Barnwell Industries sells water drilling subsidiary for $1,050,000 to focus on oil and gas

BARNWELL INDUSTRIES INC

Sale price of $1,050,000 for wholly owned Water Resources International, Inc., a deep drilling and well pumping specialist in Hawaii.
Divested Contract Drilling segment generated trailing twelve months revenue of approximately $3,162,000 through December 31, 2024.
Proceeds will be used for general corporate purposes, with focus on reinvestment in oil and gas operations.
Sale intended to streamline operations, reduce G&A expenses, and simplify corporate structure, including reducing Hawaii footprint.
CEO Craig Hopkins stated the sale was a strategic Board objective to reduce fixed costs and focus on higher return opportunities.

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