Barnwell Industries highlights increased revenue leverage of oil production

Barnwell Industries (BRN) highlighted the increased value and revenue potential of its Canadian oil production in light of recent strength in global energy prices, and provided an update on its ongoing strategic review process. Barnwell produces crude oil from its interests in the Twining oil field in Alberta, Canada, generating approximately 950 barrels of oil equivalent per day. With recent increases in oil prices, the company believes its Canadian production base is positioned to generate meaningfully higher revenue relative to recent prior periods. The company also confirmed that it continues to actively evaluate strategic alternatives with respect to its Canadian oil and gas assets, including the potential sale of such assets. Barnwell has commenced a process to solicit and evaluate indications of interest from potential counterparties, with the intention being to confirm and potentially realize fair value for those assets in light of current market conditions.