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Shares in Barnwell Industries rally after firm enters into agreement for purchase of Canadian oil and gas assets

The Hawaii-based oil and natural gas explorer will pay approximately US$10.5mln for the assets in Alberta
Oilfield worker
Barnwell Industries engages in contract drilling in Hawaii and oil and natural gas exploration in Canada

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.

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