Barnwell Industries invests over $5,000,000 into Permian Basin drilling opportunity
(WO) — Barnwell Industries announced an investment of $5,099,000 into a drilling opportunity in the Permian Basin.
Mr. Alexander C. Kinzler, Chief Executive Officer of Barnwell, commented, “Barnwell has acquired a non-operated working interest in a two-well pad consisting of 10,000’ laterals targeting the Wolfcamp Formation in Loving and Ward Counties, Texas. Initial production is expected in our second fiscal quarter ending March 31, 2023.
“Barnwell holds a 15% working interest in the unit, with additional possible inventory in the Bone Spring Formation and other Wolfcamp zones. Following on from Barnwell’s successful 2021 investment in the Anadarko Basin of Oklahoma, this acquisition in the premier oilfield of the United States represents Barnwell’s commitment to growing its oil and gas division with strategic entries into highly economic modern plays.
He continued, “We view non-operated leasehold as an exciting subset of exploration and production, allowing us to assemble a diversified portfolio of domestic opportunities that offer an attractive return on capital, build on our corporate legacy, support our commitment to shareholder returns, and potentially utilize our net operating loss carryforwards.”