Barnwell Industries, Inc. Announces Production Results for the Three Month of 2020; Provides Production Guidance for the Year 2020
February 27, 2020 at 03:03 am IST
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Barnwell Industries, Inc. announced production results for the three month of 2020. In only 3 months, this well has produced over 65,000 barrels of oil and 160,000 thousand cubic feet (“Mcf”) of natural gas, of which Barnwell's share was 18,000 barrels and 45,000 Mcf, respectively.
Based upon the current production rate and trend, the company expects to achieve payout on the capital invested in this well in the second quarter of fiscal 2020. This well is currently producing about 400 barrels per day of oil and 1,500 Mcf per day of gas, of which Barnwell's share is about 113 barrels per day of oil and 425 Mcf per day of gas.
Barnwell Industries, Inc. is engaged in three businesses: acquiring, developing, producing and selling oil and natural gas in Canada and Oklahoma; investing in land interests in Hawaii; and drilling wells and installing and repairing water pumping systems in Hawaii. The Company operates through three segments: Oil and Natural Gas, Land Investment, and Contract Drilling. Oil and Natural Gas Segment is engaged in oil and natural gas development, production, acquisitions and sales in Canada and Oklahoma. Its investments in oil and natural gas properties are located in Alberta, Canada and Oklahoma. Land Investment segment is entitled to receive contingent residual payments from the entities that previously purchased the Company's land investment interests under contracts entered into in prior years. Contract Drilling segment provides well drilling services and water pumping system installation and repairs in Hawaii.
BARNWELL INDUSTRIES, INC. 
