Barnwell Industries, Inc. reported revenue of $3,022,000 for Q4 with a net loss of $2,429,000.
For the fiscal year, revenue was $13,697,000 with a net loss of $7,103,000.
Net loss increase driven by higher expenses, sale of U.S. oil and gas assets, lower commodities prices, and reduced production.
Closure of Honolulu Office
Relocating headquarters to Houston and Calgary to reduce expenses.
- Sale of U.S. oil and gas properties to focus on Twining field initiatives.
- Proceeds from private placement offer opportunities for growth and streamlining operations.
CEO Craig D. Hopkins aims to concentrate resources on Twining field initiatives to enhance long-term value for the company.