<SEC-DOCUMENT>0000899681-20-000027.txt : 20200623
<SEC-HEADER>0000899681-20-000027.hdr.sgml : 20200623
<ACCEPTANCE-DATETIME>20200623112627
ACCESSION NUMBER:		0000899681-20-000027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200623
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200623
DATE AS OF CHANGE:		20200623

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:		20980973

	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>p20-0036_8k.htm
<DESCRIPTION>FORM 8K
<TEXT>
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    <div style="text-align: center; line-height: 15.95pt; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 15.95pt; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">Washington, DC 20549</div>
    <div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;">
    </div>
    <div style="text-align: center; line-height: 20.5pt; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">Current Report Pursuant to Section&#160;13 or 15(d)</div>
    <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">of the Securities Exchange Act of 1934</div>
    <div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt;">Date of Report (Date of earliest event reported):<font style="font-weight: bold;"> June 23, 2020</font></div>
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    <div style="text-align: center; line-height: 27.35pt; font-size: 24pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
    <div style="text-align: center; line-height: 13.7pt;">(Exact Name of Registrant as Specified in its Charter)</div>
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            <div style="text-align: center; line-height: 13.7pt;">(State or other jurisdiction of Incorporation)</div>
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            <div style="text-align: center; line-height: 13.7pt;">(Commission File Number)</div>
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            <div style="text-align: center; line-height: 13.7pt;">(IRS Employer Identification No.)</div>
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    <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">1100 Alakea Street, Suite 2900</div>
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    <div style="text-align: center; line-height: 13.7pt;">(Address of Principal Executive Offices) (Zip Code)</div>
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    <div style="text-align: center; line-height: 13.7pt;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
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    <div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;">
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    <div style="text-align: justify; line-height: 11.4pt;">Securities registered pursuant to Section 12(b) of the Act:</div>
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            <div style="text-align: center; line-height: 11.4pt;">Common Stock, $0.50 Par Value</div>
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            <div style="text-align: center; line-height: 11.4pt;">BRN</div>
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            <div style="line-height: 11.4pt;">&#160;</div>
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    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt;">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>
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            <div style="line-height: 11.4pt;">[&#160;&#160;]</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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            <div style="line-height: 11.4pt;">&#160;</div>
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            <div style="line-height: 11.4pt;">[&#160;&#160;]</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div style="line-height: 11.4pt;">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 style="line-height: 11.4pt;">&#160;</div>
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            <div style="line-height: 11.4pt;">[&#160;&#160;]</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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            <div style="line-height: 11.4pt;">&#160;</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
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          <td style="width: 3.85%; vertical-align: top;">
            <div style="line-height: 11.4pt;">[&#160;&#160;]</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
        </tr>

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    <div style="text-align: justify; line-height: 11.4pt;">&#160;</div>
    <div style="text-align: justify; line-height: 11.4pt;">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>
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    <div style="text-align: justify; line-height: 11.4pt;">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
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          <div style="text-align: center; line-height: 15.95pt; font-size: 14pt; font-weight: bold;">&#160;</div>
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    <div style="line-height: 13.7pt; margin-bottom: 12pt; font-weight: bold;"><u>Item 2.02</u>&#160; <u>Results of Operations and Financial Condition</u>.</div>
    <div style="line-height: 13.7pt; margin-bottom: 12pt;">On June 23, 2020, Barnwell Industries, Inc. issued a press release announcing its financial results for its fiscal quarter ended March 31, 2020.&#160; A copy of such press release is furnished as
      Exhibit 99.1 to this Current Report.</div>
    <div style="line-height: 13.7pt; margin-bottom: 12pt;"><font style="font-weight: bold;"><u>Item 9.01</u></font>&#160; <font style="font-weight: bold;"><u>Financial Statements and Exhibits</u></font><font style="font-weight: bold;">.</font></div>
    <div style="line-height: 13.7pt; margin-bottom: 12pt;">(d)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Exhibits</div>
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            <div style="line-height: 13.7pt;"><u>Exhibit No.</u></div>
