (company) — the registrant filing the 8-K
• January 4, 2024 (date) — date of earliest event reported and filing date
• 0-15905 (other) — Commission File Number
• 73-1268729 (other) — IRS Employer Identification No.

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share BDCO OTCQX Indicate by c

Filing Documents

• bdco_8k.htm (8-K) — 27KB
• bdco_ex101.htm (EX-10.1) — 84KB
• 0001654954-24-000204.txt ( ) — 245KB
• bdco-20240104.xsd (EX-101.SCH) — 6KB
• bdco-20240104_lab.xml (EX-101.LAB) — 14KB
• bdco-20240104_cal.xml (EX-101.CAL) — 1KB
• bdco-20240104_pre.xml (EX-101.PRE) — 9KB
• bdco-20240104_def.xml (EX-101.DEF) — 2KB
• bdco_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. As previously disclosed, effective November 18, 2022, Lazarus Energy LLC ("LE"), Lazarus Refining & Marketing LLC ("LRM" and, together with LE, the "Borrowers"), Blue Dolphin Energy Company ("Blue Dolphin"), Lazarus Energy Holdings LLC ("LEH"), and Jonathan Carroll ("Carroll" and, together with Borrowers, Blue Dolphin and LEH, the "Lazarus Parties"), entered into a Forbearance Agreement (the "Forbearance Agreement") with Veritex Community Bank ("Veritex"), relating to amounts owed by the Lazarus Parties to Veritex under the June 22, 2015 and December 4, 2015 loan agreements among the Lazarus Parties and Veritex (the "Loan Agreements"). The Forbearance Agreement was set to terminate on September 30, 2023. On October 30, 2023, but effective September 30, 2023, the Lazarus Parties, together with Veritex, entered into a first amendment to the Forbearance Agreement (the "First Amended Forbearance Agreement"). Under the First Amended Forbearance Agreement, Veritex agreed to forbear from exercising any of its remedies under the Loan Agreements in connection with existing defaults beginning on September 30, 2023 through and including December 29, 2023. On January 2, 2024, but effective December 29, 2023 (the "Effective Date"), the Lazarus Parties, together with Veritex, entered into a second amendment to the Forbearance Agreement (the "Second Amended Forbearance Agreement"). Under the Second Amended Forbearance Agreement, Veritex agreed to forbear from exercising any of its remedies under the Loan Agreements in connection with existing defaults beginning on the Effective Date through and including March 29, 2024 (the "Forbearance Termination Date"). Unless sooner terminated as stipulated under the Second Amended Forbearance Agreement, Veritex also agreed to forbear from testing the Borrowers' compliance with financial covenants and taking any action to exercise its rights and/or remedies with respect to Borrowers' co

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 10.1 Second Amended Forbearance Agreement effective December 29, 2023 among Lazarus Energy, LLC, Lazarus Refining & Marketing, LLC, Blue Dolphin Energy Company, Lazarus Energy Holdings, LLC, Jonathan Carroll, and Veritex Community Bank. 2 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: January 4, 2024 Blue Dolphin Energy Company /s/ JONATHAN P. CARROLL Jonathan P. Carroll Chief Executive Officer, President, Assistant Treasurer and Secretary (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer) 3

View Full Filing

View this 8-K filing on SEC EDGAR