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Stock Alert: Barnwell Shares Spike 94% In Pre-Market On Narrower Q1 Loss

Shares of Barnwell Industries Inc. (BRN) are rallying over 94% in pre-market today, after the company reported a narrower loss for the first quarter, fueled by strong revenue growth.

The stock has been trading in the range of $0.30 - $2.68 for the past one year, and closed Monday's trade at $0.78, down 2 cents or 2.02%. BRN is currently trading at $1.47, up 71 cents or 94.32% in the pre-market session.

The company's Q2 net loss narrowed to $1.51 million or $0.18 per share from the previous year's loss of $2.13 million or $0.26 per share.

Revenues for the quarter increased to $4.58 million from $2.96 million generated a year ago.

Alexander Kinzler, Chief Executive Officer of Barnwell, said, "Our improved results for this quarter and six months include a $1,637,000 non-cash impairment of our oil and natural gas properties due to the negative impact on oil prices and the extreme uncertainties created by the COVID-19 pandemic during the three months ended March 31, 2020 on the Company's financial outlook and the Company's financial resources to develop our proved undeveloped reserves in the Twining area of Alberta, Canada."

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