FORM 4
☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

CARROLL JONATHAN P		 2. Issuer Name and Ticker or Trading Symbol

BLUE DOLPHIN ENERGY CO [ BDCO ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    __X__ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
CEO & President
(Last)          (First)          (Middle)

C/O BLUE DOLPHIN ENERGY COMPANY, 801 TRAVIS STREET, SUITE 2100		 3. Date of Earliest Transaction (MM/DD/YYYY)

5/26/2023
(Street)

HOUSTON, TX 77002		 4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)        (State)        (Zip)
Rule 10b5-1(c) Transaction Indication
☒ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 5/26/2023  P  2000 A$3.385 3933298 (1)D  
Common Stock 5/26/2023  P  1034 A$3.385 3934332 (1)D  
Common Stock 5/26/2023  P  668 A$3.070 3935000 (1)D  
Common Stock 5/26/2023  P  1000 A$2.850 3936000 (1)D  
Common Stock 5/26/2023  P  1500 A$2.920 3937500 (1)D  
Common Stock 5/26/2023  P  2500 A$2.995 3940000 (1)D  
Common Stock 5/30/2023  P  100 A$3.150 3940100 (1)D  
Common Stock 5/30/2023  P  100 A$3.150 3940200 (1)D  
Common Stock 5/30/2023  P  100 A$3.270 3940300 (1)D  
Common Stock 5/30/2023  P  100 A$3.270 3940400 (1)D  
Common Stock 5/30/2023  P  100 A$3.400 3940500 (1)D  
Common Stock 5/30/2023  P  100 A$3.400 3940600 (1)D  
Common Stock 5/30/2023  P  100 A$3.400 3940700 (1)D  
Common Stock 5/30/2023  P  100 A$3.400 3940800 (1)D  
Common Stock 5/30/2023  P  100 A$3.400 3940900 (1)D  
Common Stock 5/30/2023  P  100 A$3.400 3941000 (1)D  
Common Stock 5/30/2023  P  100 A$3.550 3941100 (1)D  
Common Stock 5/30/2023  P  300 A$3.600 3941400 (1)D  
Common Stock 5/30/2023  P  3600 A$3.580 3945000 (1)D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
(1) Mr. Carroll also indirectly owns 8,426,456 shares of common stock through his ownership interest in Lazarus Energy Holdings, LLC.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
CARROLL JONATHAN P
C/O BLUE DOLPHIN ENERGY COMPANY
801 TRAVIS STREET, SUITE 2100
HOUSTON, TX 77002		XXCEO & President
Signatures
/s/ Jonathan Carroll6/1/2023
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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