HONOLULU, May 10, 2013 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE MKT:BRN) today reported net losses of $2,944,000 ($0.36 per share) and $5,690,000 ($0.69 per share) for the three and six months ended March 31, 2013, respectively, as compared to net losses of $2,981,000 ($0.36 per share) and $3,263,000 ($0.39 per share) for the three and six months ended March 31, 2012, respectively.
Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, "The loss for the quarter ended March 31, 2013 included a $2,179,000 reduction of the carrying value of our oil and natural gas properties as compared to a $1,854,000 reduction in the carrying value of our real estate held for sale in the three months ended March 31, 2012. Also impacting the decrease in operating results for the three months ended March 31, 2013 as compared to last year's three months ended March 31, 2012 was decreased production for all petroleum products, lower oil prices and an increase in oil and natural gas operating expenses due to $696,000 in remediation costs at Dunvegan and Wood River in the current period. These declines were partially offset by a 49% increase in natural gas prices and a $260,000 decrease in general and administrative expenses primarily due to decreased stock appreciation rights expense as compared to last year's second quarter.
"Operating results for the six months ended March 31, 2013 decreased as compared to the six months ended March 31, 2012 due to a $4,506,000 reduction of the carrying value of our oil and natural gas properties as compared to the aforementioned $1,854,000 reduction in the carrying value of our real estate held for sale, decreased production for all petroleum products, lower oil prices and the aforementioned increase in oil and natural gas operating expenses in the current period due to remediation costs.
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