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            <div style="line-height: 13.7pt;"><u>Description</u></div>
          </td>
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          <td rowspan="1" style="width: 24.96%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 75.04%; vertical-align: top;">&#160;</td>
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          <td style="width: 24.96%; vertical-align: top;">
            <div style="line-height: 13.7pt;"><a href="p20-0036_ex991.htm">99.1</a></div>
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          <td style="width: 75.04%; vertical-align: top;">
            <div style="line-height: 13.7pt;">Press release dated June 23, 2020</div>
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    <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-weight: bold;">SIGNATURE</div>
    <div style="text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
      authorized.</div>
    <div style="line-height: 13.7pt; margin-bottom: 12pt;">Dated:&#160; June 23, 2020</div>
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          <td style="width: 45.04%; vertical-align: top;">&#160;</td>
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            <div style="line-height: 13.7pt;">BARNWELL INDUSTRIES, INC.</div>
          </td>
        </tr>
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          <td style="width: 45.04%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top; padding-bottom: 1px;">
            <div style="line-height: 13.7pt;">By:</div>
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          <td colspan="2" style="width: 48.35%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
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              <div style="line-height: 13.7pt;">/s/ Russell M. Gifford</div>
            </div>
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          <td style="width: 45.04%; vertical-align: top;">&#160;</td>
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            <div style="text-indent: -18pt; margin-left: 18pt; line-height: 13.7pt;">Name:</div>
          </td>
          <td style="width: 39.38%; vertical-align: top;">
            <div style="text-indent: -18pt; margin-left: 18pt; line-height: 13.7pt;">Russell M. Gifford</div>
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        <tr>
          <td style="width: 45.04%; vertical-align: top;">&#160;</td>
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            <div style="text-indent: -18pt; margin-left: 18pt; line-height: 13.7pt;">Title:</div>
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          <td style="width: 39.38%; vertical-align: top;">
            <div style="text-indent: 0.2pt; line-height: 13.7pt;">Executive Vice President and Chief Financial Officer</div>
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    <div style="text-align: center; line-height: 13.7pt; margin-bottom: 24pt;"><u>Exhibit Index</u></div>
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            <div style="line-height: 13.7pt;"><u>Exhibit No.</u></div>
          </td>
          <td style="width: 75.04%; vertical-align: top;">
            <div style="line-height: 13.7pt;"><u>Description</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.96%; vertical-align: top;">&#160;</td>
          <td style="width: 75.04%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.96%; vertical-align: top;">
            <div style="line-height: 13.7pt;"><a href="p20-0036_ex991.htm">99.1</a></div>
          </td>
          <td style="width: 75.04%; vertical-align: top;">
            <div style="line-height: 13.7pt;">Press release dated June 23, 2020</div>
          </td>
        </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>p20-0036_ex991.htm
<DESCRIPTION>PRESS RELEASE DATED JUNE 23, 2020
<TEXT>
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  <div style="text-align: right;"><u>Exhibit 99.1</u><br>
  </div>
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      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
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            <td style="width: 15.52%; vertical-align: top;" rowspan="2">
              <div style="line-height: 13.7pt;"><img width="86" height="85" src="image0.jpg"></div>
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            <td style="width: 54.31%; vertical-align: middle;" rowspan="2">
              <div style="line-height: 20.5pt; font-size: 18pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
            </td>
            <td style="width: 30.17%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="line-height: 25.1pt; font-size: 18pt; font-weight: bold;">P R E S S</div>
            </td>
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          <tr>
            <td style="width: 30.17%; vertical-align: top;">
              <div style="line-height: 14.8pt;">R&#160; E&#160; L&#160; E&#160; A&#160; S&#160; E</div>
              <div style="line-height: 11.4pt;">1100 Alakea Street, Suite 2900</div>
              <div style="line-height: 11.4pt;">Honolulu, Hawaii 96813</div>
              <div style="line-height: 11.4pt;">Telephone (808) 531-8400</div>
              <div style="line-height: 11.4pt;">Fax (808) 531-7181</div>
              <div style="line-height: 11.4pt;">Website: www.brninc.com</div>
            </td>
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      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
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            <td style="width: 22.48%; vertical-align: top;">
              <div style="line-height: 13.7pt;">CONTACT:</div>
            </td>
            <td style="width: 77.52%; vertical-align: top;">
              <div style="line-height: 13.7pt;">Alexander C. Kinzler</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.48%; vertical-align: top;">&#160;</td>
            <td style="width: 77.52%; vertical-align: top;">
