These excerpts taken from the BRN 10-K filed Apr 8, 2009.
Amendment No. 1
This Amendment No. 1 on Form 10-K/A (this Amendment) amends Barnwells Annual Report on Form 10-K for the year ended September 30, 2008, which Barnwell previously filed with the Securities and Exchange Commission (the SEC) on December 18, 2008 (the Original Report). We are filing this Amendment in response to a comment we received from the staff of the Division of Corporation Finance of the SEC in connection with the staffs review of the Original Report.
In preparing the Annual Report on Form 10-K for the fiscal year ended September 30, 2008, the Company followed the SECs guidance for smaller reporting companies set forth in Release Nos. 33-8876; 34-56994; and 39-2451. Under Item 302(b) of Regulation S-K, registrants engaged in oil and gas producing activities are required to present the information about oil and gas producing activities specified in paragraphs 9 through 34 of SFAS No. 69. However, Item 302(c) of Regulation S-K goes on to state that a registrant that qualifies as a smaller reporting company is not required to provide the information required by Item 302. As a smaller reporting company, Barnwell therefore did not provide the SFAS No. 69 disclosures in its Original Report.
In the Original Report, Barnwell provided disclosure of a number of the items required to be disclosed under SFAS No. 69 elsewhere in the Form 10-K including the net quantities of our interests in proved producing and total proved oil and natural gas reserves; changes in the net quantities of proved reserves of oil and natural gas during the year; oil and natural gas total capitalized costs and aggregate related accumulated depreciation and depletion; total oil and natural gas capital expenditures for fiscal 2008; oil and natural gas revenues, production costs, depreciation and depletion, and pre-tax results of operations; and the present value (discounted at 10%) of our estimated future net revenues from total proved oil, natural gas and natural gas liquids reserves.
Pursuant to a comment received by the SEC staff wherein the SEC staff acknowledged Barnwells interpretation of the regulations and notwithstanding Item 302(c) of Regulation S-K, Barnwell is filing this Amendment solely to incorporate the supplementary oil and natural gas information disclosures required under SFAS No. 69 in Note 21 of the Notes to Consolidated Financial Statements. As such, Item 8 - Financial Statements and Supplementary Data of this Form 10-K/A has been revised to include Note 21.
No other changes to the Original Report are included in this Amendment other than to provide currently-dated Exhibit Nos. 31.1, 31.2, and 32. Furthermore, this Form 10-K/A does not reflect events occurring after the filing of the Original Report. Accordingly, this Amendment should be read in conjunction with the Original Report and our other filings with the SEC subsequent to the filing of the Original Report.
Amendment No. 1
This Amendment No. 1
In preparing the Annual
In the Original Report,
Pursuant to a comment
No other changes to the