Barnwell Industries Sells Canadian Oil Business for C$9 Million

Barnwell Industries has agreed to sell its Canadian oil and natural gas business under a Share Purchase and Sale Agreement. The deal involves transferring the business to 2798913 Alberta for a total consideration of C$9 million. This includes C$4 million in cash and a 5% gross overriding royalty valued at C$5 million. The buyer also has the option to acquire the royalty for C$5 million after the transaction closes.

The agreement was signed on October 5, 2026, and is set to close by January 18, 2027, pending shareholder approval and customary conditions. A C$1 million deposit has already been placed in escrow to secure the deal. The transaction marks Barnwell's strategic move to divest its Canadian oil and gas operations and monetize the royalty.

The deal is subject to adjustments and termination if it does not close by the outside date of January 18, 2027. The original details of the agreement were disclosed in an SEC filing by Barnwell Industries on October 6, 2026.