POSTED: 7:09 a.m. HST, May 6, 2014
LAST UPDATED: 7:34 a.m. HST, May 6, 2014
Oil-and-gas properties in Canada have been sold by Honolulu-based Barnwell Industries Inc. for roughly $13 million, the company announced this morning.
The most recent sale, netting roughly $6 million, was conducted by the company's Barnwell of Canada Ltd. subsidiary and is the latest of multiple transactions.
The publicly traded oil and gas exploration and land investment company also announced the recent finalization of other oil and gas properties in various Canadian provinces for more than $7 million.
"These transactions reflect strategic sales by the company of what were primarily mature, non-operated oil and gas properties, said Chairman and CEO Morton H. Kinzler, in a statement. "The company plans to utilize these funds to invest in oil and gas acquisition and drilling opportunities, reduce debt and other corporate opportunities going forward."