<SEC-DOCUMENT>0001437749-20-003602.txt : 20200226
<SEC-HEADER>0001437749-20-003602.hdr.sgml : 20200226
<ACCEPTANCE-DATETIME>20200226163017
ACCESSION NUMBER:		0001437749-20-003602
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20200226
DATE AS OF CHANGE:		20200226
EFFECTIVENESS DATE:		20200226

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		20656167

	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>DEFA14A
<SEQUENCE>1
<FILENAME>brni20200226_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>UNITED STATES</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>Washington, DC 20549</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>Current Report Pursuant to Section&nbsp;13 or 15(d)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>of the Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;">Date of Report (Date of earliest event reported):<b> </b><b>February </b><b>26</b><b>, 2020</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:24pt;margin:0pt;text-align:center;"><b>BARNWELL INDUSTRIES, INC.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;">(Exact Name of Registrant as Specified in its Charter)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>Delaware</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>1-5103</b></p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 35%; font-family: &quot;Times New Roman&quot;; font-size: 12pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>72-0496921</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;">(State or other jurisdiction of Incorporation)</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;">(Commission File Number)</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;">(IRS Employer Identification No.)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>1100 Alakea Street, Suite 2900</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>Honolulu, Hawaii 96813</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;">(Address of Principal Executive Offices) (Zip Code)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;"><b>(808)&nbsp;531-8400</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center;">(Registrant&#8217;s Telephone Number, Including Area Code)</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Securities registered pursuant to Section 12(b) of the Act:</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Common Stock, $0.50 Par Value</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">BRN</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">NYSE American</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;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:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="vertical-align:top;width:3.8%;">&#9744;</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9746;</p>
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			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<td style="vertical-align:top;width:3.8%;">&#9744;</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;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). Emerging growth company &#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;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. &#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><b>Item 2.02</b></u><b> </b><u><b>Results of Operations and Financial Condition</b></u>.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The information set forth under &#8220;Item 8.01 Other Events&#8221; below is hereby incorporated by reference to this Item 2.02.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><b>Item </b></u><u><b>8</b></u><u><b>.0</b></u><u><b>1</b></u><b> </b><u><b>Other Events</b></u><b>.</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On February 26, 2020, the Company issued a press release announcing updates on recent developments with respect to its businesses and operations. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><b>Item 9.01</b></u> <u><b>Financial Statements and Exhibits</b></u><b>.</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Exhibit No.</u></p>
			</td>
			<td style="vertical-align: top; width: 88%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Description</u></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">99.1</p>
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			<td style="vertical-align: top; width: 88%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_174308.htm" style="-sec-extract:exhibit;">Press release dated February&nbsp;26, 2020</a></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Important Additional Information and Where to Find It</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company&#8217;s 2020 annual meeting of stockholders (the &#8220;2020 Annual Meeting&#8221;).&nbsp; On February 14, 2020, the Company filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) in connection with the solicitation of proxies for the 2020 Annual Meeting.&nbsp;&nbsp; Prior to the 2020 Annual Meeting, the Company will furnish a definitive proxy statement to its stockholders (the &#8220;2020 Proxy Statement&#8221;), together with a WHITE proxy card.&nbsp; STOCKHOLDERS ARE URGED TO READ THE 2020 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the preliminary proxy statement for the 2020 Annual Meeting and will be set forth in the 2020 Proxy Statement and other materials to be filed with the SEC in connection with the 2020 Annual Meeting. Stockholders will be able to obtain, free of charge, copies of the 2020 Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company with the SEC in connection with the 2020 Annual Meeting at the SEC&#8217;s website (<u>http://www.sec.gov</u>), under the &#8220;Corporate Information&#8221; tab at the Company&#8217;s website (<u>http://www.brninc.com</u>) or by contacting Investor Relations by phone at&nbsp;800-531-8400,&nbsp;by email at <u>barnwellinfo@brninc.com</u> or by mail at Barnwell Industries, Inc., Attn: Investor Relations, 1100 Alakea Street, Suite 2900, Honolulu, Hawaii 96813. In addition, copies of the proxy materials, when available, may be requested from the Company&#8217;s proxy solicitor, Morrow Sodali, at&nbsp;203-658-9400&nbsp;or toll-free at&nbsp;800-662-5200.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Safe Harbor for Forward-Looking Statements</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">This Current Report on Form 8-K contains &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;project,&#8221; &#8220;estimate,&#8221; &#8220;guidance,&#8221; &#8220;possible,&#8221; &#8220;continue&#8221; and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in &#8220;Risk Factors&#8221; and elsewhere in the Company&#8217;s Annual Report on Form&nbsp;10-K for the year ended September 30, 2019 and subsequent filings with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All forward-looking statements contained in this Current Report on Form 8-K are qualified by these cautionary statements and are made only as of the date of this Current Report on Form 8-K. The Company does not undertake any obligation to update or revise these forward-looking statements except as required by law.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>SIGNATURE</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Dated: February 26, 2020</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">BARNWELL INDUSTRIES, INC.</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Russell M. Gifford</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:0.2pt;">Executive Vice President and Chief Financial Officer</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>Exhibit Index</u></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Description</u></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">99.1</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Press release dated February 26, 2020</p>
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			<p style="margin: 0pt; font-family: Times New Roman; font-size: 18pt;"><b>BARNWELL INDUSTRIES, INC</b><b>.</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin-bottom:0pt;margin-left:9pt;margin-top:0pt;text-align:left;"><u><b>P R E S S</b></u></p>

