<SEC-DOCUMENT>0000899681-21-000039.txt : 20210811
<SEC-HEADER>0000899681-21-000039.hdr.sgml : 20210811
<ACCEPTANCE-DATETIME>20210811164211
ACCESSION NUMBER:		0000899681-21-000039
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210811
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210811
DATE AS OF CHANGE:		20210811

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:		211164089

	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>p21-0056_8k.htm
<DESCRIPTION>8-K BARNWELL
<TEXT>
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                <div>&#160;</div>
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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;"> August 11, 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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              <div style="text-align: center; font-size: 12pt; font-weight: bold;">Delaware</div>
            </td>
            <td style="width: 27.13%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: center; font-size: 12pt; font-weight: bold;">1-5103</div>
            </td>
            <td style="width: 33.32%; vertical-align: top; border-bottom: #000000 1px solid;">
              <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><br>
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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; font-size: 12pt;">(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; font-size: 12pt;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
      <div><br>
      </div>
      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>&#160;</div>
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              <div>[&#160;&#160;]</div>
            </td>
            <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>
            </td>
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              <div>&#160;</div>
            </td>
          </tr>
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            <td style="width: 3.85%; vertical-align: top;">
              <div>[&#160;&#160;]</div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>
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              <div>&#160;</div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div>&#160;</div>
            </td>
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            <td style="width: 3.85%; vertical-align: top;">
              <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>
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              <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 3.85%; vertical-align: top;">
              <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;">
        <div>Securities registered pursuant to Section 12(b) of the Act:</div>
        <div>&#160;</div>
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                <div style="text-align: center;">Title of each class</div>
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                <div>&#160;</div>
              </td>
              <td style="width: 24%; vertical-align: top; border-bottom: #000000 2px double;">
                <div style="text-align: center;">Trading Symbol(s)</div>
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                <div>&#160;</div>
              </td>
              <td style="width: 40%; vertical-align: top; border-bottom: #000000 2px double;">
                <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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              <td style="width: 2%; vertical-align: top;">
                <div>&#160;</div>
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                <div style="text-align: center;">NYSE American</div>
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        <div><br>
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      <div style="text-align: justify;"> <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 [&#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>
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      <div style="margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Item 2.02</u>&#160; <u>Results of Operations and Financial Condition</u></div>
      <div style="margin-bottom: 12pt; font-size: 12pt;">On August 11, 2021, Barnwell Industries, Inc. issued a press release announcing its financial results for its fiscal quarter ended June 30, 2021.&#160;</div>
      <div style="margin-bottom: 12pt; font-size: 12pt;">A copy of such press release is furnished as Exhibit 99.1 to this Current Report.</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><font style="font-weight: bold;">.</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>
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              <div style="font-size: 12pt;"><u>Description</u></div>
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              <div style="font-size: 12pt;">99.1</div>
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            <td style="width: 74.99%; vertical-align: top;">
              <div style="font-size: 12pt;">Press release dated August 11, 2021</div>
              <div>&#160;</div>
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      <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:&#160; August 11, 2021</div>
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            <td style="width: 42.78%; vertical-align: top;">&#160;</td>
            <td style="width: 57.22%; vertical-align: top;" colspan="3">
              <div style="font-size: 12pt;">BARNWELL INDUSTRIES, INC.</div>
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            <td style="width: 42.78%; vertical-align: top;">&#160;</td>
            <td style="width: 5.95%; vertical-align: top;">
              <div style="font-size: 12pt;">By:</div>
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            <td style="width: 51.28%; vertical-align: top;" colspan="2">
              <div>
                <div style="font-size: 12pt;"><u>&#160;/s/ Russell M. Gifford</u></div>
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            <td style="width: 42.78%; vertical-align: top;">&#160;</td>
            <td style="width: 5.95%; vertical-align: top;">&#160;</td>
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              <div style="text-indent: -18pt; margin-left: 18pt; font-size: 12pt;">Name:</div>
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              <div style="text-indent: -18pt; margin-left: 18pt; font-size: 12pt;">Russell M. Gifford</div>
