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Blue Dolphin to Acquire Lazarus Energy
Posted February 21, 2012
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HOUSTON -- Blue Dolphin Energy Company (Nasdaq:BDCO) , an independent oil and gas company, today announced that it has closed its previously announced acquisition of Lazarus Energy, LLC. Lazarus Energy's primary asset is the 56-acre Nixon Crude Oil Processing Facility located near Nixon, Texas.
As consideration, on February 15, 2012, Blue Dolphin issued 8,393,560 shares of common stock, par value $0.01 per share, subject to anti-dilution adjustments, to Lazarus Energy Holdings, LLC. Additionally, on February 21, 2012, pursuant to the anti-dilution provisions contained in the purchase and sale agreement, Blue Dolphin issued 32,896 shares of Common Stock to LEH. As a result of the issuances, LEH owns eighty percent (80%) of Blue Dolphin's issued and outstanding Common Stock, which represents a change in control of Blue Dolphin.
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