			<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt 10.8pt 0pt 9.35pt; text-align: left;"><b>RELEASE</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9.35pt;margin-right:0pt;margin-top:0pt;text-align:left;">1100 Alakea Street, Suite 2900</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9.35pt;margin-right:0pt;margin-top:0pt;text-align:left;">Honolulu, Hawaii 96813</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9.35pt;margin-right:0pt;margin-top:0pt;text-align:left;">Telephone (808) 531-8400</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9.35pt;margin-right:0pt;margin-top:0pt;text-align:left;">Fax (808) 531-7181</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9.35pt;margin-right:0pt;margin-top:0pt;text-align:left;">Website: www.brninc.com</p>
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			<td style="width: 15%;">CONTACT:&nbsp;</td>
			<td style="width: 85%;">Alexander C. Kinzler</td>
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			<td style="width: 85%;">Chief Executive Officer and President</td>
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			<td style="width: 85%;">Russell M. Gifford</td>
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			<td style="width: 85%;">Executive Vice President and Chief Financial Officer</td>
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			<td style="width: 85%;">Tel: (808) 531-8400</td>
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<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: center;"><b>BARNWELL INDUSTRIES, INC.</b><b> PROVIDES</b></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: center;"><b>UPDATE ON ITS OPERATIONS</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">HONOLULU, HAWAII, February 26, 2020 -- Barnwell Industries, Inc. (&#8220;Barnwell&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221; or &#8220;our&#8221;) (NYSE American: BRN) is pleased to provide an update on recent developments with respect to its businesses and 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).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, &#8220;The results we recently released for our first fiscal quarter of 2020 showed a 90% improved bottom line, operating profits in our oil and gas and water well company divisions and demonstrate our continued progress in implementing our plans to increase production and revenues.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&#8220;Just prior to the end of fiscal 2019, we participated with a 28.3% interest in a horizontal well in the Spirit River area of Alberta. This well commenced drilling in late September 2019, came on production in mid-November 2019 and has proven to be one of the best wells drilled in Alberta in the past year and, thus far, one of the most productive wells that Barnwell has been part of in its history. In only 3 months, this well has produced over 65,000 barrels of oil and 160,000 thousand cubic feet (&#8220;Mcf&#8221;) of natural gas, of which Barnwell&#8217;s share was 18,000 barrels and 45,000 Mcf, respectively. Based upon the current production rate and trend, we expect to achieve payout on the capital invested in this well in the second quarter of fiscal 2020. This well is currently producing about 400 barrels per day of oil and 1,500 Mcf per day of gas, of which Barnwell&#8217;s share is about 113 barrels per day of oil and 425 Mcf per day of gas.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&#8220;In August 2018, we acquired a significant asset base in the Twining field in Central Alberta. Barnwell was very selective in its search for a new area that fit our criteria and was very fortunate to acquire the Twining asset. We feel that there is significant oil to be recovered at Twining through modern horizontal drilling and multi-stage fracing techniques. We have acquired rights to roughly 30% of the pool and have identified over 50 drilling locations within the Twining field that we believe could be developed using such modern techniques over the next several years. We have strategic facilities to handle this incremental production. We drilled our first operated horizontal well in Twining in the first quarter of fiscal 2020 (Barnwell has 100% interest in the well), completed it with 26 frac stages and connected it for production. Oil and gas production rates have been steadily increasing as the load water is recovered, and we are currently producing about 70 Boe/d net to Barnwell.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&#8220;The Twining acquisition and the above-mentioned drilling activities, combined with ongoing asset acquisitions, have contributed to significant positive growth in our oil and gas production over the past 2 years, with production for the fiscal quarter ending December 31, 2019 of 69,000 Boe. We also are currently marketing all of our older, non-core &#8220;legacy&#8221; properties, which includes our interest in the well in the Spirit River area of Alberta, in a brokered process. Since 2014, we have generated over $30 million through asset sales and paid off our debt, while reducing our asset retirement obligations. It is our intention that a significant portion of any proceeds from such sales would be used to re-invest in Twining.