<SEC-DOCUMENT>0000899681-19-000137.txt : 20191217
<SEC-HEADER>0000899681-19-000137.hdr.sgml : 20191217
<ACCEPTANCE-DATETIME>20191217163554
ACCESSION NUMBER:		0000899681-19-000137
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191216
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191217
DATE AS OF CHANGE:		20191217

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:		191290183

	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>p19-0119_8k.htm
<DESCRIPTION>FORM 8K
<TEXT>
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                <div>&#160;</div>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;"> <br>
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    <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>
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    <div style="text-align: center; font-size: 12pt;">Date of Report (Date of earliest event reported):<font style="font-weight: bold;"> December 16, 2019</font></div>
    <div><br>
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    <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>
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            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Delaware</div>
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          <td style="width: 27.01%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">1-5103</div>
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            <div style="text-align: center; font-size: 12pt; font-weight: bold;">72-0496921</div>
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            <div style="text-align: center; font-size: 12pt;">(State or other jurisdiction of Incorporation)</div>
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            <div style="text-align: center; font-size: 12pt;">(Commission File Number)</div>
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            <div style="text-align: center; font-size: 12pt;">(IRS Employer Identification No.)</div>
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    <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>
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    <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>
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    <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div style="text-align: justify;">&#160;</div>
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            <div style="text-align: center;">Title of each class</div>
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            <div>&#160;</div>
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            <div style="text-align: center;">Trading Symbol(s)</div>
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            <div>&#160;</div>
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            <div style="text-align: center;">Name of each exchange on which registered</div>
          </td>
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          <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>
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            <div style="text-align: center;">BRN</div>
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          <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>
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    </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>
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            <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>
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          <td style="width: 3.85%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>&#160;</div>
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          <td style="width: 3.85%; vertical-align: top;">
            <div>[&#160;&#160;]</div>
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          <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>
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          <td style="width: 3.85%; vertical-align: middle;">
            <div>&#160;</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div>&#160;</div>
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          <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>
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          <td style="width: 3.85%; vertical-align: middle;">
            <div>&#160;</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div>&#160;</div>
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          <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>
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    <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>
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          <div style="text-align: center; font-size: 14pt; font-weight: bold;">&#160;</div>
        </div>
      </div>
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
    </div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><u>Item 2.02</u></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 72pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;"><u>Results of Operations and Financial Condition</u>.</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">On December 16, 2019, Barnwell Industries, Inc. issued a press release announcing its financial results for its fiscal year ended September 30, 2019.&#160;</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">A copy of such press release is furnished as Exhibit 99.1 to this Current Report.</div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><u>Item 9.01</u></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 72pt; font-family: 'Times New Roman';">&#160;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><u>Financial Statements and Exhibits</u>.</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt; font-family: 'Times New Roman';">&#160;</font><font style="font-family: 'Times New Roman';">Exhibits</font></div>
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            <div><u>Exhibit No.</u></div>
          </td>
          <td style="width: 85%; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Description</u></div>
          </td>
        </tr>
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          <td style="width: 15%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
          <td style="width: 85%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
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          <td style="width: 15%; vertical-align: top; font-family: 'Times New Roman';">
            <div>99.1</div>
          </td>
          <td style="width: 85%; vertical-align: top; font-family: 'Times New Roman';">
            <div>Press release dated December 16, 2019</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman';"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman';"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman';">SIGNATURE</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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-family: 'Times New Roman';">
      <div style="margin-bottom: 12pt;">Dated:&#160; December 16, 2019</div>
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            <td style="width: 43.53%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
