Barrel Energy, Inc. (OTCPK:BRLL) entered into a non-binding letter of intent to acquire assets of ZB Holdings, Inc. on November 26, 2019. Under the transaction, Barrel Energy will acquire 100% of the assets of ZB, in exchange for 40% of the fully diluted shares of common stock of Barrel Energy. Barrel Energy's Board of Directors will be expanded to 7 members, with three of the directors to be nominees of ZB. The completion of the transaction is subject to the execution of a definitive agreement, completion of the audit of ZB's 2018 and 2019 financial statements as well as renegotiation or repayment of Barrel Energy's existing convertible debt. In addition, a financing of $1 million is required, of which $0.32 million is to be advanced to ZB in three tranches over the next 70 days. The transaction may be terminated prior to closing by either party if not completed by March 31, 2020. Barrel Energy, Inc. (OTCPK:BRLL) cancelled the acquisition of acquire assets of ZB Holdings, Inc. on November 26, 2020.