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Barnwell Industries, Inc. Announces Entering into a Non-Binding Letter of Intent for the Sale of its Water Well Drilling Subsidiary

1. BRN signed a letter of intent to sell Water Resources International, Inc. 2. The sale is expected to be valued at $1,050,000. 3. Transaction completion is anticipated by late March 2025. 4. Funds will be paid partially at closing and later installments. 5. CEO emphasizes refocusing on core oil and gas exploration business.

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FAQ

Why Bullish?

The divestment signals a strategic focus shift to oil and gas, potentially enhancing profitability, similar to other successful industry restructuring examples.

How important is it?

The focus on core competencies can stabilize and improve investor confidence, given historical industry patterns.

Why Short Term?

The anticipated closure in March 2025 and immediate market response will likely influence short-term stock performance.

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OXYCVXXOM
March 05, 2025 06:00 ET  | Source: Barnwell Industries, Inc. HONOLULU, March 05, 2025 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today announced that it had entered into a non-binding letter of intent for the sale of Water Resources International, Inc., its water well drilling subsidiary. The Company anticipates that the transaction, for an expected aggregate value of $1,050,000, would close in late March 2025. A portion of the consideration would be paid at the closing and the remainder would be paid in installments, with the last installment payable on September 15, 2025, before the end of the Company’s current fiscal year. Mr. Craig D. Hopkins, CEO of Barnwell, commented “We are pleased to be working on a transaction that would allow us to refocus the Company on our core oil and gas exploration business. The Company has owned WRI since 1980 and the timing is right for us to end our tenure of water well drilling in Hawaii.” Forward-Looking Statements 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. CONTACT: Craig D. Hopkins  Chief Executive Officer and President  Phone: (403) 531-1560  Email: info@bocl.ca

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