Barnwell Industries revealed that its wholly-owned subsidiaries have entered into a purchase and sale agreement with an independent third party for the acquisition of stakes in oil and natural gas properties in the Twining area of Alberta, Canada.
The purchase price for Barnwell interests is approximately US$10,500,000, at current Canadian dollar exchange rates, and is subject to customary adjustments to the purchase price at closing, including adjustments to reflect an effective date of sale of July 1, 2018.
The purchase price will be paid from available cash. The closing of the transaction is expected to occur in August 2018.
Alexander C. Kinzler said: “This transaction reflects the strategic purchase by the Company of what will now be its largest oil property.”
Source: Company Press Release