Mergers & Acquisitions ·
Barnwell agrees to sell Canadian oil and gas business for C$9M in cash and royalty
BRNBarnwell Industries Inc
Barnwell Industries has entered into a definitive agreement to sell its Canadian oil and natural gas business to 2798913 Alberta Ltd. for a base purchase price of C$9 million, consisting of C$4 million in cash and a 5% gross overriding royalty valued at C$5 million. The transaction requires shareholder approval and is expected to close by January 18, 2027, subject to customary conditions including governmental approvals. Barnwell will retain excess cash and near-cash assets while transferring future site restoration obligations to the buyer. This sale marks a key step in the company's strategic transformation to simplify operations and increase financial flexibility.