BLUE DOLPHIN ENERGY CO

Blue Dolphin is an independent downstream energy company operating in the Gulf Coast region of the U.S. Formed in 1986 as a Delaware corporation, the company's operations primarily consist of a light sweet-crude, 15,000-bpd crude distillation tower, and approximately 1.25 million bbls of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin trades on the OTCQX under the ticker symbol "BDCO." The company's assets are organized into two business segments: refinery operations (downstream operations), owned by LE, and tolling and terminaling services (midstream operations), owned by LRM and NPS. The "Corporate and other" category includes Blue Dolphin subsidiaries BDPL (inactive pipeline and facilities assets), BDPC (inactive leasehold interests in offshore oil and gas wells), and BDSC (administrative services). As of the filing date of this report, Jonathan Carroll, the Chief Executive Officer, and an Affiliate together controlled 84.4% of the voting power of the company's Common Stock. An Affiliate also operates and manages all Blue Dolphin properties, funds working capital requirements during periods of working capital deficits, guarantees certain third-party secured debt, and is a significant customer.