<SEC-DOCUMENT>0000899681-19-000133.txt : 20191204
<SEC-HEADER>0000899681-19-000133.hdr.sgml : 20191204
<ACCEPTANCE-DATETIME>20191204115948
ACCESSION NUMBER:		0000899681-19-000133
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191203
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191204
DATE AS OF CHANGE:		20191204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARNWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000010048
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				720496921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		191267723

	BUSINESS ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 2900
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		808-531-8400

	MAIL ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 2900
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BMA CORP/TN
		DATE OF NAME CHANGE:	19770324

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARNWELL OFFSHORE INC
		DATE OF NAME CHANGE:	19671101
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>p19-0118_8k.htm
<DESCRIPTION>FORM 8K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Stroock
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, DC 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Current Report Pursuant to Section&#160;13 or 15(d)</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">of the Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">Date of Report (Date of earliest event reported):<font style="font-weight: bold;"> December 3, 2019</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
    <div style="text-align: center; font-size: 12pt;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z4ed830bc487443a4984b95c79201a8a4">

        <tr>
          <td style="width: 39.66%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Delaware</div>
          </td>
          <td style="width: 27.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">1-5103</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">72-0496921</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.66%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt;">(State or other jurisdiction of Incorporation)</div>
          </td>
          <td style="width: 27.01%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt;">(Commission File Number)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt;">(IRS Employer Identification No.)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">1100 Alakea Street, Suite 2900</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Honolulu, Hawaii&#160; 96813</div>
    <div style="text-align: center; font-size: 12pt;">(Address of Principal Executive Offices) (Zip Code)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">(808)&#160;531-8400</div>
    <div style="text-align: center; font-size: 12pt;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div style="text-align: justify;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z83e1c2e827914da68c10d0550b20f4de">

        <tr>
          <td style="width: 32.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Title of each class</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Trading Symbol(s)</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.01%; vertical-align: top;">
            <div style="text-align: center;">Common Stock, $0.50 Par Value</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 24%; vertical-align: top;">
            <div style="text-align: center;">BRN</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: center;">NYSE American</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb122891171e14db39166473ada9fed83">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">
            <div>[&#160;&#160;]</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">
            <div>[&#160;&#160;]</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">
            <div>[&#160;&#160;]</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">
            <div>[&#160;&#160;]</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;">&#160;</div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).&#160; Emerging growth company [&#160;&#160;]</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. [&#160;&#160;]</div>
    <div>
      <div style="margin-bottom: 2pt;"><br>
      </div>
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Item 7.01</u>&#160; <u>Regulation FD Disclosure</u>.</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">On December 3, 2019, Barnwell issued a press release providing an update on its oil and gas operations.</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">A copy of such press release is furnished as Exhibit 99.1 to this Current Report.</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;"><u>Item 9.01</u></font>&#160; <font style="font-weight: bold;"><u>Financial Statements and Exhibits</u></font><font style="font-weight: bold;">.</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 12pt;">Exhibits</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z2e52ebe980624e399d3c2fc87366dd2e">

        <tr>
          <td style="width: 24.94%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt;">Exhibit No.</div>
          </td>
          <td style="width: 75.06%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.94%; vertical-align: top;">
            <div style="font-size: 12pt;"><a href="p19-0118_ex991.htm">99.1</a></div>
          </td>
          <td style="width: 75.06%; vertical-align: top;">
            <div style="font-size: 12pt;">Press release dated December 3,&#160; 2019</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SIGNATURE</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
      authorized.</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Dated:&#160; December 4, 2019</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5ae82e3218c24db0944faf54512cce73">

        <tr>
          <td style="width: 38.55%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 61.45%; vertical-align: top;">
            <div style="font-size: 12pt;">BARNWELL INDUSTRIES, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38.55%; vertical-align: top;">&#160;</td>
          <td style="width: 5.95%; vertical-align: top;">
            <div style="font-size: 12pt;">By:</div>
          </td>
          <td colspan="2" style="width: 55.5%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div>
              <div style="font-size: 12pt;">&#160;/s/ Russell M. Gifford</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 38.55%; vertical-align: top;">&#160;</td>
          <td style="width: 5.95%; vertical-align: top;">&#160;</td>
          <td style="width: 9.04%; vertical-align: top;">
            <div style="text-indent: -18pt; margin-left: 18pt; font-size: 12pt;">Name:</div>
          </td>
          <td style="width: 46.46%; vertical-align: top;">
            <div style="text-indent: -18pt; margin-left: 18pt; font-size: 12pt;">Russell M. Gifford</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38.55%; vertical-align: top;">&#160;</td>
          <td style="width: 5.95%; vertical-align: top;">&#160;</td>
          <td style="width: 9.04%; vertical-align: top;">
            <div style="text-indent: -18pt; margin-left: 18pt; font-size: 12pt;">Title:</div>
          </td>
          <td style="width: 46.46%; vertical-align: top;">
            <div style="text-indent: 0.2pt; font-size: 12pt;">Executive Vice President and Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 24pt; font-size: 12pt;"><u>Exhibit Index</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb59fefa88af44c758c8b7682499e86c1">