            <td colspan="3" style="width: 56.47%; vertical-align: top; font-family: 'Times New Roman';">
              <div>BARNWELL INDUSTRIES, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.53%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
            <td colspan="3" style="width: 56.47%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
          </tr>
          <tr>
            <td style="width: 43.53%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
            <td colspan="3" style="width: 56.47%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
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          <tr>
            <td style="width: 43.53%; vertical-align: top; font-family: 'Times New Roman'; padding-bottom: 1px;">&#160;</td>
            <td style="width: 7.49%; vertical-align: top; font-family: 'Times New Roman'; padding-bottom: 1px;">
              <div>By:</div>
            </td>
            <td colspan="2" style="width: 48.99%; vertical-align: top; font-family: 'Times New Roman'; border-bottom: 1px solid rgb(0, 0, 0);">
              <div>/s/ Russell M. Gifford</div>
            </td>
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          <tr>
            <td style="width: 43.53%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
            <td style="width: 7.49%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
            <td style="width: 8.94%; vertical-align: top; font-family: 'Times New Roman';">
              <div style="text-indent: -18pt; margin-left: 18pt;">Name:</div>
            </td>
            <td style="width: 40.05%; vertical-align: top; font-family: 'Times New Roman';">
              <div>Russell M. Gifford</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43.53%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
            <td style="width: 7.49%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
            <td style="width: 8.94%; vertical-align: top; font-family: 'Times New Roman';">
              <div>Title:</div>
            </td>
            <td style="width: 40.05%; vertical-align: top; font-family: 'Times New Roman';">
              <div>Executive Vice President and Chief Financial Officer</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 24pt;"><u> <br>
        </u></div>
      <div style="text-align: center; margin-bottom: 24pt;"><u> Exhibit Index</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8765e6a537d94a7ebfc1d16c04a41dff">

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            <td style="width: 15%; vertical-align: top; font-family: 'Times New Roman';">
              <div><u>Exhibit No.</u></div>
            </td>
            <td style="width: 85%; vertical-align: top; font-family: 'Times New Roman';">
              <div><u>Description</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
            <td style="width: 85%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top; font-family: 'Times New Roman';">
              <div>99.1</div>
            </td>
            <td style="width: 85%; vertical-align: top; font-family: 'Times New Roman';">
              <div>Press release dated December 16, 2019</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"> <br>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>p19-0119_ex991.htm
<DESCRIPTION>PRESS RELEASE DATED DECEMBER 16, 2019
<TEXT>
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            <div>&#160; <img src="image00001.jpg"></div>
          </td>
          <td style="width: 50%;">
            <div>&#160;<br>
              <div style="text-align: left; font-size: 18pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
            </div>
          </td>
          <td style="width: 38%; text-align: left;">
            <div><font style="font-size: 18pt; font-weight: bold;"><u>P&#160; R&#160; E&#160; S&#160; S</u></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 81pt">&#160;</font></div>
            <div style="font-size: 12pt; font-weight: bold;">RELEASE</div>
            <div style="margin-bottom: 3pt;">1100 Alakea Street, Suite 2900</div>
            <div style="margin-bottom: 3pt;">Honolulu, Hawaii 96813</div>
            <div style="margin-bottom: 3pt;">Telephone (808) 531-8400</div>
            <div style="margin-bottom: 3pt;">Fax (808) 531-7181</div>
            <div style="margin-bottom: 3pt;">Website: www.brninc.com</div>
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    <table cellspacing="0" cellpadding="0" id="z77f434f4a0a043d2a28ff2be491861de" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18.98%; vertical-align: top;">
            <div style="font-size: 12pt;">CONTACT:</div>
          </td>
          <td style="width: 81.02%; vertical-align: top;">
            <div style="font-size: 12pt;">Alexander C. Kinzler</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.98%; vertical-align: top;">&#160;</td>
          <td style="width: 81.02%; vertical-align: top;">
            <div style="font-size: 12pt;">Chief Executive Officer and President</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.98%; vertical-align: top;">&#160;</td>
          <td style="width: 81.02%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 18.98%; vertical-align: top;">&#160;</td>
          <td style="width: 81.02%; vertical-align: top;">
            <div style="font-size: 12pt;">Russell M. Gifford</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.98%; vertical-align: top;">&#160;</td>
          <td style="width: 81.02%; vertical-align: top;">
            <div style="font-size: 12pt;">Executive Vice President and Chief Financial Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.98%; vertical-align: top;">&#160;</td>
          <td style="width: 81.02%; vertical-align: top;">
            <div style="font-size: 12pt;">Tel:&#160; (808) 531-8400</div>
          </td>
        </tr>

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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"><u>BARNWELL INDUSTRIES, INC. REPORTS</u><br>
      <font style="font-weight: bold;"><u>YEAR-END AND FOURTH QUARTER RESULTS</u></font></div>
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    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">HONOLULU, HAWAII, December 16, 2019 -- Barnwell Industries, Inc. (NYSE American: BRN) today reported a net loss of $12,414,000, $1.50 per share, for the year ended September 30,
      2019, as compared to a net loss of $1,770,000, $0.21 per share, for the year ended September 30, 2018.&#160; For the quarter ended September 30, 2019, Barnwell reported a net loss of $4,324,000, $0.52 per share, as compared to a net loss of $1,058,000,
      $0.13 per share, for the quarter ended September 30, 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, &#8220;The increase in the loss for the year ended September 30,&#160;2019 as compared to the year
      ended September 30, 2018 was primarily due to the following factors: a $5,710,000 non-cash impairment of our oil and gas properties during the current year due to lower commodity prices in 2019 as compared to 2018; a $2,255,000 gain recognized last
      year primarily from the sale of oil properties in the Red Earth area; a $1,443,000 decrease in land investment segment operating profit, before income taxes and non-controlling interests&#8217; share of such profits, due to a decrease in sale proceeds
