Barnwell Announces Delaware Court of Chancery Rules in Favor of Barnwell and its Board of Directors
Court Ruling: The Delaware Court of Chancery ruled in favor of Barnwell Industries, confirming that the director nominations submitted by Ned Sherwood and his affiliates were non-compliant with company bylaws, leading to their disqualification for the upcoming 2025 Annual Meeting.
Board Changes: Alexander C. Kinzler announced he will not stand for election at the 2025 Annual Meeting, while Heather Isidoro is welcomed to the Board, bringing her industry expertise and new perspectives.
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Barnwell Revenue Drops 29% in Fiscal Q3
Financial Performance: Barnwell Industries reported a significant decline in Q3 2025, with revenue dropping 29.2% to $3.19 million and a net loss of $1.55 million due to increased legal and administrative expenses.
Strategic Shift: The company has sold all U.S. oil and gas assets for $2.3 million, marking a complete retreat from the U.S. market and focusing future operations on Canadian energy activities, while facing ongoing liquidity risks and uncertainty about its financial viability.
Barnwell Industries Inc. Q3 Loss Widens
Financial Performance: Barnwell Industries Inc. reported a third-quarter loss of -$1.550 million, or -$0.15 per share, compared to a loss of -$1.246 million, or -$0.12 per share, in the previous year, with revenue declining by 29.2% to $3.192 million.
CEO's Statement: CEO Craig D. Hopkins highlighted the sale of U.S. oil and natural gas properties as a means to fund well workovers and address production declines, while also indicating the need for additional capital to develop assets at Twining and manage ongoing shareholder disputes.