Barnwell Industries Highlights Increased Revenue Leverage to Rising Oil Prices and Ongoing Strategic Review

Core Viewpoint - Barnwell Industries emphasizes the increased revenue potential of its Canadian oil production due to rising global energy prices and is actively reviewing strategic alternatives for its assets [1][4]. Group 1: Revenue and Production - Barnwell produces approximately 950 barrels of oil equivalent per day from its Twining oil field in Alberta, Canada, benefiting from long-life, conventional reserves in a stable jurisdiction [2]. - The company believes that its Canadian production base is well-positioned to generate significantly higher revenue in light of recent increases in oil prices, providing direct exposure to strengthening North American energy markets [3]. Group 2: Strategic Review - The company is evaluating strategic alternatives for its Canadian oil and gas assets, including the potential sale of these assets, to confirm and realize fair value in current market conditions [4]. - Barnwell has initiated a process to solicit and evaluate indications of interest from potential counterparties regarding its assets [4]. Group 3: Commitment to Shareholder Value - The company remains committed to disciplined capital allocation and maximizing shareholder value, with plans to provide updates as necessary [5].