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            <td style="width: 42.78%; vertical-align: top;">&#160;</td>
            <td style="width: 5.95%; vertical-align: top;">&#160;</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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              <div style="font-size: 12pt;"><u>Exhibit No.</u></div>
            </td>
            <td style="width: 74.95%; vertical-align: top;">
              <div style="font-size: 12pt;"><u>Description</u></div>
            </td>
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              <div style="font-size: 12pt;">99.1</div>
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            <td style="width: 74.95%; vertical-align: top;">
              <div style="font-size: 12pt;">Press release dated August 11, 2021</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>p21-0056_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Exhibit 99.1</font> </div>
    <div style="text-align: right;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> <br>
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              <div style="text-align: center;"><img width="76" height="56" src="image0.jpg"></div>
              <div>&#160;</div>
            </td>
            <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-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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    </div>
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    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z948c60f3c14e4dccbab2b4362a578fdc" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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            <div style="font-size: 12pt; text-align: center;">CONTACT:</div>
          </td>
          <td style="width: 79.71%; vertical-align: top;">
            <div style="font-size: 12pt;">James Carbonara<br>
              Hayden IR<br>
              (646) 755-7412<br>
              james@haydenir.com</div>
          </td>
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          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
          <td style="width: 79.71%; vertical-align: top;">&#160;</td>
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          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
          <td style="width: 79.71%; vertical-align: top;">
            <div style="font-size: 12pt;">Alexander C. Kinzler<br>
              Chief Executive Officer and President</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
          <td style="width: 79.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
          <td style="width: 79.71%; vertical-align: top;">
            <div style="font-size: 12pt;">Russell M. Gifford</div>
            <div style="font-size: 12pt;">Executive Vice President and Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Barnwell Fiscal Q3 Revenue Increases 28% in the quarterly period to $5.1 Million, Reports Net Earnings of $5.0 Million and $0.59 Net EPS;</div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-weight: bold;">Regains Compliance with NYSE<br>
      </font><br>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-size: 12pt; font-style: italic;">Strong financial results demonstrate significant improvements and turnaround of the company</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">HONOLULU, HAWAII, August 11, 2021 -- Barnwell Industries, Inc. (NYSE American: BRN) today reported results for the three and nine-months ended June 30, 2021.</div>
    <div style="text-align: justify; margin-left: 18pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Highlights</u></div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbed6cb4a2a554486973bf0594b0c9b6f" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Q3 Revenue increased 28% in the quarterly period to $5.1 million</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze0388ff8bc08432198498d436bd91c0a" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Q3 Net earnings were $5.0 million, compared to a net loss of $3.5 million</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z95cfa7465f584045b70b777e2873399a" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Q3 Net earnings per share was $0.59, compared to a $0.42 net loss per share</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc08215ec5841478e91f9d82778a5897e" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Nine-month net earnings was $4.7 million, compared to a loss of $5.4 million</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zabff6a6e63e1427ca37c4e7095042fbf" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">Nine-month net earnings per share was $0.57, compared to a $0.65 net loss per share</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, &#8220;Our significantly improved results for this quarter as compared to the prior year quarter
      were due primarily to a $4,227,000 improvement in oil and natural gas segment operating results as there was a prior year period impairment of $2,689,000 and no impairment in the current period. The Company also benefited from higher oil and natural
      gas prices which increased 256% and 90%, respectively, and a $3,459,000 increase in equity in income of affiliates as a result of improved land sales and operating results of the Kukio Resort Development Partnerships this quarter.&#160; Additionally, in
      the current quarter the Company recognized a $2,341,000 gain on termination of its post-retirement medical plan.&#160; Partially offsetting these increases, contract drilling operating results decreased $1,190,000 due to the completion of a significant
      drilling contract and general and administrative expenses increased $979,000 due to increases in professional fees related to land investment proceeds and legal services, compensation costs, and share-based compensation expenses related to stock
      options granted in March 2021.</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">&#8220;The net earnings of $4,706,000 for the nine months ended June 30, 2021, as compared to last year&#8217;s $5,384,000 loss for the nine months ended June 30, 2020, was largely due to a
      $5,205,000 increase in equity in income of affiliates due to improved real estate sales, which also led to the Company receiving $5,328,000 in net cash distributions, $459,000 of which was a preferred return which contributed to our net earnings.