              <div style="line-height: 13.7pt;">Chief Executive Officer and President</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.48%; vertical-align: top;">&#160;</td>
            <td style="width: 77.52%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 22.48%; vertical-align: top;">&#160;</td>
            <td style="width: 77.52%; vertical-align: top;">
              <div style="line-height: 13.7pt;">Russell M. Gifford</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.48%; vertical-align: top;">&#160;</td>
            <td style="width: 77.52%; vertical-align: top;">
              <div style="line-height: 13.7pt;">Executive Vice President and Chief Financial Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.48%; vertical-align: top;">&#160;</td>
            <td style="width: 77.52%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 22.48%; vertical-align: top;">&#160;</td>
            <td style="width: 77.52%; vertical-align: top;">
              <div style="line-height: 13.7pt;">Tel: (808) 531-8400</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.48%; vertical-align: top;">&#160;</td>
            <td style="width: 77.52%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">BARNWELL INDUSTRIES, INC. REPORTS RESULTS</div>
              <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">FOR THE SECOND QUARTER AND SIX MONTHS ENDED MARCH 31, 2020</div>
              <div style="line-height: 13.7pt;"><font style="line-height: 13.7pt;">&#160;</font></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt;">HONOLULU, HAWAII, June 23, 2020 -- Barnwell Industries, Inc. (NYSE American: BRN) today
        reported losses of $1,514,000, $0.18 per share, and $1,928,000, $0.23 per share, for the three and six months ended March 31, 2020, respectively, as compared to net losses of $2,125,000, $0.26 per share, and $6,725,000, $0.81 per share, for the
        three and six months ended March 31, 2019, respectively.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;">Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, &#8220;Our improved results for this quarter and
        six months include a $1,637,000 non-cash impairment of our oil and natural gas properties due to the negative impact on oil prices and the extreme uncertainties created by the COVID-19 pandemic during the three months ended March 31, 2020 on the
        Company&#8217;s financial outlook and the Company&#8217;s financial resources to develop our proved undeveloped reserves in the Twining area of Alberta, Canada.&#160; Therefore, such proved undeveloped reserves were not included in the ceiling test calculation for
        the three months ended March 31, 2020 as they were in prior ceiling test calculations.&#160; Oil prices also fell dramatically in March and April as a result of the Russian and Saudi Arabian oil price war but have since partially recovered through late
        May and early June.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;">&#8220;The reduction in the loss for the three months ended March 31, 2020 as compared to last year&#8217;s loss for the
        three months ended March 31, 2019 was largely due to a $1,336,000 gain, before taxes, in the current period from the sale of the Company&#8217;s leasehold interest in a contract drilling segment&#160; storage yard in Honolulu; whereas there was no such gain
        in last year&#8217;s quarter.&#160; Additionally, Barnwell&#8217;s contract drilling segment operating profit increased $1,035,000 due to increased drilling activity.&#160; Partially offsetting these were the aforementioned non-cash oil and natural gas property
        impairment which was $1,394,000 higher than the prior year&#8217;s quarter, and a $570,000 increase in general and administrative expenses due to increased legal, proxy solicitation and proxy advisory costs.&#160; On a positive note, the Company&#8217;s oil and
        natural gas production increased 33% and 9%, respectively, in the three months ended March 31, 2020 as compared to last year&#8217;s three months ended March 31, 2019 due largely to an oil well drilled in the Spirit River area in mid-November 2019.&#160;
        However, the Company&#8217;s share of recent net oil production in the first week of June 2020 from this well averaged approximately 39 barrels per day, a decline in production due to both natural declines as well as a higher royalty rate due to expiry
        of the royalty holiday.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;">&#8220;The decrease in the loss for the six months ended March 31, 2020 as compared to last year&#8217;s loss for the six
        months ended March 31, 2019 was due to the aforementioned $1,336,000 gain, before taxes; a $1,992,000 increase in Barnwell&#8217;s contract drilling segment operating profit due to increased drilling activity; a $1,226,000 increase in Barnwell&#8217;s oil and
        natural gas segment operating results, before impairments and income taxes, due primarily to a 16% increase in oil production and a 17% increase in oil prices; a $776,000 decrease in the non-cash impairment of our oil and natural gas properties;
        and a $518,000 increase in general and administrative expenses due to increased legal, proxy solicitation and proxy advisory costs.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;">&#8220;The new, 100% owned oil well drilled and completed in December 2019 in the Twining area began producing oil and
        natural gas in January 2020. This well contributed approximately 3,400 barrels of net oil production from January through March 2020, representing 8% of total net oil production for the three months ended March 31, 2020. Net oil production in the
        first week of June 2020 from this well averaged approximately 78 barrels per day.</div>
      <div style="line-height: 16.4pt;"><br style="line-height: 16.4pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;">&#8220;Barnwell ended the quarter with $2,041,000 in working capital which includes $3,386,000 in cash and cash