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&#8220;Our Water Resources International, Inc. contracting subsidiary had an excellent fiscal 2019, and we expect that it will have an even better fiscal 2020. This improvement was primarily due to a new well drilling contract that is based on a fixed rate per day or hour, depending upon the activity, as opposed to the Company&#8217;s typical contract that is based on a fixed price per lineal foot drilled. Also, this contract includes revenues from a contract payment that was used to fund the Company&#8217;s purchase of a new drilling rig and ancillary equipment, which will be available for use on other future jobs with other customers after this contract is completed. We expect significantly higher revenues under this contract during fiscal 2020. Additionally, the Company has a backlog of drilling and pump installation and repair contracts of approximately $11,000,000 at February 1, 2020, of which $8,000,000 is expected to be realized in fiscal 2020, which may make this segment&#8217;s operating profit substantially higher in fiscal 2020 as compared to fiscal 2019.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&#8220;These fiscal 2020 achievements were years in the making and have improved our oil and gas operations, added significant reserves and are expected to add significant new revenues through fiscal 2020 and beyond.&#8221;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>About Barnwell Industries, Inc.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Barnwell Industries, Inc. and its subsidiaries are principally engaged in oil and natural gas exploration, development, production and sales in Canada; investing in leasehold interests in real estate in Hawaii; and well drilling services and water pumping system installation and repairs in Hawaii.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Important Additional Information and Where to Find It</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company&#8217;s 2020 annual meeting of stockholders (the &#8220;<u>2020 Annual Meeting</u>&#8221;).&nbsp; On February 14, 2020, the Company filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) in connection with the solicitation of proxies for the 2020 Annual Meeting.&nbsp;&nbsp; Prior to the 2020 Annual Meeting, the Company will furnish a definitive proxy statement to its stockholders (the &#8220;<u>2020 Proxy Statement</u>&#8221;), together with a WHITE proxy card.&nbsp; STOCKHOLDERS ARE URGED TO READ THE 2020 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the preliminary proxy statement for the 2020 Annual Meeting and will be set forth in the 2020 Proxy Statement and other materials to be filed with the SEC in connection with the 2020 Annual Meeting. Stockholders will be able to obtain, free of charge, copies of the 2020 Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company with the SEC in connection with the 2020 Annual Meeting at the SEC&#8217;s website (<u>http://www.sec.gov</u>), under the &#8220;Corporate Information&#8221; tab at the Company&#8217;s website (<u>http://www.brninc.com</u>) or by contacting Investor Relations by phone at&nbsp;800-531-8400,&nbsp;by email at <u>barnwellinfo@brninc.com</u> or by mail at Barnwell Industries, Inc., Attn: Investor Relations, 1100 Alakea Street, Suite 2900, Honolulu, Hawaii 96813. In addition, copies of the proxy materials, when available, may be requested from the Company&#8217;s proxy solicitor, Morrow Sodali, at&nbsp;203-658-9400&nbsp;or toll-free at&nbsp;800-662-5200.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Safe Harbor for Forward-Looking Statements</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This release contains &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;project,&#8221; &#8220;estimate,&#8221; &#8220;guidance,&#8221; &#8220;possible,&#8221; &#8220;continue&#8221; and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in &#8220;Risk Factors&#8221; and elsewhere in the Company&#8217;s Annual Report on Form&nbsp;10-K for the year ended September 30, 2019 and subsequent filings with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All forward-looking statements contained in this release are qualified by these cautionary statements and are made only as of the date of this release. The Company does not undertake any obligation to update or revise these forward-looking statements except as required by law.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">3</p>


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"_]D!

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