Barnwell Industries Inks Non-binding LoI For Sale Of Water Resources International

(RTTNews) - Barnwell Industries, Inc. (BRN) announced Wednesday that it had entered into a non-binding letter of intent for the sale of Water Resources International, Inc., its water well drilling subsidiary.

Barnwell Industries said the deal would allow it to refocus the Company on its core oil and gas exploration business. The Company has owned Water Resources since 1980.

The Company anticipates that the transaction, for an expected aggregate value of $1.05 million, would close in late March 2025.

A portion of the consideration would be paid at the closing and the remainder would be paid in installments, with the last installment payable on September 15, 2025, before the end of the Company's current fiscal year.