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Barnwell Industries To Sell Water Resources International To Local Construction Company
(RTTNews) - Barnwell Industries, Inc. (BRN) announced Thursday the entry into an agreement for the sale of Water Resources International, Inc. to a local construction company is for gross proceeds of $2,000,000, subject to customary post-closing price adjustments and the purchaser's completion of due diligence.
Water Resources provides deep drilling and well pumping services needed in the exploration and development of groundwater resources for government, commercial and private clients in Hawaii.
The proceeds from the sale, which is expected to close in early 2024, will be used for general corporate purposes, with a focus towards reinvestment in the Company's oil and gas operations.
The transaction supports Barnwell's focus on simplifying its holding company operations and corporate structure. The sale of Water Resources streamlines Barnwell as investors will be able to focus on the significant opportunities the Company has identified in its profitable domestic and Canadian oil and natural gas business.
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