Production Increases for All Products
Continued Reduction in General and Administrative Expenses
Mr.
Oil and Gas Production Increases Offset by Non-Cash Impairment
Oil, gas and natural gas liquids production increased 16%, 47% and 100%, respectively, for the three months ended
Land Segment Generates Cash Proceeds
The land investment segment operating results improved significantly due to the Kukio Resort Development Partnerships sale of the last two remaining single-family lots within Increment I in the second quarter, which resulted in the Company receiving
Contract Drilling Segment
As previously stated, the Company continues to investigate the appropriate strategic, business and financial alternatives for Water Resources which may include, among other things, a sale of its stock or assets, or an orderly wind-down of its operations after all contracts in backlog are complete, along with a liquidation of WRI’s drilling rigs and equipment. The contract drilling segment’s operating loss increased
Continued Reduction in General and Administrative Expenses
General and administrative expenses decreased
The Company ended the quarter with
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the
COMPARATIVE OPERATING RESULTS | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||
Revenues | $ | 5,774,000 | $ | 5,239,000 | $ | 11,929,000 | $ | 12,750,000 | |||||||||||
Net loss attributable to | $ | (1,772,000 | ) | $ | (1,237,000 | ) | $ | (2,436,000 | ) | $ | (148,000 | ) | |||||||
Net loss per | |||||||||||||||||||
share – basic and diluted | $ | (0.18 | ) | $ | (0.12 | ) | $ | (0.24 | ) | $ | (0.01 | ) | |||||||
Weighted-average shares and | |||||||||||||||||||
equivalent shares outstanding: | |||||||||||||||||||
Basic and diluted | 10,019,172 | 9,956,687 | 10,007,905 | 9,956,687 | |||||||||||||||
CONTACT: | |
Chief Executive Officer and President | |
Phone: (403) 531-1560 | |
Email: info@bocl.ca |
Source:
2024 GlobeNewswire, Inc., source