Barnwell Industries, Inc. (BRN) saw its loss narrow to $0.62 million, or $0.07 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.61 million, or $0.19 a share.

Revenue during the quarter surged 93.18 percent to $3.03 million from $1.57 million in the previous year period.

Mr. Alexander Kinzler, chief executive officer of Barnwell, commented, "The loss for the quarter ended March 31, 2017 decreased significantly as compared to last year's three months ended March 31, 2016 as the Company's oil and natural gas operations experienced significantly higher prices. Natural gas and oil prices increased 141% and 96%, respectively, for the quarter ended March 31, 2017 as compared to the quarter ended March 31, 2016. Additionally, our oil production increased 14% for the quarter as compared to last year's second quarter due to several successful well restarts, and our contract drilling operation also performed better in the current year's period. "We are also pleased to announce that Barnwell commenced its next quarter with good news as in May we closed on the sale of the Company's New York office for approximately $2,370,000, net of costs which resulted in a gain of approximately $540,000 which will be recognized in our third quarter ended June 30, 2017."