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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Sep. 30, 2011
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS |
15. FAIR VALUE MEASUREMENTS Barnwell does not have any assets and liabilities that are required to be remeasured on a recurring basis. Certain of our assets and liabilities are reported at fair value in the accompanying balance sheets on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. The following table provides carrying value and fair value measurement information for nonrecurring fair value measurements recorded during the years ended September 30, 2011 and 2010:
|  |  |  | Fair Value Measurements Using*: |  |  |
|  | Carrying |  | Quoted |  | Significant |  |  |  | Total Reduction of |
|  | Amount |  | Prices in |  | Other |  | Significant |  | Carrying Value |
|  | as of |  | Active |  | Observable |  | Unobservable |  | for the |
|  | September 30, |  | Markets |  | Inputs |  | Inputs |  | year ended |
|  | 2011 |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | September 30, 2011 |
Investment in residential parcels |  | $ 2,331,000 |  | $ - |  | $ | 2,331,000 |  | $ | - |  | $ 689,000 |
Real estate held for sale |  | $ 12,640,000 |  | $ - |  | $ | 12,640,000 |  | $ | - |  | $ 418,000 |
Investment in joint ventures |  | $ 1,754,000 |  | $ - |  | $ | - |  | $ | 1,754,000 |  | $ 121,000 |
|  |  |  | Fair Value Measurements Using*: |  |  |
|  | Carrying |  | Quoted |  | Significant |  |  |  | Total Reduction of |
|  | Amount |  | Prices in |  | Other |  | Significant |  | Carrying Value |
|  | as of |  | Active |  | Observable |  | Unobservable |  | for the |
|  | September 30, |  | Markets |  | Inputs |  | Inputs |  | year ended |
|  | 2010 |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | September 30, 2010 |
Investment in residential parcels |  | $ 3,020,000 |  | $ - |  | $ 3,020,000 |  | $ - |  | $ 1,578,000 |
Real estate held for sale |  | $ 13,058,000 |  | $ - |  | $ 13,058,000 |  | $ - |  | $ 571,000 |
* The fair values included in the tables above represent only those assets whose carrying values were adjusted to fair value in each respective period. In determining the fair value of Barnwell’s investment in residential parcels and real estate held for sale, prices for comparable sales transactions were used by an independent real estate consulting and appraisal firm to estimate fair value. Such fair value measurements have been classified as Level 2 valuations. See Note 11 for further information regarding the reduction of carrying value of Barnwell’s investments. Barnwell estimates the fair value of asset retirement obligations based on the projected discounted future cash outflows required to settle abandonment and restoration liabilities. Such an estimate requires assumptions and judgments regarding the existence of liabilities, the amount and timing of cash outflows required to settle the liability, what constitutes adequate restoration, inflation factors, credit adjusted discount rates, and consideration of changes in legal, regulatory, environmental and political environments. Abandonment and restoration cost estimates are determined in conjunction with Barnwell’s reserve engineers based on historical information regarding costs incurred to abandon and restore similar well sites, information regarding current market conditions and costs, and knowledge of subject well sites and properties. Asset retirement obligation fair value measurements in the current period were Level 3 fair value measurements. See Note 6 for further information regarding changes in the asset retirement obligation liability.

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