Benzinga | Jul 14, 2021 11:41AM EDT

Barnwell Industries Shares Spike To Session High Following 8-K From Co. Disclosing Its Barnwell Of Canada Unit Entered Asset Purchase, Sale Deal With Tourmaline Oil To Sell Its Oil Properties In Spirit River Area Of Alberta, Canada

On July 8, 2021, Barnwell of Canada, Limited ("BOC"), a subsidiary of Barnwell Industries, Inc. (the "Company"), entered into an Asset Purchase and Sale Agreement (the "PSA") with Tourmaline Oil Corp. ("TOC") to sell its oil properties located in the Spirit River area of Alberta, Canada to TOC. The sale closed at 11:00 a.m. on July 8, 2021, with an effective date of 8:00 a.m. on July 8, 2021.



The purchase price paid by TOC was USD $1,037,000 and the Company expects to report a gain on this transaction which will be recognized in its fourth quarter ending September 30, 2021. The purchase price is subject to customary purchase price adjustments to reflect the economic activity from the effective time through the settlement dates set forth in the PSA.