Barnwell Announces Disposition of Spirit River Assets
14 Julho 2021 - 5:26PM
Barnwell Industries, Inc. (NYSE American: BRN) (the “Company”)
today announced that Barnwell of Canada, Limited, its wholly-owned
subsidiary (“Barnwell Canada”), has entered into and completed a
purchase and sale agreement with an independent third party for the
sale of Barnwell Canada’s interests in certain natural gas and oil
properties located in the Spirit River area of Alberta, Canada. The
purchase price for Barnwell Canada’s interests was approximately
US$1,037,000, at current Canadian dollar exchange rates, and is
subject to customary adjustments including adjustments to reflect
an effective closing date of sale of July 8, 2021. Barnwell expects
to report a gain on this transaction which will be recognized in
its fourth quarter ending September 30, 2021.
Mr. Alexander Kinzler, President and Chief
Executive Officer of the Company, commented, “This transaction
reflects another strategic sale by Barnwell of a non-core oil and
natural gas property. The Company plans to utilize the funds
received from the sale in oil and gas acquisition and drilling
opportunities and other corporate opportunities going forward.
Fifty percent of the proceeds will be held in escrow for the
Canadian tax authorities until tax clearances are obtained.”
The information contained in this press release
contains “forward-looking statements,” within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. A forward-looking
statement is one which is based on current expectations of future
events or conditions and does not relate to historical or current
facts. These statements include various estimates, forecasts,
projections of Barnwell’s future performance, statements of
Barnwell’s plans and objectives, and other similar statements.
Forward-looking statements include phrases such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “predicts,”
“estimates,” “assumes,” “projects,” “may,” “will,” “will be,”
“should,” or similar expressions. Although Barnwell believes that
its current expectations are based on reasonable assumptions, it
cannot assure that the expectations contained in such
forward-looking statements will be achieved. Forward-looking
statements involve risks, uncertainties and assumptions which could
cause actual results to differ materially from those contained in
such statements. The risks, uncertainties and other factors that
might cause actual results to differ materially from Barnwell’s
expectations are set forth in the “Forward-Looking Statements,”
“Risk Factors” and other sections of Barnwell’s annual report on
Form 10-K for the last fiscal year and Barnwell’s other filings
with the Securities and Exchange Commission. Investors should not
place undue reliance on the forward-looking statements contained in
this press release, as they speak only as of the date of this press
release, and Barnwell expressly disclaims any obligation or
undertaking to publicly release any updates or revisions to any
forward-looking statements contained herein.
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CONTACT: |
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Alexander C. Kinzler |
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Chief Executive Officer and President |
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Russell M. Gifford |
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Executive Vice President and Chief Financial Officer |
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Tel: (808) 531-8400 |
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