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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 with its plans to meaningfully decrease general and administrative expenses and public company costs, including implementing such steps as transitioning personnel to Calgary or elsewhere, reducing the Company's legacy footprint in Hawaii.
The sale of Water Resources simplifies the equity story for Barnwell as investors will be able to focus on the significant opportunities the Company has identified in its oil and natural gas business. The combination of the proceeds from the sale of Water Resources and anticipated holding company savings also further improves Barnwell's financial position and balance sheet, which has no bank debt.
Posted In: BRN
