Barnwell Industries Shareholders Reject Ned Sherwood's Attempt to Take Full Control of the Company
Barnwell Industries Shareholder Vote Results: Barnwell shareholders rejected the Sherwood Group's attempt to replace the entire Board of Directors, although they consented to remove two directors and elect a new nominee from the Sherwood Group. The current directors will continue to serve, ensuring stability and oversight.
Future Governance and Legal Proceedings: Barnwell is awaiting a court decision regarding the validity of the Sherwood Group's nomination notice and remains open to settlement discussions, while also planning for a transition in leadership and management structure by the end of 2025.
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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.