Barrel Energy BRLL · USD

Barrel Energy Inc (“Barrel” or the “Company”) was incorporated on January 27, 2014, under the laws of the State of Nevada. The Company was formed to invest in the energy sector. On September 26, 2014, the Company leased the Bison Property, an unproven oil and gas project in the province of Alberta, Canada. The Bison property is comprised of four sections of interest (land totaling 2,560 acres located in northwestern Alberta in an area called the Peace River Arch an area known for its prolific oil and natural gas wells and is one of the most desirable light oil and natural gas liquids drilling areas in North America.

On October 11, 2018, the Company entered into an Earn-In Agreement with True Grit Resources, a British Columbia corporation (“TGR”), an unrelated third party. In exchange for the stepped payments by the Company, Barrel could earn of to 100% participation interest in certain mineral rights leases that TGR held in Arizona. The Company was to earn a 70% interest by expending a cumulative $1,400,000 on the property and to secure the 100% participation interest. The Company was required to expend a cumulative amount of payments and property expenditures of $2,400,000.

Quoted from its 10-K, filed 7 Feb 2022. Read the filing on SEC.gov ↗