World News: 12:00 GMT Tuesday 3rd December 2019. [Barnwell Industries, Inc. via Globe Newswire via SPi World News]
HONOLULU, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) is pleased to provide an update on recent developments with respect to its oil and gas operations. Production volumes are presented as “Boe” (Barrel of oil equivalent at the rate of 5.8 thousand cubic feet of natural gas per barrel of oil or natural gas liquid).
Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, “The first quarter of 2020 is proving to be the most exciting in recent memory for the Company as our oil and gas division has made substantial progress implementing our plans to increase production and revenues.”
The Company previously identified two horizontal well drilling opportunities that were set to proceed subject to market conditions and contingent on financing. We are pleased to report that due to improved commodity pricing and an asset sale described below we were able to drill and complete both wells without outside financing.
These achievements in our first quarter of fiscal 2020 were years in the making and have improved our oil and gas operations, added significant reserves and are expected to add significant new revenues as we go forward into fiscal 2020 and beyond.
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
Globe Newswire: 12:00 GMT Tuesday 3rd December 2019
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