Core Point - Barnwell Industries, Inc. has entered into a non-binding letter of intent for the sale of its water well drilling subsidiary, Water Resources International, Inc., for an expected aggregate value of $1,050,000, with the transaction anticipated to close in late March 2025 [1][2]. Company Strategy - The CEO of Barnwell, Craig D. Hopkins, expressed that the transaction will allow the company to refocus on its core oil and gas exploration business, marking the end of its involvement in water well drilling in Hawaii, a business it has owned since 1980 [2]. Financial Details - The sale is expected to involve a portion of the consideration being paid at closing, with the remainder to be paid in installments, the last of which is due on September 15, 2025, before the end of the company's current fiscal year [1].
Barnwell Industries, Inc. Announces Entering into a Non-Binding Letter of Intent for the Sale of its Water Well Drilling Subsidiary