<SEC-DOCUMENT>0001140361-20-028197.txt : 20201214
<SEC-HEADER>0001140361-20-028197.hdr.sgml : 20201214
<ACCEPTANCE-DATETIME>20201211211226
ACCESSION NUMBER:		0001140361-20-028197
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201211
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201214
DATE AS OF CHANGE:		20201211

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:		201384933

	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>brhc10017913_8k.htm
<DESCRIPTION>8-K
<TEXT>
<html>
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         Document created using EDGARfilings PROfile 7.3.0.0
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    <div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, DC 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Current Report Pursuant to Section 13 or 15(d)</div>
      <div style="text-align: center; font-weight: bold;">of the Securities Exchange Act of 1934</div>
      <div><br>
      </div>
      <div style="text-align: center;">Date of Report (Date of earliest event reported):<font style="font-weight: bold;"> December 11, 2020</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
      <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="ze477cd370ee34ec49bd7e5ef01f521fd" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Delaware</div>
            </td>
            <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">1-5103</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">72-0496921</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">(State or other jurisdiction of Incorporation)</div>
            </td>
            <td style="width: 34%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">(Commission File Number)</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: center;">(IRS Employer Identification No.)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">1100 Alakea Street, Suite 2900</div>
      <div style="text-align: center; font-weight: bold;">Honolulu, Hawaii&#160; 96813</div>
      <div style="text-align: center;">(Address of Principal Executive Offices) (Zip Code)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">(808) 531-8400</div>
      <div style="text-align: center;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><a name="id_3"></a><a name="id_4"></a>Securities registered pursuant to Section 12(b) of the Act:</div>
      <div style="text-align: justify;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z2eec08f16b61494dbbe97b9b0fc19916" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Title of each class</div>
            </td>
            <td style="width: 1%; vertical-align: top;"><br>
            </td>
            <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Trading Symbol(s)</div>
            </td>
            <td style="width: 1%; vertical-align: top;"><br>
            </td>
            <td style="width: 44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Name of each exchange on which registered</div>
            </td>
          </tr>
          <tr>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center;">Common Stock, $0.50 Par Value</div>
            </td>
            <td style="width: 1%; vertical-align: top;"><br>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: center;">BRN</div>
            </td>
            <td style="width: 1%; vertical-align: top;"><br>
            </td>
            <td style="width: 44%; vertical-align: top;">
              <div style="text-align: center;">NYSE American</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4eb04817ea5445e99f4cd4e0bd1d0ae1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z9467fdaf032d411b96dc04b3ca2ef05b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt; vertical-align: top; align: right;">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z36eeec35df7f48fa92b4fd769c271cf1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za2545ef5f26c40f7b057b1e5d800ca92" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
        (&#167;240.12b-2 of this chapter).&#160; Emerging growth company &#9744;</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
        Section 13(a) of the Exchange Act. &#9744;</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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          <tr>
            <td style="width: 45pt; vertical-align: top; font-weight: bold;"><u>Item 2.02</u></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;"><u>Results of Operations and Financial Condition</u>.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>On December 11, 2020, Barnwell Industries, Inc. issued a press release announcing its financial results for its fiscal year ended September 30, 2020.</div>
      <div>&#160;</div>
      <div>A copy of such press release is furnished as Exhibit 99.1 to this Current Report.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z23008f39187649aaa9987bdb68577108" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45pt; vertical-align: top; font-weight: bold;"><u>Item 9.01</u></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;"><u>Financial Statements and Exhibits</u>.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z3a8accae4b04431fa3583fe200e2e491" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(d)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Exhibits</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="zdd4f3c88c7d044beac5d39d352bc7ae7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div><u>Exhibit No.</u></div>
            </td>
            <td style="width: 85%; vertical-align: top;">
              <div><u>Description</u></div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" border="0" id="z9f2ccde08dd74b57883456ef428970b1" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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            </td>
            <td style="width: 85%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;">
              <div>99.1</div>
            </td>
            <td style="width: 85%; vertical-align: top;">
              <div>Press release dated December 11, 2020</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="id_7"></a><a name="id_8"></a>SIGNATURE</div>
      <div>&#160;</div>
      <div style="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.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div>Dated:&#160; December 11, 2020</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z91943552eed0462eb5ec666735a7d413" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="vertical-align: top;" colspan="2">
