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Barnwell Industries, Inc. Reports Results For The Third Quarter And Nine Months Ended June 30, 2013

Stocks in this article: BRN

HONOLULU, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE MKT:BRN) today reported net losses of $1,225,000 ($0.15 per share) and $6,915,000 ($0.84 per share) for the three and nine months ended June 30, 2013, respectively, as compared to net losses of $1,366,000 ($0.17 per share) and $4,629,000 ($0.56 per share) for the three and nine months ended June 30, 2012, respectively.

Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, "The decrease in the loss for the three months ended June 30, 2013 as compared to last year's three months ended June 30, 2012 was due to increases in oil and natural gas prices partially offset by an increase in general and administrative expenses and decreases in land investment and contract drilling segment operating results.

"During the quarter ended June 30, 2013 natural gas production declined as compared to the same period in the prior year due to natural declines in production, a scheduled Dunvegan plant and pipeline maintenance shutdown during a portion of May and June 2013, whereas there was no such shutdown in the prior year period, and an annual adjustment of natural gas royalty allowances by the Government of Alberta. The impact on operating results of the revenue decrease associated with this decline in production was offset by a reduction in depletion expense.

"Operating results for the nine months ended June 30, 2013 decreased due to a $4,506,000 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 nine months ended June 30, 2012. In addition, oil and natural gas operating expenses for the nine months ended June 30, 2013 included $706,000 in remediation costs at Dunvegan and Wood River. Revenues for the three and nine months ended June 30, 2012 include $5,975,000 from the sale of residential real estate at a nominal loss; there was no such sale in the three or nine months ended June 30, 2013."

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