{"id":821789,"date":"2025-03-05T06:03:42","date_gmt":"2025-03-05T11:03:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/barnwell-industries-inc-announces-entering-into-a-non-binding-letter-of-intent-for-the-sale-of-its-water-well-drilling-subsidiary\/"},"modified":"2025-03-05T06:03:42","modified_gmt":"2025-03-05T11:03:42","slug":"barnwell-industries-inc-announces-entering-into-a-non-binding-letter-of-intent-for-the-sale-of-its-water-well-drilling-subsidiary","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/barnwell-industries-inc-announces-entering-into-a-non-binding-letter-of-intent-for-the-sale-of-its-water-well-drilling-subsidiary\/","title":{"rendered":"Barnwell Industries, Inc. Announces Entering into a Non-Binding Letter of Intent for the Sale of its Water Well Drilling Subsidiary"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">HONOLULU, March  05, 2025  (GLOBE NEWSWIRE) &#8212; Barnwell Industries, Inc. (NYSE American: BRN) (\u201cBarnwell\u201d or the \u201cCompany\u201d) 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\u2019s current fiscal year.<\/p>\n<p align=\"justify\">Mr. Craig D. Hopkins, CEO of Barnwell, commented \u201cWe 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.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements <\/strong>\n      <\/p>\n<p align=\"justify\">The information contained in this press release contains \u201cforward-looking statements,\u201d 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\u2019s future performance, statements of Barnwell\u2019s plans and objectives, and other similar statements. Forward-looking statements include phrases such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cpredicts,\u201d \u201cestimates,\u201d \u201cassumes,\u201d \u201cprojects,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwill be,\u201d \u201cshould,\u201d 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\u2019s expectations are set forth in the \u201cForward-Looking Statements,\u201d \u201cRisk Factors\u201d and other sections of Barnwell\u2019s annual report on Form 10-K for the last fiscal year and Barnwell\u2019s 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.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%\">CONTACT:<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%\">\u00a0<\/td>\n<td style=\"max-width:79%;width:79%;min-width:79%\">Craig D. Hopkins<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>Chief Executive Officer and President<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>Phone: (403) 531-1560<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>Email: info@bocl.ca<\/td>\n<\/tr>\n<\/table>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM4OTE3MCM2NzkxMjE5IzIwMjAxNDQ=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/MDkxNzcxMmMtYjk3Ni00NjdhLTk0NjQtZjUzMmQ0MGZiMzdmLTEwMzE3MTY=\/tiny\/Barnwell-Industries-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>HONOLULU, March 05, 2025 (GLOBE NEWSWIRE) &#8212; Barnwell Industries, Inc. (NYSE American: BRN) (\u201cBarnwell\u201d or the \u201cCompany\u201d) 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\u2019s current fiscal year. Mr. Craig D. Hopkins, CEO of Barnwell, commented \u201cWe are pleased to be working on a transaction that would allow us to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/barnwell-industries-inc-announces-entering-into-a-non-binding-letter-of-intent-for-the-sale-of-its-water-well-drilling-subsidiary\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Barnwell Industries, Inc. Announces Entering into a Non-Binding Letter of Intent for the Sale of its Water Well Drilling Subsidiary&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-821789","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Barnwell Industries, Inc. Announces Entering into a Non-Binding Letter of Intent for the Sale of its Water Well Drilling Subsidiary - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/barnwell-industries-inc-announces-entering-into-a-non-binding-letter-of-intent-for-the-sale-of-its-water-well-drilling-subsidiary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Barnwell Industries, Inc. Announces Entering into a Non-Binding Letter of Intent for the Sale of its Water Well Drilling Subsidiary - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"HONOLULU, March 05, 2025 (GLOBE NEWSWIRE) &#8212; Barnwell Industries, Inc. (NYSE American: BRN) (\u201cBarnwell\u201d or the \u201cCompany\u201d) 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\u2019s current fiscal year. Mr. Craig D. Hopkins, CEO of Barnwell, commented \u201cWe are pleased to be working on a transaction that would allow us to &hellip; Continue reading &quot;Barnwell Industries, Inc. 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