        <tr>
          <td style="width: 24.94%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt;">Exhibit No.</div>
          </td>
          <td style="width: 75.06%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.94%; vertical-align: top;">
            <div style="font-size: 12pt;">99.1</div>
          </td>
          <td style="width: 75.06%; vertical-align: top;">
            <div style="font-size: 12pt;">Press release dated December 3, 2019</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>p19-0118_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Stroock
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div><img width="131" height="98" src="image0.jpg"></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 63pt; font-size: 18pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 72pt;"><font style="font-size: 18pt; font-weight: bold;"><u>P&#160; R&#160; E&#160; S&#160; S</u></font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="margin-left: 72pt; font-size: 12pt; font-weight: bold;">RELEASE</div>
    <div style="margin-left: 72pt;">1100 Alakea Street, Suite 2900</div>
    <div style="margin-left: 72pt;">Honolulu, Hawaii 96813</div>
    <div style="margin-left: 72pt;">Telephone (808) 531-8400</div>
    <div style="margin-left: 72pt;">Fax (808) 531-7181</div>
    <div style="margin-left: 72pt;">Website:&#160; www.brninc.com</div>
    <div><br>
    </div>
    <div>
      <div><font style="font-size: 12pt;">CONTACT:</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.21pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 12pt;">Alexander C. Kinzler</font></div>
      <div style="text-indent: 99pt; font-size: 12pt;">Chief Executive Officer and President</div>
      <div style="text-indent: 99pt; font-size: 12pt;">Russell M. Gifford</div>
      <div style="text-indent: 99pt; font-size: 12pt;">Executive Vice President and Chief Financial Officer</div>
      <div style="text-indent: 99pt; font-size: 12pt;">Tel: (808) 531-8400</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;"><br>
        <br>
        BARNWELL INDUSTRIES, INC. PROVIDES UPDATE</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">ON ITS OIL AND GAS OPERATIONS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">HONOLULU, HAWAII, December 3, 2019 -- Barnwell Industries, Inc. (NYSE American: BRN) is pleased to provide an
        update on recent developments with respect to its oil and gas operations. Production volumes are presented as &#8220;Boe&#8221; (Barrel of oil equivalent at the rate of 5.8 thousand cubic feet of natural gas per barrel of oil or natural gas liquid).</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="color: #000000;">Mr. Alexander
          Kinzler, Chief Executive Officer of Barnwell, commented, </font>&#8220;The first quarter of 2020 is proving to be the most exciting in recent memory for the Company as our oil and gas division has made substantial progress implementing our plans to
        increase production and revenues.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Company previously identified two horizontal well drilling opportunities that were set to proceed subject to
        market conditions and contingent on financing.&#160; We are pleased to report that due to improved commodity pricing and an asset sale described below we were able to drill and complete both wells without outside financing.</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z045bf340bd954abe86bb6337e4c61c44" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; margin-bottom: 12pt; color: #000000; font-family: Symbol, serif; font-size: 12pt;"><strike>&#8226;</strike></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;"><font style="color: #000000;">In </font>October<font style="color: #000000;"> 2019, we participated with a 28.3% working interest in the </font>drilling and completion of a successful horizontal<font style="color: #FF0000;">&#160;</font><font style="color: #000000;">Charlie Lake development well in the Spirit River area of Alberta. </font>This
                  well, operated by Tourmaline Oil Corp, has a horizontal section of more than 9,000 feet, and was completed with 46 fracture stages. This well was connected and equipped for production in mid-<font style="color: #000000;">November 2019, producing an average of </font>more than 1,000<font style="color: #000000;"> Boe per day </font>during its
                  first 2 full weeks on production. These initial production rates will be subject to normal well declines, but this initial production has exceeded our estimates and expectations.&#160; <font style="color: #000000;">Under the Alberta Modernized Royalty Framework, this well</font><font style="color: #FF0000;">&#160;</font>qualifies for an incentive
                  royalty rate of 5% for an initial period roughly equal to payout, which is expected to occur within 6 months.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z3f07269b560e434a85832293143aa62a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Also, in <font style="color: #000000;">November 2019, we </font>operated
                  the drilling and completion of <font style="color: #000000;">our first</font><font style="color: #FF0000;">&#160;</font>100%-owned
                  horizontal<font style="color: #000000;"> development well at Twining, Alberta. </font>This well has a 4,500-foot horizontal section, was completed in late November with 26
