POSTED: 03:49 p.m. HST, Dec 13, 2010
Honolulu-based Barnwell Industries swung to a profit in its fourth fiscal quarter from a loss in the same period a year earlier, helped by revenue from its oil and gas drilling operations in Canada.
Barnwell said it earned $84,000, or 1 cent a share in the July-to-October period compared with a loss of $4.6 million, or 55 cents a share during the same three months a year earlier.
Barnwell recorded $1.3 million in revenue in the latest quarter from an Alberta Government drilling incentive program where the company was able to buy $2.1 million of drilling royalty credits at 38 percent of their value. No such earnings occurred in the prior year period.
For all of fiscal 2009 Barnwell swung to a $3.8 million profit from a loss of $24 million in fiscal 2008. The 2009 gain was fueled by sales payments and development rights receipts from Barnwell’s ownership stake the Kaupulehu resort on the Big Island.