Barnwell exits going-concern doubt after equity raise, sells all U.S. oil assets

Filed May 21, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~2 min read

Key Changes

• high

  Going-concern warning removed after company raised $3.3M through equity offerings (2.2M shares at $1.10, 926K shares at $1.22 avg), improving working capital from $57K deficit to $2.2M surplus and resolving prior liquidity crisis.

  MD&A: Liquidity & Capital Resources verify on EDGAR →
• high

  Sold all U.S. oil and gas assets (Texas, Oklahoma) for $2.3M in August 2025, eliminating $731K in H1 revenue and concentrating operations entirely in Canada; oil/gas revenues down 31% year-over-year to $5.1M.

  MD&A: Asset Dispositions verify on EDGAR →
• medium

  Proxy contest concluded, cutting professional fees $755K in Q2; Hawaii office closed January 2026, reducing personnel costs $96K quarterly going forward after one-time severance payments.

  MD&A: Operating Expenses verify on EDGAR →