Barrel Energy Inc - BRLL stock

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OTC Symbol: BRLL | OTC Tier: Pink Current

Introduction

Barrel Energy, Inc. [OTC Markets: BRLL] is an American-based Oil and Gas industry company involved in the acquisition and exploration of Lithium and battery metals throughout North America and Abroad. The company’s focus circulates several ventures within the green energy and batteries minerals sector. It currently holds joint-venture agreements to develop technologies and processes for recycling EV batteries. So far, the company does not have any commercial products in its pipeline but offers a select team to evaluate and advance projects in the battery metals field. Barrel was formed in January 2014 and is headquartered in Las Vegas, NV.

Background

Barrel Energy Inc. was incorporated under Nevada state laws on January 27, 2014. It was initially formed to invest in the oil and gas sector of the energy industry. The company amended its articles of incorporation in April 2019 to increase its number of authorized common shares from 75,000,000 to 450,000,000. The firm entered a 10-year land Lease on a 602 acre of land in Tehama County, California, with Crocker Acana, LLC in May 2019, with the intent of growing hemp. Its efforts to acquire a permit to cultivate hemp on the property from Tehama County hit rock bottom and the firm has not reapplied after a thorough examination of the state and federal regulations.Following COVID-19’s heavy impacts on the oil and gas industry, the company reviewed the changing business landscape and opted for the lithium battery business in April 2020. It adjusted its strategy to target areas with potential economic deposits of Lithium, Cobalt, and Graphite, that would thrive in the growing demand for battery material.

Operations

Projects

Lithium Iron Phosphate (LFP) Battery

Barrel owns and operates a 25,000 KWh battery pack assembly pilot facility that consumed a $0.68 Million investment in the first phase for UPS, Solar, 2-Wheeler, and 3-Wheeler applications. The investment aimed for a peak business of approximately $3.42 Million by 2023.

Phase 2 of the automation project incorporated a 50000 KWh battery pack assembly with an expansion investment budget of $1.37 Million, with its separate land and building. The second phase aims for $6.85 Million in business by 2025, including MWh Energy Storage Systems and exports.

Phase 3 of the project involves the establishment of 400 MWh Lithium Iron Phosphate cell manufacturing beside the battery pack assembly plant. The project is scheduled to consume $16.44 Million in investment, with a business target of $54.80 Million by 2029. The execution of this phase of the project is expected between 2025 and 2027.

West End Lithium Project

Barrel Energy entered a partnership with CDSG to co-develop the West End Lithium project owned by CDSG. According to the November 16, 2022 agreement, Barrel was scheduled to lead the exploration and production operations on the property in 2023. The company was developing a highly innovative lithium extraction mechanism for clay-hosted deposits. American Lithium Corp. develops the surrounding border of the TCL project. The asset hosts enormous NI 43-101 compliant resources approximated to be 5.37 million tonnes (Mt) of lithium carbonate equivalent (LCE). Lithium carbonate sold at $27,000 per tonne in November 2021 and sky-rocketed to over $84,000 per tonne in November 2022.

AI Mining Center

Barrel Energy Inc. has launched its AI Mining Center, Spectral AI Hyderabad, focused on using artificial intelligence (AI) for spectral anomaly detection in exploration and environmental services. The center combines AI engineers and geoscientists to develop a system capable of detecting and categorizing anomalies from satellite data, aiding in the identification of ore deposits and environmental hazards. The AI technology will be used to prioritize exploration targets for minerals such as copper, lithium, and rare earths, with a goal to minimize environmental impact and improve mining efficiency.

Financial Restructuring

Barrel Energy Inc. made several financial moves in February, 2024, to improve its balance sheet, including the termination of a land lease agreement for 602 acres in California, which will eliminate $2,558,500 in unpaid lease payments as of December 31, 2023. The company has also created 5,000,000 shares of Series A Preferred Stock, worth $925,719, to eliminate accrued expenses owed to Chairman Mr. Sangha. Additionally, $512,000 in Convertible Notes have been restructured to remove the variable conversion feature, reducing liabilities by $3,946,219.