A subsidiary of Honolulu-based Barnwell Industries Inc. has reached an agreement with Alchemist Energy LeaseCo LP to acquire a 22.3% nonoperated working interest in oil and gas leasehold acreage in the Permian Basin in Texas, together with associated contracts, contract rights, joint venture interests and other related assets.

In connection with the purchase of such leasehold interests, Barnwell Texas LLC acquired a 15.4% nonoperated working interest in two planned oil wells in Texas.

The effective date of the agreement was Dec. 1.

The purchase price for the interest in the leasehold acreage was $805,651. In addition, Barnwell Texas was required to prepay $4.3 million for its share of the estimated costs to drill, complete and equip the wells.