      received as compared to the prior year period and a $499,000 decrease in equity in income from affiliates as a result of decreased operating results of the Kukio Resort Land Development Partnerships.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;The loss for the three months ended September 30,&#160;2019 as compared to last year&#8217;s loss for the three months ended September 30, 2018 was due to a $3,729,000
      decrease in operating results in our oil and natural gas segment, due largely to a $3,297,000 non-cash impairment of its oil and gas properties during the three-month period due to lower oil prices in 2019 than 2018; there was no impairment in the
      same period in fiscal 2018.&#160; Additionally, there was a $335,000 decrease in land investment operating profit, partially offset by a $442,000 increase in contract drilling operating results, and a $468,000 decrease in general and administrative
      expenses.&#160; This decrease in fourth quarter general and administrative expenses reflects managements&#8217; efforts, which are continuing, to reduce these costs.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;Barnwell had working capital of $3,936,000, including cash and cash equivalents of $4,613,000, at September 30, 2019.&#160; In October 2019, we closed on the sale of
      assets in the Progress area of Alberta for cash proceeds of approximately $600,000, in order to help fund our drilling activity in fiscal 2020.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;As part of our ongoing program to reduce general and administrative expense, we are taking steps to freeze our Pension Plan and supplemental Pension Plan with
      an eye towards terminating them thereafter.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;In October 2019, we participated with a 28.3% working interest in the drilling and completion of a successful horizontal Charlie Lake development well in the
      Spirit River area of Alberta which commenced production in mid-November 2019 of approximately 1,000 Boe per day during its first three full weeks on production (283 Boe per day for the Company&#8217;s interest).&#160; These initial production rates will be
      subject to normal well declines, but this initial production has exceeded our estimates and expectations.&#160; In addition, in November 2019, we operated the drilling and completion of our first 100%-owned horizontal development well at Twining,
      Alberta.&#160; This well will soon be equipped and tied in to our nearby operated facilities.&#160; Further updates on Twining will be provided after the well has commenced production. The positive impact of new production from the Spirit River well will begin
      to be reflected in our first quarter of fiscal 2020 ending December 31, 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;Our 2019 results were significantly impacted by the unprecedented oil price differential that led to a large drop in Canadian oil prices in November and
      December 2018 and January 2019.&#160; In December 2018, the Alberta Government enacted oil production curtailments that alleviated the oil price differential issue, and prices have been relatively stable since.&#160; Unfortunately, Barnwell is required to use
      those low prices in our ceiling test calculation which contributed to a large impairment, however, current commodities prices are now higher than last year.&#160; Assuming that these commodity prices continue at or near this level, we project much better
      results for fiscal 2020.&#8221;</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>
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              <div style="text-align: center; font-weight: bold; text-indent: 36pt;">COMPARATIVE OPERATING RESULTS</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" colspan="16" style="vertical-align: top;">
              <div style="text-align: center; font-size: 12pt; font-weight: bold; text-indent: 36pt;">(Unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
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            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: top;">
              <div style="text-align: center;">Year ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: top;">
              <div style="text-align: center;">Three months ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div style="text-align: center;">September 30,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div style="text-align: center;">September 30,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; font-weight: bold;"> 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
              <div style="text-align: center;">2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">
              <div style="text-align: center;">2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #FFFFFF; vertical-align: top; width: 52%; padding: 0px 0px 4px;">
              <div>Revenues</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div style="font-weight: bold;">12,075,000</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div>9,368,000</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div><font style="font-weight: bold;">$</font></div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div><font style="font-weight: bold;">3,108,000</font></div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div>2,369,000</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #FFFFFF; vertical-align: top; width: 52%; padding: 0px 0px 4px;">
              <div>Net loss</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div style="font-weight: bold;">(12,414,000</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">
              <div style="font-weight: bold;">)</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div>(<font style="font-family: 'Times New Roman', serif; font-size: 2pt;"></font>1,770,000</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">
              <div>)</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div style="font-weight: bold;">(4,324,000</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">
              <div style="font-weight: bold;">)</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div>(1,058,000</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #FFFFFF; vertical-align: top; width: 52%; padding: 0px 0px 4px;">
              <div>Loss per share &#8211;<br>
                &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;basic and diluted</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div style="font-weight: bold;">$</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;">
              <div style="font-weight: bold;">(1.50</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;">
              <div style="font-weight: bold;">)</div>
            </td>
            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">
              <div>$</div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
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            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;">&#160;</td>
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              <div>8,277,160</div>
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