<SEC-DOCUMENT>0001437749-20-006078.txt : 20200325
<SEC-HEADER>0001437749-20-006078.hdr.sgml : 20200325
<ACCEPTANCE-DATETIME>20200325111755
ACCESSION NUMBER:		0001437749-20-006078
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200325
DATE AS OF CHANGE:		20200325
EFFECTIVENESS DATE:		20200325

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:		20740606

	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>brni20200324_defa14a.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
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	<title>brni20200324_defa14a.htm</title>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>Washington, D.C. 20549</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>SCHEDULE 14A</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>Proxy Statement Pursuant to Section 14(a)<br>
of the Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"><b>&nbsp;</b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Filed by the Registrant</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Filed by a Party other than the Registrant</p>
			</td>
			<td style="vertical-align:top;width:62.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Check the appropriate box:</p>
			</td>
		</tr>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&#9744;</p>
			</td>
			<td colspan="2" style="vertical-align:top;width:92.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Preliminary Proxy Statement</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&#9744;</p>
			</td>
			<td colspan="2" style="vertical-align:top;width:92.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6 (e)(2))</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">&#9744;</p>
			</td>
			<td colspan="2" style="vertical-align:top;width:92.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Definitive Proxy Statement</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&#9746;</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Definitive Additional Materials</p>
			</td>
		</tr>
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			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&#9744;</p>
			</td>
			<td colspan="2" style="vertical-align:top;width:92.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Soliciting Material Pursuant to &#167;240.14a-12</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin-bottom:0pt;margin-left:7.2pt;margin-right:9.2pt;margin-top:0pt;text-align:center;"><b>Barnwell Industries, Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:7.2pt;margin-right:9.2pt;margin-top:0pt;text-align:center;"><b>(Name of Registrant as Specified in Its Charter)</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:7.2pt;margin-right:9.2pt;margin-top:0pt;text-align:center;"><b>__________________________________________________________________________________<br>
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">Payment of Filing Fee (Check the appropriate box):</p>
			</td>
		</tr>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">&#9746;</p>
			</td>
			<td colspan="2" style="vertical-align:top;width:95%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">No fee required.</p>
			</td>
		</tr>
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			<td style="vertical-align:top;width:5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&#9744;</p>
			</td>
			<td colspan="2" style="vertical-align:top;width:95%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Fee computed on table below per Exchange Act rules 14a-6(i)(1) and 0-11.</p>
			</td>
		</tr>
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			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(1)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">Title of each class of securities to which transaction applies:</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(2)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">Aggregate number of securities to which transaction applies:</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(3)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(4)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">Proposed maximum aggregate value of transaction:</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(5)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Total fee paid:</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">&nbsp;</p>
			</td>
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		<tr>
			<td style="vertical-align:top;width:5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:5.2%;">&nbsp;</td>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Fee paid previously with preliminary materials.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:5.2%;">&nbsp;</td>
			<td style="vertical-align:top;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11 (a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(1)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Amount previously paid:</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(2)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Form, Schedule or Registration Statement No.:</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(3)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Filing Party:</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:5%;">&nbsp;</td>
			<td style="vertical-align:top;width:5.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">(4)</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:89.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">Date Filed:</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2pt;margin-top:0pt;text-align:justify;">&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">&nbsp;</p>

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

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-cell PGNUM">&nbsp;</div>
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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;">This filing contains a press release issued by Barnwell Industries, Inc., dated March 25, 2020.</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:center;"><b>*****</b></p>

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

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><img src="brni20200324_defa14aimg001.gif" style="width: 65pt; height: 64pt;"></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:justify;"><b>BARNWELL INDUSTRIES, INC.</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:justify;"><b>P R E S S</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:justify;">R &nbsp;E &nbsp;L&nbsp; E &nbsp;A &nbsp;S&nbsp; E</p>

