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Barnwell Industries Inc. has entered a non-binding agreement to sell its water well drilling subsidiary Water Resources International Inc. to an undisclosed buyer for $1.05 million, the company said March 5.
Under the terms of the deal, a portion of the consideration would be paid at closing and the rest in installments until Sept. 15.
The sale of Water Resources International would allow the company to refocus on its core oil and gas exploration activities, Barnwell CEO Craig Hopkins said.
“The company has owned WRI since 1980 and the timing is right for us to end our tenure of water well drilling in Hawaii,” Hopkins said.
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