Barnwell Industries, Inc. Announces Sale of its Water Drilling Subsidiary for $1,050,000
Barnwell Industries, Inc. (BRN)
NASDAQ:AMEX Investor Relations:
brninc.com
Company Research
Source: GlobeNewswire
HONOLULU, March 17, 2025 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today announced the sale of its wholly owned subsidiary, Water Resources International, Inc. (“Water Resources”), a deep drilling and well pumping specialist in the exploration and development of groundwater resources for government, commercial and private clients in Hawaii, for $1,050,000. Proceeds from the sale will be used for general corporate purposes, with a focus towards reinvestment in the Company’s oil and gas operations. Revenues from the divested business, which was represented as the Company’s Contract Drilling segment, totaled approximately $3,162,000 for the trailing-twelve-months ended December 31, 2024. Strategic Rationale This transaction represents a further step in Barnwell’s plan for streamlining its holding company operations, simplifying its corporate and accounting structure. This transaction will allow Barnwell’s Board to proceed
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Sec Filings
- 12/19/25 - Form 8-K
- 12/12/25 - Form D
- 12/12/25 - Form 4
- BRN's page on the SEC website