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Barnwell Industries, Inc. (BRN) is a diversified company primarily focused on the oil and gas sector. The company is engaged in acquiring, developing, producing, and selling crude oil and natural gas assets. With operational segments encompassing Oil and Natural Gas, Contract Drilling, Land Investment, and others, Barnwell Industries generates a substantial portion of its revenue from its core oil and natural gas activities.
The company operates across two main geographical regions: the United States, which contributes the majority of its revenue, and Canada. Specifically, its subsidiary, Barnwell of Canada, Limited, is located in Calgary, Alberta, and plays a significant role in the company's Canadian operations.
Recent developments have highlighted Barnwell Industries' strategic initiatives to enhance shareholder value. A notable transaction is expected to streamline the company's focus on both domestic and Canadian oil and natural gas businesses, optimizing operational efficiency.
Under the leadership of Alexander C. Kinzler, Chief Executive Officer and President, and Russell M. Gifford, Executive Vice President and Chief Financial Officer, Barnwell Industries remains committed to its growth strategy and financial health. The company continues to explore new opportunities for expansion while maintaining solid performance in its existing operations.
For more detailed information on the company's latest news and updates, please visit the official Barnwell Industries website or contact their executive team directly at (808) 531-8400.
Barnwell Industries (NYSE American: BRN) announced that it has informed shareholder Ned Sherwood that his nomination notice for a control slate of five directors is defective and insufficient. The Board has formed an Executive Committee to protect shareholder interests and investigate whether Sherwood's actions may have triggered the company's Shareholder Rights Plan.
The Executive Committee believes Sherwood's nominations of himself, his friends, and business associates represent an attempt to gain control of Barnwell without paying a premium to shareholders. They note that two nominees cannot be expected to act independently of Sherwood, and three have no public company board experience.
The company highlights Sherwood's history of disrupting governance processes, breaching settlement agreements, and interfering with operations. Despite holding only a 30% stake, Sherwood has allegedly failed to propose any substantive business plan beyond demanding to "shut down Hawaii."
Meanwhile, Barnwell continues its transition plan, including completing its final water well project, selling assets, and focusing on its Twining oil & gas property in Alberta as its growth engine.
Barnwell Industries (NYSE American: BRN) reported financial results for Q1 ended December 31, 2024, showing revenue of $4,477,000 and a net loss of $1,917,000 ($0.19 per share), compared to revenue of $6,155,000 and a net loss of $664,000 ($0.07 per share) in the same period last year.
The company remains debt-free with $642,000 in working capital, including $1,957,000 in cash. Oil, gas, and natural gas liquids prices decreased by 2%, 40%, and 8% respectively, while production declined by 17%, 21%, and 17%. A new Canadian well contributed approximately 107 net barrels per day.
The increased net loss was partially due to a $613,000 non-cash impairment of US oil properties and a $351,000 foreign currency loss. The company plans to sell a drilling rig for $585,000 and is considering strategic alternatives for its Water Resources division, including potential sale or wind-down.
Barnwell Industries (NYSE American: BRN) has announced the adoption of a -duration shareholder rights plan to protect against 'creeping' control by the Sherwood Group, which currently owns approximately 30% of Barnwell's outstanding common stock. The plan was implemented after the Sherwood Group refused to extend the Cooperation and Support Agreement.
Under the Rights Plan, which expires in one year, shareholders will receive one right per common share as of February 7, 2025. These rights become exercisable if any entity acquires 20% or more of BRN's outstanding common stock. Existing shareholders with over 20% ownership (including the Sherwood Group) are grandfathered but cannot acquire additional shares exceeding 0.25% without triggering the plan.
The Special Committee, formed on November 7, 2024, recommended this action after failed attempts to engage with the Sherwood Group, expressing concerns about potential changes to the company's core oil & gas business if the Sherwood Group gains control.
Barnwell Industries (NYSE American: BRN) reported financial results for Q4 and FY2024 ended September 30. Key highlights include:
Revenue was $4.27M in Q4 with a net loss of $1.88M ($0.19/share), while full-year revenue reached $21.72M with a net loss of $5.57M ($0.56/share). The company remains debt-free with $4.51M in cash and $1.07M in working capital.
Natural gas and natural gas liquids production increased by 6% and 23% respectively, though revenues decreased due to lower prices. Oil production remained flat. Operating costs declined by $585,000 (6%) to $9.85M. A new Twining development well began production in September 2024, averaging 107 barrels per day. The company recorded non-cash impairments of $2.89M for the year due to declining prices.
Barnwell Industries (NYSE American: BRN) reported financial results for Q3 ending June 30, 2024. The company posted revenue of $5.53 million and a net loss of $1.25 million or $0.12 per share, compared to Q3 2023's revenue of $5.68 million and a net loss of $717,000 or $0.07 per share.
Despite no new drilling or acquisitions, production remained steady and operating costs dropped by 26% to $2.23 million. The Twining drilling program commenced in July 2024, with completion expected by early September. The company ended the quarter debt-free with $3.29 million in working capital and $4.39 million in cash.
A non-cash impairment of $599,000 affected the net loss, along with a $61,000 foreign currency loss. The Texas and Oklahoma assets performed well, although Texas faced low gas prices. Strategic options for Water Resources are being considered, including potential sales or liquidation.
Barnwell Industries reported a net loss of $1.772 million ($0.18 per share) on revenue of $5.774 million for its second fiscal quarter ended March 31, 2024. Despite a revenue increase from $5.239 million in the same quarter of 2023, the net loss widened due to a $1.677 million non-cash impairment of oil and natural gas properties. Production of oil, gas, and natural gas liquids rose by 16%, 47%, and 100%, respectively. General and administrative expenses decreased by 33%, saving $669,000. The company received $1.453 million from land sales and real estate transactions. Despite operating losses in its contract drilling segment, Barnwell ended the quarter with $3.332 million in working capital and remains debt-free, focusing on investment in its Twining property.
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