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

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

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

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

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Website: www.brninc.com</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">CONTACT:</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Alexander C. Kinzler</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Chief Executive Officer and President</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Russell M. Gifford</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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:justify;">Tel: (808) 531-8400</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Leading Proxy Advisor Glass Lewis Recommends </b><b>Barnwell Industries, Inc. </b><b>Stockholders Vote FOR Company&#8217;s Entire Slate of Experienced Director Nominees on WHITE Proxy Card</b></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:center;"><i>Dissident Stockholders</i><i>&#8217; Plan &#8220;Lacks Key Details&#8221; and Dissident Nominees &#8220;Largely Lacking &#8230; Industry-Specific Expertise&#8221;</i><i> </i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">HONOLULU, HAWAII, March 25, 2020<b> </b>&#8211;&nbsp;Barnwell Industries, Inc. (&#8220;Barnwell&#8221; or the &#8220;Company&#8221;) (NYSE American: BRN) today announced that leading proxy advisor Glass Lewis has recommended that Barnwell stockholders vote FOR all of the Company&#8217;s slate of highly experienced director nominees on the WHITE proxy card at the Company&#8217;s upcoming Annual Meeting of Stockholders to be held on April 3, 2020. Stockholders of record as of February 24, 2020, are entitled to vote at the Annual Meeting.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">Mr. James S. Barnwell&nbsp;III, Chairman of the Board of Barnwell, commented, &#8220;We are gratified that Glass Lewis recognizes the extensive experience and relevant expertise of the Company&#8217;s Board nominees, including the three new nominees, in recommending that Barnwell stockholders vote FOR the entire Company&#8217;s slate on the WHITE proxy card. In contrast to the Company&#8217;s strong nominees who are committed to continuing a strategy that has begun to deliver positive results, Glass Lewis points out that the Dissidents&#8217; nominees lack industry-specific expertise and recognizes our argument that the Dissidents are attempting to gain control of Barnwell with a vague and flawed plan that would liquidate the Company&#8217;s assets at the bottom of the market.&#8221;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">In making its recommendation FOR the Company&#8217;s Board nominees, Glass Lewis concluded that:<sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#8220;The Management Nominees have a reasonably strong mix of relevant experience and expertise.&#8221;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#8220;Three of the seven individuals on the board&#8217;s slate are new external nominees, suggesting that the Company has already committed to a significant board refreshment this year.&#8221;</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">With respect to the Dissidents&#8217; misleading comments about the Company&#8217;s performance, Glass Lewis observed:</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#8220;The TSR [(Total Shareholder Return)] of the Company was better than the returns of the industry index and the median returns of the peer index over the corresponding [one-, three- and five-year] periods.&#8221;</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">Finally, Glass Lewis expressed significant concerns about the Dissidents&#8217; vague, flawed and potentially self-serving plan:</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#8220;[The Dissidents&#8217;] plan, as currently presented, lacks key details.&#8221;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#8220;It&#8217;s also unclear to us what type of business the Dissidents would seek to have the Company invest in beyond the lone criteria of one that generates free cash flows.&#8221;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#8220;We have serious doubts as to whether a fire-sale would represent an optimal alternative for the Company to undertake at this time, particularly considering the substantial volatility and uncertainty in the broader market due to the current COVID-19 global pandemic.&#8221;</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Stockholders are reminded to discard any blue proxy card they may receive from the Dissident stockholders. Their nominees would potentially risk the Company&#8217;s current progress and put into question its current strategy, partnerships and projects.</p>

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

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PLEASE VOTE TODAY ON THE WHITE PROXY CARD!</b></p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">If you have questions or need assistance in voting your shares, please contact:</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Morrow Sodali LLC</b><br>
(800) 662-5200 (toll-free in North America)<br>
+1 (203) 658-9400 (outside of North America)<br>
BRN@investor.morrowsodali.com</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><sup style="vertical-align:top;line-height:120%;font-size:pt">&nbsp;</sup></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup>Permission to quote from Glass Lewis&#8217;s report was neither sought nor obtained.</p>

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

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">Barnwell Industries, Inc. and its subsidiaries (&#8220;Barnwell&#8221; or the &#8220;Company&#8221;) 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"><br>
<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-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">Barnwell has filed and mailed to stockholders a definitive proxy statement on Schedule 14A and accompanying WHITE proxy card with the Securities and Exchange Commission (&#8220;SEC&#8221;) in connection with the solicitation of proxies from the Company&#8217;s stockholders with respect to its 2020 Annual Meeting of Stockholders. STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY&#8217;S PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;"><b>General Information Regarding Participants to the Solicitation</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top: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. Information regarding the direct and indirect interests, by security holdings or otherwise of the Company&#8217;s participants is set forth in the Company&#8217;s definitive proxy statement for the 2020 Annual Meeting of Stockholders filed with the SEC on March 2, 2020. The Company&#8217;s definitive proxy statement can be found on the SEC&#8217;s website at www.sec.gov or the Company&#8217;s website at www.brninc.com.</p>

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

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">This press 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&nbsp;Form&nbsp;10-K&nbsp;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 press release are qualified by these cautionary statements and are made only as of the date of this press 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:0pt;margin-top:0pt;text-align:justify;">&nbsp;</p>

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

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">Morrow Sodali LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">(800) 662-5200 (toll-free in North America)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">+1 (203) 658-9400 (outside of North America)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">BRN@investor.morrowsodali.com</p>

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

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

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

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">Dan Gagnier / Lindsay Barber</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">(646) 569-5897</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;">Barnwell@gagnierfc.com</p>

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


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