Strategic Rationale
- The transaction supports Barnwell’s focus on simplifying its holding company operations and corporate structure.
- The sale of Water Resources streamlines Barnwell as investors will be able to focus on the significant opportunities the Company has identified in its profitable domestic and Canadian oil and natural gas business.
- The combination of the proceeds from the sale of Water Resources and anticipated holding company general and administrative expense savings further strengthens Barnwell’s debt-free balance sheet.
Mr.
“The proceeds from the sale will further our efforts to drill new wells at our
“Barnwell management has worked closely under the strategic direction of our newly reconstituted Board of Directors to streamline our business and focus our resources on the highest return on invested capital opportunities. The sale of Water Resources is an important milestone on that path.”
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
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Telephone (808) 531-8400 Fax (808) 531-7181 Website: www.brninc.com |
Source:
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