Barnwell Industries to sell Water Resources for gross proceeds of $2M

Barnwell Industries enters into an agreement for the sale of Water Resources International. Water Resources provides deep drilling and well pumping services needed in the exploration and development of groundwater resources for government, commercial and private clients in Hawaii. The sale to a local construction company is for gross proceeds of $2M, subject to customary post-closing price adjustments and the purchaser’s completion of due diligence. Proceeds from the sale, which is expected to close in early 2024, will be used for general corporate purposes, with a focus towards reinvestment in the company’s oil and gas operations. The transaction supports Barnwell’s focus on simplifying its holding company operations and corporate structure. The proceeds from the sale will further the company’s efforts to drill new wells at its Alberta, Canada, Twining field and to take positions in domestic energy assets as well.