Mergers & Acquisitions ·
Barnwell Industries posts Q&A on proposed C$9M sale of Canadian oil and gas business
BRNBarnwell Industries Inc
Barnwell Industries posted supplemental questions and answers regarding its previously announced agreement to sell its Canadian oil and natural gas business. The transaction involves a base purchase price of C$9 million, comprising C$4 million in cash and a 5% gross overriding royalty valued at C$5 million. The buyer has placed a C$1 million deposit in escrow. Barnwell retains the royalty interest through a subsidiary and continues to operate the business until closing. The deal remains subject to shareholder approval and customary closing conditions. Barnwell Industries is an independent oil and natural gas exploration and production company.