Barnwell Industries Reiterates Willingness to Amicably Resolve Proxy Contest with Ned Sherwood
Barnwell Industries' Response to Proxy Contest: Barnwell Industries has received support from Glass Lewis & Co., which deemed the removal of its incumbent directors as unwarranted amid a proxy contest initiated by Ned Sherwood and his affiliates.
Commitment to Shareholder Value: The company emphasizes its strategy to drive value for shareholders and expresses willingness to engage in constructive discussions with Mr. Sherwood to resolve differences amicably, while also preparing to defend against potential claims.
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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.