SUBSEQUENT EVENTS

12 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On October 10, 2019, Barnwell entered into a purchase and sale agreement with an independent third party and sold its interests in properties located in the Progress area of Alberta, Canada. The sales price per the agreement was adjusted for customary purchase price adjustments to $588,000 in order to, among other things, reflect an economic effective date of October 1, 2019. The final determination of the customary adjustments to the purchase price has not yet been made however it is not expected to result in a material adjustment. Net production from Progress was approximately 15,000 Boe, or approximately 6% of total net oil and natural gas production, for the year ended September 30, 2019. As of September 30, 2019, estimated net proved reserves volumes associated with this property was 114,000 Boe, or approximately 5% of the total reserve volumes at that date. The purchaser also assumed asset retirement obligations related to the properties sold. This transaction will be reflected in Barnwell’s first quarter of fiscal 2020 ending December 31, 2019.

On December 12, 2019, the Company's Board of Directors approved a resolution to freeze Barnwell's noncontributory defined benefit pension plan and Supplemental Employee Retirement Plan effective December 31, 2019. The accounting impact of this change will be reflected in Barnwell’s first quarter of fiscal 2020 ending December 31, 2019.