Barrel Energy to buy 51% of Maine Standard Biofuels for $20M
In Nevada, Barrel Energy Inc. and Maine Bio-Fuel, Inc., doing business as Maine Standard Biofuels executed a letter of intent dated October 13, 2026 regarding a proposed transaction under which Barrel would acquire a 51% controlling equity interest in MSB from its selling equityholders. The LOI identifies MSB as a business engaged in used-cooking-oil collection, biorefining, biodiesel and bioheat production, and related biobased-product operations.
The LOI contemplates aggregate consideration of $20 million for the 51% interest, consisting of cash and shares of an eligible issuer. The contemplated initial cash component equals 50% of the committed principal amount of a qualifying credit facility established in connection with a separate acquisition of, merger with, or other qualifying business combination involving a company listed on Nasdaq or the New York Stock Exchange. The balance of the purchase price is contemplated to be satisfied through shares of the resulting exchange-listed issuer or another issuer approved by the sellers, together with any additional cash agreed in the definitive documentation. The ultimate mix of cash and stock, stock issuer, stock pricing and allocations remain subject to the terms and conditions of definitive agreements.
Under the LOI, the Proposed Transaction would not close unless the separate national-exchange transaction has been completed, a qualifying committed credit facility is established and legally available to fund the required cash payment, and other conditions are satisfied, including due diligence, corporate and any applicable regulatory approvals, and lawful share issuance. The LOI contemplates a 30-calendar-day due-diligence review period after receipt of substantially complete requested materials, an objective to satisfy the contemplated exchange-listing condition within six months, and a proposed closing at or within five business days following the exchange transaction and satisfaction of other conditions. These objectives are not assurances of timing or completion.
Category: Fuels