                  fracture stages and will soon be equipped and tied in to our nearby operated facilities. Further updates on Twining will be provided after the well has commenced production.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z904d343d6e6648d48c0b316d439decc5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; margin-bottom: 12pt; color: #000000; font-size: 12pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;"><font style="color: #000000;">Our net production for fiscal
                    2019 </font>doubled year over year,<font style="color: #000000;"> avera</font>ging<font style="color: #000000;"> 685 Boe per day for the full fiscal year 2019, as compared to 337 Boe per day for the full fiscal year 2018. </font>Current production is approximately 900 Boe per day.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z05af3f582fb4498e8ad1cc24250ee282" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; margin-bottom: 12pt; color: #000000; font-size: 12pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">In October 2019, we closed on the sale of assets in the Progress area of Alberta for cash proceeds of approximately
                  $600,000.&#160; Cash from this sale helped to fund our drilling activity.&#160; Included in this divestiture were two non-producing wells that were considered as liabilities<font style="color: #000000;">;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z2dcd5c338c424af4bc4b9a2cde8c2b90" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; margin-bottom: 12pt; color: #000000; font-family: Symbol, serif; font-size: 12pt;"><strike>&#8226;</strike></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">In October<font style="color: #000000;"> 2019, the Company
                    also closed on an acquisition of producing conventional oil interests in the central Alberta area for </font>cash consideration of $70,000, bringing the Company an additional 60 Boe per day with development upside plus some strategic
                  facility interests that we expect will&#160; improve the economics of an existing asset.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">These achievements in our first quarter of fiscal 2020 were years in the making and <font style="color: #000000;">have improved our oil and gas operations, added significant reserves and are expected to add significant new revenues as we go forward into fiscal 2020</font> and beyond.</div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The information contained in this press release contains &#8220;forward-looking statements,&#8221; within the meaning of the Private Securities
        Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.&#160; A forward-looking statement is one which is based on current expectations of future events or
        conditions and does not relate to historical or current facts.&#160; These statements include various estimates, forecasts, projections of Barnwell&#8217;s future performance, statements of Barnwell&#8217;s plans and objectives, and other similar statements.&#160;
        Forward-looking statements include phrases such as &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;predicts,&#8221; &#8220;estimates,&#8221; &#8220;assumes,&#8221; &#8220;projects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;will be,&#8221; &#8220;should,&#8221; or similar expressions.&#160; Although Barnwell believes
        that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved.&#160; Forward-looking statements involve risks, uncertainties and assumptions which
        could cause actual results to differ materially from those contained in such statements.&#160; The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell&#8217;s expectations are set forth in the
        &#8220;Forward-Looking Statements,&#8221; &#8220;Risk Factors&#8221; and other sections of Barnwell&#8217;s annual report on Form 10-K for the last fiscal year and Barnwell&#8217;s other filings with the Securities and Exchange Commission.&#160; Investors should not place undue reliance
        on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any
        forward-looking statements contained herein.</div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image0.jpg
<TEXT>
begin 644 image0.jpg
M_]C_X  02D9)1@ ! 0$ W #<  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #B 2X# 2(  A$! Q$!_\0
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M HHHH **** "BBB@ HHHH **** "L;Q5XCM/"?AJ]UJ]/[NVCW*F3F5SPJ#
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MX !)XKW_ ,$_L]64$$5[XOF>YN&4,=/@<K''D'(=U.6(RI^4J 0>6%>D>!/
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M\EI*463 'F(>4? )QN4JV,\9Q6?97EQI]];WMI(8KFWE6:*0 $JZG(//H0*
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M!Y#*NU#_ +M=G1T&!10 5B>,-4DT7P9K>I0W"6]Q;6,TD$CXP) AV<'@G=M
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MP!=XO#_CJ2-V1TM865E."I"3X((Z&O*?&-O#9^-]?M;==D$.I7$<:Y)PHD8
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MJSGCKCM6;X]N]=U-TU'7/!%OH4\LF&NX;">U\]CN8AM[%68DDDXW''7 KB:
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M:W^&\\LJ;4N-1EEB.?O*$C3/_?2L/PH ]:HHHH **** "BBB@ HHHH ****
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M- !1110 4444 %%%% !1110 4444 %%%% !1110 5X-^T+X(\ZVA\86,*!H
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MF)[GK@<#ISC) .OTOXN:UHGPX'A/3HQ;RK(^S4%DP\<3$L54 <-N)^?.0"<
M'!'GM%:WAOPWJGBO6H=*TBV::XDY8X.V),@%W/91D<^X')(% $_@_P *7_C/
MQ);Z-IXP\F6EF*DK#&/O.V.W0>Y('>O8OBWXEL/!/A"S^'/AN3#>1MNY!*?,
MBB)SM;;@;I"26Z?*?NX<8V=0U#P[\!/" T[3MM]XCOD#G?P96&1YDF.5B4D[
M5!R>0#]YA\VWEW/?WMQ>74IEN+B1I99&ZN['))^I- $-=%X&\*7/C3Q;9Z/
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M+-DGACC[U>&^)_@9XOT R365NFL6:DD26?\ K0N<#,1^;)ST7=CGF@#2\/\
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; 4444 %%%% !1110 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
