Blue Dolphin Energy : Termination of Material Agreement - Form 8-K

Item 1.02 Termination of a Material Definitive Agreement.

As previously disclosed, Lazarus Energy LLC ("LE"), a wholly owned subsidiary of Blue Dolphin Energy Company ("Blue Dolphin"), entered into a Crude Supply Agreement with Pilot Travel Centers LLC ("Pilot") dated May 7, 2019, as amended on November 11, 2019. The Crude Supply Agreement was assigned by Pilot to Tartan Oil LLC ("Tartan") pursuant to an Assignment of Contract dated March 20, 2020. Related to the Crude Supply Agreement, Tartan stores crude oil at Blue Dolphin's Nixon facility under a Terminal Services Agreement with Nixon Product Storage, LLC ("NPS"), a wholly owned subsidiary of Blue Dolphin, dated June 1, 2019. Pursuant to a letter dated October 31, 2023 and received by LE and NPS on November 2, 2023, Tartan provided the required 60 days' notice of its intention to terminate the Crude Supply Agreement and Terminal Services Agreement effective December 31, 2023. There were no penalties associated with the termination.

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