        equivalents.&#160; However, the Company is investigating potential sources of funding including non-core oil and gas property sales and the sale of its Hawaii corporate office in an attempt to mitigate the substantial doubt about our ability to continue
        as a going concern for one year from the date of the filing of our Quarterly Report on Form 10-Q for the period ended March 31, 2020, because of uncertainties regarding the potential duration and depth of the impacts of the COVID-19 pandemic on our
        business as described above.&#8221;</div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;">The information contained in this press release contains &#8220;forward-looking statements,&#8221; within the meaning of the
        Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.&#160; A forward-looking statement is one which is based on current expectations
        of future events or conditions and does not relate to historical or current facts.&#160; These statements include various estimates, forecasts, projections of Barnwell&#8217;s future performance, statements of Barnwell&#8217;s plans and objectives, and other
        similar statements.&#160; Forward-looking statements include phrases such as &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;predicts,&#8221; &#8220;estimates,&#8221; &#8220;assumes,&#8221; &#8220;projects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;will be,&#8221; &#8220;should,&#8221; or similar expressions.&#160; Although
        Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved.&#160; Forward-looking statements involve risks, uncertainties and
        assumptions which could cause actual results to differ materially from those contained in such statements.&#160; The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell&#8217;s expectations are set forth
        in the &#8220;Forward-Looking Statements,&#8221; &#8220;Risk Factors&#8221; and other sections of Barnwell&#8217;s annual report on Form 10-K for the last fiscal year and Barnwell&#8217;s other filings with the Securities and Exchange Commission.&#160; Investors should not place undue
        reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any
        forward-looking statements contained herein.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z033c3d3470bb4a9f80cfaf181c12284b">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="16">
              <div style="text-align: center; line-height: 13.7pt;">COMPARATIVE OPERATING RESULTS</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;" colspan="16">
              <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">(Unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="6">
              <div style="text-align: center; line-height: 13.7pt;">Three months ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="6">
              <div style="text-align: center; line-height: 13.7pt;">Six months ended</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; line-height: 13.7pt;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center; line-height: 13.7pt;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; line-height: 13.7pt; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; line-height: 13.7pt;">2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; line-height: 13.7pt;">2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #FFFFFF; vertical-align: top; width: 52%; padding: 0px 0px 4px;">
              <div style="line-height: 13.7pt;">Revenues</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">$</div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">4,582,000</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;" colspan="1">
              <div style="line-height: 13.7pt;">$</div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;" colspan="1">
              <div style="line-height: 13.7pt;">2,963,000</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">$</div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">9,432,000</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;" colspan="1">
              <div style="line-height: 13.7pt;">$</div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;" colspan="1">
              <div style="line-height: 13.7pt;">5,558,000</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 52%; padding: 0px 0px 4px;">
              <div style="line-height: 13.7pt;">Net loss attributable to</div>
              <div style="line-height: 13.7pt;">&#160;&#160;&#160; Barnwell Industries, Inc.</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">$</div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">(1,514,000</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">)</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;" colspan="1">
              <div style="line-height: 13.7pt;">$</div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;" colspan="1">
              <div style="line-height: 13.7pt;">(2,125,000</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;" colspan="1">
              <div style="line-height: 13.7pt;">)</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">$</div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">(1,928,000</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;" colspan="1">
              <div style="line-height: 13.7pt; font-weight: bold;">)</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%; padding: 0px 0px 4px;" colspan="1">&#160;</td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 1%;" colspan="1">
              <div style="line-height: 13.7pt;">$</div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 4px double; vertical-align: bottom; width: 9%; text-align: right;" colspan="1">
              <div style="line-height: 13.7pt;">(6,725,000</div>
            </td>
            <td style="background-color: #FFFFFF; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px;" colspan="1">
              <div style="line-height: 13.7pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td style="background-color: #FFFFFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
