Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On December 14, 2021, Blue Dolphin Energy Company (the "Company") notified the OTC Markets Group (the "OTC") that the Company would be unable to hold an annual meeting of stockholders' within calendar year 2021 as required under Section 3.2 of the OTCQX Rules for Companies. At the time of its notice to the OTC, the Company indicated plans to hold its next annual meeting of stockholders in May or June of 2022.

In a letter dated January 14, 2022, the OTC confirmed that the Company failed to satisfy the standards for continued qualification for the OTCQX U.S. tier. To regain compliance, the OTC granted the Company a cure period to hold an annual meeting of stockholders within calendar year 2022. If the Company is unable to regain compliance within this time period, the Company will be moved from the OTCQX U.S. tier to the Pink market.






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