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SUBSEQUENT EVENTS
12 Months Ended
Sep. 30, 2014
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

20.SUBSEQUENT EVENTS

 

In October 2014, Kaupulehu 2007 sold one residential parcel for $1,250,000 and received $343,000 in cash and a purchase money mortgage from the buyer for the remainder of the sales price. The mortgage is due 270 days from the closing date. Barnwell is required to use the proceeds from the sale of the lot to pay down the principal of its real estate loan.

 

In October 2014, Kaupulehu Developments received percentage of sales payments totaling $1,200,000 from the sale of six lots within Phase I of Increment I and two lots within Phase II of Increment I.

 

In October 2014, Barnwell entered into a Purchase and Sale Agreement with an independent third party and acquired additional interests in oil and natural gas properties located in the Progress area of Alberta, Canada, which closed on November 13, 2014. The purchase price per the agreement was adjusted at closing for preliminary purchase price adjustments to approximately $526,000 in order to, among other things, reflect an economic effective date of July 1, 2014. The final determination of the customary adjustments to the purchase price will be made by the parties approximately 180 days after closing.

 

Financial results from the above transactions will be reflected in Barnwell’s fiscal year ending September 30, 2015.