Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
BARNWELL INDUSTRIES INC entered into Purchase and Sale Agreement with Alchemist Energy LeaseCo, LP valued at US$ 805,651 (effective 2022-12-01).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- Alchemist Energy LeaseCo, LP
- Value
- US$ 805,651
- Effective
- 2022-12-01
Exact text from the filing
As of December 14, 2022, Barnwell Texas, LLC (“Barnwell Texas”), a subsidiary of Barnwell Industries, Inc. (the “Company”), entered into a Purchase and Sale Agreement with Alchemist Energy LeaseCo, LP (“AEL”) whereby Barnwell Texas acquired from AEL a 22.3% non-operated working interest in oil and gas leasehold acreage in the Permian Basin in Texas, together with associated contracts, contract rights, joint venture interests and other related assets (the “Purchase and Sale Agreement”). The effective date of the Purchase and Sale Agreement was December 1, 2022. In connection with the purchase of such leasehold interests, Barnwell Texas acquired a 15.4% non-operated working interest in two planned oil wells in Texas (the “Wells”). The purchase price for the interest in the leasehold acreage was US$ 805,651.
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