<SEC-DOCUMENT>0000899681-21-000030.txt : 20210714
<SEC-HEADER>0000899681-21-000030.hdr.sgml : 20210714
<ACCEPTANCE-DATETIME>20210714113508
ACCESSION NUMBER:		0000899681-21-000030
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210708
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210714
DATE AS OF CHANGE:		20210714

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:		211089628

	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>p21-0052_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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                <div>&#160;</div>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;"> <br>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, DC 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Current Report Pursuant to Section&#160;13 or 15(d)</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">of the Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">Date of Report (Date of earliest event reported):<font style="font-weight: bold;"> July 8, 2021</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; font-size: 12pt;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
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          <td style="width: 39.66%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Delaware</div>
          </td>
          <td style="width: 27.01%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">1-5103</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">72-0496921</div>
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            <div style="text-align: center; font-size: 12pt;">(State or other jurisdiction of Incorporation)</div>
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            <div style="text-align: center; font-size: 12pt;">(Commission File Number)</div>
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            <div style="text-align: center; font-size: 12pt;">(IRS Employer Identification No.)</div>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">1100 Alakea Street, Suite 2900</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Honolulu, Hawaii&#160; 96813</div>
    <div style="text-align: center;">(Address of Principal Executive Offices) (Zip Code)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">(808)&#160;531-8400</div>
    <div style="text-align: center;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Not Applicable</div>
      <div style="text-align: center;">(Former Name or Former Address, if Changed Since Last Report)</div>
    </div>
    <div>
      <div style="font-size: 12pt;">&#160;</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div style="text-align: justify;">&#160;</div>
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            <div style="text-align: center;">Title of each class</div>
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            <div>&#160;</div>
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          <td style="width: 24%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Trading Symbol(s)</div>
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            <div>&#160;</div>
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          <td style="width: 40%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Name of each exchange on which registered</div>
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            <div style="text-align: center;">Common Stock, $0.50 Par Value</div>
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            <div>&#160;</div>
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            <div style="text-align: center;">BRN</div>
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            <div>&#160;</div>
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            <div style="text-align: center;">NYSE American</div>
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    <div><br>
    </div>
    <div style="text-align: justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
    <div>&#160;</div>
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            <div>[&#160;&#160;]</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
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            <div>&#160;</div>
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            <div>&#160;</div>
          </td>
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            <div>[&#160;&#160;]</div>
          </td>
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            <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
          </td>
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          <td style="width: 3.85%; vertical-align: middle;">
            <div>&#160;</div>
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            <div>&#160;</div>
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            <div>[&#160;&#160;]</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
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          <td style="width: 3.85%; vertical-align: middle;">
            <div>&#160;</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div>&#160;</div>
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            <div>[&#160;&#160;]</div>
          </td>
          <td style="width: 96.15%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
        </tr>

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    <div style="text-align: justify;">&#160;</div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).&#160; Emerging growth company [&#160;&#160;]</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. [&#160;&#160;]</div>
    <div>
      <div style="margin-bottom: 2pt;"><br>
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                      <div>&#160;</div>
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          <div style="text-align: center; font-size: 14pt; font-weight: bold;"> <br>
          </div>
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    <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;"><u>Item 1.01</u></font>&#160;<font style="font-weight: bold;"><u>Entry into a Material Definitive Agreement.</u></font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">On July 8, 2021, Barnwell of Canada, Limited (&#8220;BOC&#8221;), a subsidiary of Barnwell Industries, Inc. (the &#8220;Company&#8221;), entered into an Asset Purchase and Sale Agreement (the &#8220;PSA&#8221;) with
      Tourmaline Oil Corp. (&#8220;TOC&#8221;) to sell its oil properties located in the Spirit River area of Alberta, Canada to TOC.&#160; The sale closed at 11:00 a.m. on July 8, 2021, with an effective date of 8:00 a.m. on July 8, 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The purchase price paid by TOC was USD $1,037,000 and the Company expects to report a gain on this transaction which will be recognized in its fourth quarter ending September 30,
      2021.&#160; The purchase price is subject to customary purchase price adjustments to reflect the economic activity from the effective time through the settlement dates set forth in the PSA.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">On July 14, 2021, the Company issued a press release regarding the matters discussed above.&#160; A copy of this press release is attached as Exhibit 99.1 hereto and incorporated in this
      Item 1.01 by reference.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 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></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;">Exhibits</font></div>
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            <div style="font-size: 12pt;"><u>Exhibit No.</u></div>
          </td>
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            <div style="font-size: 12pt;"><u>Description</u></div>
          </td>
        </tr>
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          <td style="width: 24.94%; vertical-align: top;">&#160;</td>
          <td style="width: 75.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 24.94%; vertical-align: top;">
            <div style="font-size: 12pt;"><a href="p21-0052_ex991.htm">99.1</a></div>
          </td>
          <td style="width: 75.06%; vertical-align: top;">
            <div style="font-size: 12pt;">Press release dated July 14, 2021</div>
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <br>
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    <br>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SIGNATURE</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 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="margin-bottom: 12pt; font-size: 12pt;">Dated: July 14, 2021</div>
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            <div style="font-size: 12pt;">BARNWELL INDUSTRIES, INC.</div>
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          <td style="width: 100%; vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
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            <div style="font-size: 12pt;">By:</div>
          </td>
          <td style="width: 88.81%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div>
              <div style="font-size: 12pt;">/s/ Russell M. Gifford</div>
            </div>
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          <td style="width: 11.19%; vertical-align: top;">&#160;</td>
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            <div style="text-indent: -18pt; margin-left: 18pt; font-size: 12pt;">Name:</div>
          </td>
          <td style="width: 72.53%; vertical-align: top;">
            <div style="text-indent: -18pt; margin-left: 18pt; font-size: 12pt;">Russell M. Gifford</div>
          </td>
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        <tr>
          <td style="width: 11.19%; vertical-align: top;">&#160;</td>
          <td style="width: 16.29%; vertical-align: top;">
            <div style="text-indent: -18pt; margin-left: 18pt; font-size: 12pt;">Title:</div>
          </td>
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            <div style="text-indent: 0.2pt; font-size: 12pt;">Executive Vice President and Chief Financial Officer</div>
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    <div style="text-align: center; margin-bottom: 24pt; font-size: 12pt;"><u>Exhibit Index</u></div>
    <div><br>
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          <td style="width: 24.94%; vertical-align: top;">
            <div style="font-size: 12pt;"><u>Exhibit No.</u></div>
          </td>
          <td style="width: 75.06%; vertical-align: top;">
            <div style="font-size: 12pt;"><u>Description</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.94%; vertical-align: top;">&#160;</td>
          <td style="width: 75.06%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 24.94%; vertical-align: top;">
            <div style="font-size: 12pt;"><a href="p21-0052_ex991.htm">99.1</a></div>
          </td>
          <td style="width: 75.06%; vertical-align: top;">
            <div style="font-size: 12pt;">Press release dated July 14, 2021</div>
          </td>
        </tr>

