Shares in Barnwell Industries Inc. (NYSEAMERICAN:BRN) rocketed in pre-market trade Monday after its wholly-owned subsidiaries cut a deal with an independent third party for the purchase of interests in oil and natural gas properties located in the Twining area of Alberta, Canada.
The purchase price for Barnwell interests is approximately US$10.5mln and the transaction is expected to close by August 2018.
Shares in Honolulu, Hawaii-based Barnwell rocketed 29.2% to US$2.30 before the opening bell.
“This transaction reflects the strategic purchase by the company of what will now be its largest oil property,” said Barnwell Industries CEO Alexander C. Kinzler.
Barnwell Industries engages in oil and natural gas exploration, development, production and sales in Canada. It also engages in contract drilling.
Contact Uttara Choudhury at [email protected]