Business Context and Reporting Period
Company: Barnwell Industries, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: August 29, 2018
Event Date: August 28, 2018
This filing reports the completion of an asset acquisition by Barnwell of Canada, Limited and Octavian Oil Ltd., subsidiaries of the Company. The transaction involves the purchase of oil and natural gas properties located in the Twining area of Alberta, Canada, from Eagle Energy Inc.
Key Financial Metrics
The filing text does not provide specific financial values for revenue, profit, cash flow, margins, debt, or liquidity related to this transaction. The document confirms the consummation of the acquisition but does not disclose the purchase price or immediate financial impact within the body of the 8-K.
Material Changes
- Asset Acquisition: The Company completed the acquisition of interests in certain oil and natural gas properties in the Twining area of Alberta, Canada.
- Counterparty: The assets were acquired from Eagle Energy Inc. pursuant to a Purchase and Sale Agreement previously disclosed on July 25, 2018.
- Subsidiaries Involved: The acquisition was executed through Barnwell of Canada, Limited and Octavian Oil Ltd.
Guidance, Outlook, and Risks
Management Commentary: The Company issued a press release on August 29, 2018, announcing the closing of the transaction. The full details of the press release are furnished as Exhibit 99.1.
Risks and Contingencies: The filing does not explicitly list new risks or contingencies arising from this specific closing, other than the standard disclosure that the information in Item 7.01 is not deemed "filed" for purposes of Section 18 of the Exchange Act.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated August 29, 2018) for the purchase price and specific terms of the acquisition.
- Verify the impact of the Twining properties on the Company's total reserves and production capacity.
- Check subsequent filings for any financing arrangements used to fund the acquisition.
- Confirm the regulatory approvals required for the transfer of assets in Alberta, Canada, were fully satisfied.