KEYFACT Energy
Barnwell Industries, Inc. announces that its wholly-owned subsidiaries have closed on the acquisition of interests in oil and natural gas properties located in the Twining area of Alberta, Canada. The Company entered into a purchase and sale agreement with an independent third party for the purchase of these assets in July, 2018. The purchase price for Barnwell interests effective July 1, 2018 is approximately US$10,500,000, at current Canadian dollar exchange rates, before customary adjustments.
Mr. Alexander C. Kinzler, commented,
“This transaction reflects the strategic purchase by the Company of what will now be its largest oil property.”