BARNWELL IND. DL -,50

Barnwell Industries signals that its Canadian oil assets at the Twining field in Alberta should generate higher revenues due to rising oil prices; production is around 950 barrels of oil equivalent per day. Management is reviewing strategic alternatives, including a sale, and has solicited expressions of interest from potential buyers. At the same time the company remains under financial pressure: revenue recently fell by 21%, market capitalization is $14.2 million, and analysts currently view the stock as overvalued. » Więcej na de.investing.com

Barnwell Industries has hired an independent financial adviser to review strategic alternatives for its Canadian oil and gas business, including a possible sale. The company is in financial distress: revenue for the last twelve months fell 21% to $12.5 million, market capitalization is about $14.3 million and the stock trades at $1.14. Barnwell stresses that no decision on a transaction has been made. The company also announced that CFO Russell M. Gifford will retire on December 31 and Philip F. Patman, Jr. will succeed him. » Więcej na de.investing.com

Barnwell Industries said that Russell M. Gifford will retire on December 31. Philip F. Patman Jr., currently executive vice president‑finance, will assume his duties as CFO, treasurer and principal financial officer. In addition, Joshua E. Schechter was appointed to the board following a private placement and the board was expanded from five to six members. InvestinPro rates Barnwell’s overall financial condition as “weak.” » Więcej na de.investing.com