              <div>BARNWELL INDUSTRIES, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="vertical-align: top;" colspan="2"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 3%; vertical-align: top;">
              <div>By:</div>
            </td>
            <td style="width: 47%; vertical-align: top;" rowspan="1">
              <div>
                <div><u>&#160; /s/ Russell M. Gifford</u></div>
              </div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" border="0" id="zbf27ae0ce4134333b77de665a4b4cf75" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 3%; vertical-align: top;"><br>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-indent: -18pt; margin-left: 18pt;">Name:</div>
            </td>
            <td style="width: 42%; vertical-align: top;">
              <div style="text-indent: -18pt; margin-left: 18pt;">Russell M. Gifford</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 3%; vertical-align: top;"><br>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-indent: -18pt; margin-left: 18pt;">Title:</div>
            </td>
            <td style="width: 42%; vertical-align: top;">
              <div style="text-indent: 0.2pt;">Executive Vice President and Chief Financial Officer</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center;"><u>Exhibit Index</u></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="z3cfeefbc7d10442db01fd5ad5b7e189e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 15%; vertical-align: top; font-size: 9pt;">
              <div style="font-size: 10pt;"><u>Exhibit No.</u></div>
            </td>
            <td style="width: 85%; vertical-align: top; font-size: 9pt;">
              <div style="font-size: 10pt;"><u>Description</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top;"><br>
            </td>
            <td style="width: 85%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top; font-size: 9pt;">
              <div style="font-size: 10pt;"><a href="brhc10017913_ex99-1.htm">99.1</a></div>
            </td>
            <td style="width: 85%; vertical-align: top; font-size: 9pt;">
              <div style="font-size: 10pt;">Press release dated December 11, 2020</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10017913_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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         Document created using EDGARfilings PROfile 7.3.0.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
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    <div>
      <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 99.1</font><br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z8d69937237f9451daa1411b0238f711a">

          <tr>
            <td style="width: 10%; text-align: left; vertical-align: top;" rowspan="7"><img src="image00002.jpg"></td>
            <td style="width: 68%; text-align: left; vertical-align: top;" rowspan="7">
              <div style="font-weight: bold;"> <br>
              </div>
              <div style="margin: 0px 0px 0px 5pt; font-size: 18pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
            </td>
            <td style="width: 22%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="text-align: left; font-weight: bold; font-size: 12pt;">P&#160; R&#160; E&#160; S&#160; S</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 22%;">
              <div style="text-align: left; font-weight: normal; font-size: 11pt;">R E L E A S E</div>
              <div style="text-align: left; font-weight: bold;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 22%;">
              <div style="text-align: left;">1100 Alakea Street, Suite 2900</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22%;">
              <div style="text-align: left;">Honolulu, Hawaii 96813</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22%;">
              <div style="text-align: left;">Telephone (808) 531-8400</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22%;">
              <div style="text-align: left;">Fax (808) 531-7181</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22%;">
              <div style="text-align: left;">Website: www.brninc.com</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="z9cfe122ca3e54c3aa01ae0c646aad90d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>CONTACT:</div>
              </td>
              <td style="width: 85%; vertical-align: top;">
                <div>Alexander C. Kinzler</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;"><br>
              </td>
              <td style="width: 85%; vertical-align: top;">
                <div>Chief Executive Officer and President</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;"><br>
              </td>
              <td style="width: 85%; vertical-align: top;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;"><br>
              </td>
              <td style="width: 85%; vertical-align: top;">
                <div>Russell M. Gifford</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;"><br>
              </td>
              <td style="width: 85%; vertical-align: top;">
                <div>Executive Vice President and Chief Financial Officer</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;"><br>
              </td>
              <td style="width: 85%; vertical-align: top;">
                <div>Tel:&#160; (808) 531-8400</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;"><u>BARNWELL INDUSTRIES, INC. REPORTS</u></div>
        <div style="text-align: center; font-weight: bold;"><u>YEAR-END AND FOURTH QUARTER RESULTS</u></div>
        <div style="text-align: center; font-weight: bold;"><u> <br>
          </u></div>
        <div>
          <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 1px; color: #000000; text-align: center;"></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">HONOLULU, HAWAII, December 11, 2020 -- Barnwell Industries, Inc. (NYSE American: BRN) today reported a net loss of $4,756,000, $0.57 per share, for the year ended September 30, 2020, as compared
          to a net loss of $12,414,000, $1.50 per share, for the year ended September 30, 2019.&#160; For the quarter ended September 30, 2020, Barnwell reported net earnings of $628,000, $0.08 per share, as compared to a net loss of $4,324,000, $0.52 per
          share, for the quarter ended September 30, 2019.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, &#8220;We are pleased to report a profit in our fourth quarter ended September 30, 2020, which was brought about by positive
