Barnwell Industries reports results for the first quarter ended Dec. 31, 1995.HONOLULU--(BUSINESS WIRE)--Feb. 8, 1996--Barnwell Industries, Inc., (ASE-BRN), today reported net earnings of $300,000 ($0.23 per share) for the three months ended Dec. 31, 1995, as compared to $200,000 ($0.15 per share) for the three months ended Dec. 31, 1994. Morton Morton, village (1990 pop. 13,799), Tazewell co., central Ill., in a grain-farming and livestock area; inc. 1877. Food is canned, and tractor parts, washing machines, and pottery are manufactured. H. Kinzler, chairman and chief executive officer of Barnwell There are a number of places called Barnwell:
"Net earnings for the current quarter include a $290,000 income tax benefit due to a reduction in the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Branch tax rate. The Company invested $1,563,000 in oil and natural gas properties, an increase of 63% over fiscal 1995's first quarter, by participating in the drilling of six wells and the recompletion of three wells in North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). and Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Of the six wells in which the Company participated, two were successful oil wells, two were successful gas wells and two were unsuccessful. The Company's U.S. oil production, from its properties in North Dakota, increased threefold over the prior year three month period to approximately 37 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . The Company plans to participate in the drilling of three new wells in North Dakota within the next nine months. "The Company's cash and working capital at December December: see month. 31, 1995 were $3,113,000 and $2,804,000, respectively. Available credit under the Company's current credit facility was approximately $2,600,000 at December 31, 1995." -0-
COMPARATIVE OPERATING RESULTS
(Unaudited)
Quarter Ended
12/31/95 12/31/94
Revenues $3,420,000 $4,390,000 Net earnings $300,000 $200,000 Net earnings per share $0.23 $0.15 Weighted average number of common shares outstanding 1,322,052 1,322,052 -0- CONTACT: Barnwell Industries, Inc. Russell M. Gifford/Alexander C. Kinzler 808/531-8400 -or- Ron Como & Associates, Inc. 212/227-3010 |
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