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    <div style="margin-bottom: 24pt;"><br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>p21-0052_ex991.htm
<DESCRIPTION>PRESS RELEASE DATED JULY 14, 2021
<TEXT>
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            <div style="text-align: right;"><img width="76" height="56" src="image0.jpg"></div>
            <div>&#160;</div>
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          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify; font-size: 14pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
          </td>
          <td style="width: 32.67%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u><font style="font-size: 18pt; font-weight: bold;">P&#160; R&#160; E&#160; S&#160; S</font> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; </u>RELEASE</div>
            <div style="font-size: 8pt;">1100 Alakea Street, Suite 2900</div>
            <div style="font-size: 8pt;">Honolulu, Hawaii 96813</div>
            <div style="font-size: 8pt;">Telephone (808) 531-8400</div>
            <div style="font-size: 8pt;">Fax (808) 531-7181</div>
            <div style="font-size: 8pt;">Website: www.brninc.com</div>
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          <td style="width: 22.14%; vertical-align: top;">
            <div style="font-size: 12pt;">CONTACT:</div>
          </td>
          <td style="width: 77.86%; vertical-align: top;">
            <div style="font-size: 12pt;">Alexander C. Kinzler</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.14%; vertical-align: top;">&#160;</td>
          <td style="width: 77.86%; vertical-align: top;">
            <div style="font-size: 12pt;">Chief Executive Officer and President</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.14%; vertical-align: top;">&#160;</td>
          <td style="width: 77.86%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.14%; vertical-align: top;">&#160;</td>
          <td style="width: 77.86%; vertical-align: top;">
            <div style="font-size: 12pt;">Russell M. Gifford</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.14%; vertical-align: top;">&#160;</td>
          <td style="width: 77.86%; vertical-align: top;">
            <div style="font-size: 12pt;">Executive Vice President and Chief Financial Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.14%; vertical-align: top;">&#160;</td>
          <td style="width: 77.86%; vertical-align: top;">
            <div style="font-size: 12pt;">Tel:&#160; (808) 531-8400</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">BARNWELL ANNOUNCES DISPOSITION OF SPIRIT RIVER ASSETS</div>
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          <td style="width: 100%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">HONOLULU, HAWAII, July 14, 2021 -- Barnwell Industries, Inc. (NYSE American: BRN) (the &#8220;Company&#8221;) today announced that Barnwell of Canada, Limited, its wholly-owned subsidiary
      (&#8220;Barnwell Canada&#8221;), has entered into and completed a purchase and sale agreement with an independent third party for the sale of Barnwell Canada&#8217;s interests in certain natural gas and oil properties located in the Spirit River area of Alberta,
      Canada. The purchase price for Barnwell Canada&#8217;s interests was approximately US$1,037,000, at current Canadian dollar exchange rates, and is subject to customary adjustments including adjustments to reflect an effective closing date of sale of July
      8, 2021. Barnwell expects to report a gain on this transaction which will be recognized in its fourth quarter ending September 30, 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Mr. Alexander Kinzler, President and Chief Executive Officer of the Company, commented, &#8220;This transaction reflects another strategic sale by Barnwell of a non-core oil and natural
      gas property. The Company plans to utilize the funds received from the sale in oil and gas acquisition and drilling opportunities and other corporate opportunities going forward. Fifty percent of the proceeds will be held in escrow for the Canadian
      tax authorities until tax clearances are obtained.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The information contained in this press release contains &#8220;forward-looking statements,&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the
      Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.&#160; A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or
      current facts.&#160; These statements include various estimates, forecasts, projections of Barnwell&#8217;s future performance, statements of Barnwell&#8217;s plans and objectives, and other similar statements.&#160; Forward-looking statements include phrases such as
      &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;predicts,&#8221; &#8220;estimates,&#8221; &#8220;assumes,&#8221; &#8220;projects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;will be,&#8221; &#8220;should,&#8221; or similar expressions.&#160; Although Barnwell believes that its current expectations are based on reasonable
      assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved.&#160; Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from
      those contained in such statements.&#160; The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell&#8217;s expectations are set forth in the &#8220;Forward-Looking Statements,&#8221; &#8220;Risk Factors&#8221; and other sections of
      Barnwell&#8217;s annual report on Form 10-K for the last fiscal year and Barnwell&#8217;s other filings with the Securities and Exchange Commission.&#160; Investors should not place undue reliance on the forward-looking statements contained in this press release, as
      they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.</div>
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