          operating margins in each of our oil and natural gas, contract drilling and land investment segments. In addition, general and administrative expenses decreased $118,000 as compared to the fourth quarter of fiscal 2019.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;The improvement to net earnings for the three months ended September 30, 2020 <font style="color: #000000;">as compared to last year&#8217;s net loss for the three months ended September 30, 2019 was
            primarily due</font> to <font style="color: #000000;">a $3,297,000 non-cash impairment of our oil and natural gas properties in the prior year period due to lower oil prices in the fourth quarter of 2019 than in the fourth quarter of 2018;</font>
          there was no such impairment in the current year period, therefore, our oil and natural gas segment generated an operating profit of $257,000<font style="color: #000000;">.&#160; </font>Additionally, operating profit at the contract drilling segment
          increased $436,000 due to increased drilling activity.&#160; Equity in income from affiliates increased $262,000 in the fourth quarter of 2020 as compared to the prior year due to the sale of two lots by the Kukio Resort Land Development Partnerships;
          we have an indirect 19.6% non-controlling ownership interest in these partnerships. These lot sales by the Kukio Resort Land Development Partnerships resulted in $325,000 in revenues to Barnwell and enabled these partnerships to make $360,000 in
          cash distributions to the Company in the fourth quarter; $197,000 of which was a preferred return which contributed to our net earnings.</div>
        <div style="text-align: justify;"> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div>
          <div style="text-align: justify; font-weight: bold;">Barnwell Industries, Inc.</div>
          <div style="font-weight: bold;">Page 2</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;We are pleased to note that in November 2020 the Kukio Resort Land Development Partnerships sold an additional lot and made additional cash distributions to the Company in our first quarter of
          fiscal 2021 of $1,034,000; $459,000 of which was a preferred return which will contribute to our fiscal 2021&#8217;s first quarter results.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;The decrease in the net loss for the year ended September 30, 2020 as compared to the year ended September 30, 2019 was primarily due to the following factors: a $1,384,000 decrease in non-cash
          impairments of our oil and natural gas properties during the current year due to a lower asset value at the beginning of 2020 as commodity prices in 2020 were lower as compared to 2019; a $1,336,000 gain, before taxes, from the sale of the
          Company&#8217;s leasehold interest in a storage yard in Honolulu; a $3,036,000 increase in contract drilling segment operating results, before income taxes, and a $628,000 increase in equity in income from affiliates as a result of improved operating
          results of the Kukio Resort Land Development Partnerships.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;We began this fiscal year with the drilling and completion of our first 100%-owned horizontal development well at Twining, Alberta for approximately $2,400,000.&#160; This well was equipped and tied
          into our nearby operated facilities and has produced 15,900 net barrels of oil through September 30, 2020.&#160; As a result of this well and our work during the year our oil net production increased 24%, 30,000 barrels, unfortunately oil prices
          received by the Company declined by 19% in fiscal 2020 as compared to fiscal 2019.&#160; Barnwell ended fiscal 2020 with working capital of $3,123,000, including cash and cash equivalents of $4,584,000. &#8221;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">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="text-align: justify; text-indent: 36pt;"> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div>
          <div style="text-align: justify; font-weight: bold;">Barnwell Industries, Inc.</div>
          <div style="font-weight: bold;">Page 3</div>
        </div>
      </div>
      <br>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zce5cee9983264595b787e9c0c22a837b">

          <tr>
            <td valign="bottom" style="vertical-align: top;" colspan="16">
              <div style="text-align: center;">COMPARATIVE OPERATING RESULTS</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="16" rowspan="1"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;" colspan="16">
              <div style="text-align: center; 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;"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="14">&#160;</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: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center;">Year ended</div>
              <div style="text-align: center;">September 30,</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: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center;">Three months ended</div>
              <div style="text-align: center;">September 30,</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: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; 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: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;">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: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; 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: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;">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 valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">18,347,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>12,075,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">4,931,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>3,108,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Net (loss) earnings</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">(4,756,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>(12,414,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-weight: bold;">628,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>(4,324,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Net (loss) earnings per share basic and diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">(0.57</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>(1.50</div>
            </td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
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