Barnwell Industries Inc: Soars as quarterly loss narrows

Barnwell Industries

23/06/2020 12:43

** Oil and natural gas producer's shares  BRN.A  jump as
much as 110% to $1.7 premarket - its best in two months
    ** BRN's Q2 loss per share narrows to $0.18 from $0.26 a
year ago  urn:newsml:reuters.com:*:nGNX5rQDfs
    ** Co says reduction in loss was due to an increase in the
operating profit of the company's contract drilling segment
along with a sale of leasehold interest in Honolulu storage yard
    ** Co's oil and natural gas production increased 33% in Q2
due to a new oil well in the Spirit river area
    ** BRN is looking for funding including non-core oil and gas
property sales and the sale of its Hawaii corporate office to
alleviate doubts about its ability to continue as a going
concern 
    ** Up to Monday's close, stock had fallen 24% YTD

 (Reporting by Shivani Kumaresan in Bengaluru)
 ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780;))