Barnwell Announces Second Adjournment of 2025 Annual Meeting Due to Ned Sherwood's Refusal to Submit Votes Solicited from Shareholders
Annual Meeting Adjournment: Barnwell Industries has adjourned its 2025 Annual Meeting of Shareholders to June 17, 2025, due to the Sherwood Group's refusal to vote their solicited proxies, which is affecting the quorum needed for the meeting.
Board Resignation and Voting Instructions: Heather Isidoro has resigned from the Board, and shareholders are encouraged to vote on the WHITE proxy card to support Barnwell nominees, as only the latest card voted will count.
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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.