Each one in plain English, with the numbers worked through for a shareholder.
5 Nov 2014material agreement▲ Good
Blue Dolphin's pipeline subsidiary received a second $250,000 payment from FLNG Land II under a 2013 easement deal near Freeport, Texas, triggering $500,000 annual payments for at least five years, while the companies began studying a joint LNG venture.
BLUE DOLPHIN ENERGY CO shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Blue Dolphin, Lazarus Energy and Lazarus Energy Holdings extended their February 2012 management agreement (renamed the "Operating Agreement") governing LEH's operation of the Nixon refinery through at least August 2015.
BLUE DOLPHIN ENERGY CO shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Lazarus Energy extended its 2011 crude-marketing and construction agreements with GEL Tex Marketing and Milam Services through 2019 in exchange for GEL advancing up to $187,000 for Nixon refinery equipment.
Blue Dolphin completed the sale of its Langsa Field interest to Blue Sky, receiving 150,000 escrowed Blue Dolphin shares as full payment and exiting its last international E&P asset.
Blue Dolphin briefly fell out of compliance with OTCQX's annual-fee rule (cured before filing) and formed a special board committee to study converting the company into a publicly traded master limited partnership.
Blue Dolphin's exploration subsidiary agreed to sell its 7% working interest in the Langsa Field offshore Indonesia, acquired non-cash in 2010, to Blue Sky Langsa for up to $1.0 million cash or 150,000 escrowed Blue Dolphin shares.
Blue Dolphin paid its new controlling shareholder, Lazarus Energy Holdings, $100,000 for a 180-day option to acquire an idled refinery in Ingleside, Texas, pending environmental remediation and negotiated terms.
BLUE DOLPHIN ENERGY CO shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
This amended filing restates the Feb 2012 closing of the Lazarus deal: Blue Dolphin acquired Lazarus Energy, LLC (owner of the 56-acre Nixon refinery) from Lazarus Energy Holdings (LEH) for 8,393,560 shares plus 32,896 anti-dilution shares, leaving LEH with 80% of the common stock and control of the company. LEH will manage the refinery and Blue Dolphin's other operations under a Management Agreement, and Jonathan Carroll became CEO and President while Ivar Siem stayed on as Chairman. Blue Dolphin also paid a $183,421 deposit toward buying LEH's affiliate Lazarus Energy Development (about 46 acres next to the refinery) for roughly $1.68 million, including assuming a $1.5 million loan. This turns Blue Dolphin from a small pipeline and oil-and-gas company into a refiner controlled by LEH, diluting prior shareholders to 20%.