      There was also a $5,775,000 improvement in oil and natural gas segment operating results due primarily to an asset impairment charge of $4,326,000 in the prior year period as compared to a $630,000 impairment in the current nine-month period.&#160; In
      addition, there was a $1,738,000 increase in land investment segment operating results due to the sale of eight lots in the current year period, whereas there were no lot sales in the same period in the prior year and the Company recognized a
      $2,341,000 gain on termination of its post-retirement medical plan.&#160; Partially offsetting these increases, contract drilling operating results decreased $2,063,000 due to the completion of a significant drilling contract, and there was a $1,336,000
      gain, before taxes, recognized in the prior year period from the sale of the Company&#8217;s drilling yard; there was no such gain in the current period.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">&#8220;The Company has entered into a non-operated Joint Venture with two leading private operators in Oklahoma.&#160; The program consists of eight horizontal wells targeting the Woodford and
      Meramec formations of the Anadarko Basin.&#160; The first well of the program came online in May 2021. The other seven wells have all been spudded and are in various stages of completion.</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">&#8220;In March 2021, the Company e<font style="color: rgb(0, 0, 0);">ntered into an at-the-market </font>sales <font style="color: rgb(0, 0, 0);">agreement with A.G.P./Alliance Global
          Partners pursuant to which the Company may sell shares of its common stock.&#160; During the quarter ended June 30, 2021 the Company sold 586,546 shares under this agreement for net proceeds of $1,860,000 ($3.17 per share).</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">&#8220;We are also pleased to report that the Company is back in compliance with all of the NYSE American continued listing standards as of June 30, 2021 and we are also now able to
        disclose that there is no longer substantial doubt as to the Company&#8217;s ability to continue as a going concern for the next 15-month period.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="color: rgb(0, 0, 0);">&#8220;At</font> June 30, 2021 the Company had $9,500,000 in cash and $8,335,000 in working capital. In July 2021, a<font style="color: rgb(0, 0, 0);">n
          additional 581,441 shares were sold for net proceeds of $1,924,000 ($3.31 per share) and</font> the Company received a cash distribution of $683,000, from the Kukio Resort Land Development Partnerships.&#160; Also, t<font style="color: rgb(0, 0, 0);">he

          Company&#8217;s </font>sale of our Hawaii corporate office is scheduled to close for $2,000,000 in our fourth quarter of fiscal 2021.&#8221;</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: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      </div>
      <div><br>
      </div>
    </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><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd0a81aad68354d3e9ff1e6453d815793" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="12">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">COMPARATIVE OPERATING RESULTS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="12">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">(Unaudited)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 14.41%; vertical-align: top;">&#160;</td>
          <td style="width: 2.78%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 16.3%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 15.45%; vertical-align: top;">&#160;</td>
          <td style="width: 2.78%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 14.58%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 33.49%; vertical-align: top;" colspan="5">
            <div style="text-align: center; font-size: 12pt;">Three months ended</div>
          </td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 32.81%; vertical-align: top;" colspan="4">
            <div style="text-align: center; font-size: 12pt;">Nine months ended</div>
          </td>
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        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 33.49%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="5">
            <div style="text-align: center; font-size: 12pt;">June 30,</div>
          </td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 32.81%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="4">
            <div style="text-align: center; font-size: 12pt;">June 30,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 15.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">2021</div>
          </td>
          <td style="width: 2.6%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">2020</div>
          </td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 15.45%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">2021</div>
          </td>
          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 14.76%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-size: 12pt;">2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 15.62%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: top;">&#160;</td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 15.45%; vertical-align: top;">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 14.76%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top; padding-bottom: 4px;">
            <div style="font-size: 12pt;">Revenues</div>
          </td>
          <td style="width: 3.65%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.62%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 12pt; font-weight: bold;">$&#160; &#160; 5,114,000</div>
          </td>
          <td style="width: 2.6%; vertical-align: top; padding-bottom: 4px;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">$&#160;&#160; 3,984,000</div>
          </td>
          <td style="width: 2.28%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.45%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">$&#160; 13,499,000</div>
          </td>
          <td style="width: 2.6%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 14.76%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 12pt;">$ 13,416,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 15.62%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: top;">&#160;</td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 15.45%; vertical-align: top;">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 14.76%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: bottom; padding-bottom: 4px;">
            <div style="font-size: 12pt;">Net earnings (loss) attributable to<br>
              Barnwell Industries, Inc.</div>
          </td>
          <td style="width: 3.65%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.62%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 12pt; font-weight: bold;">$&#160; &#160; 4,978,000</div>
          </td>
          <td style="width: 2.6%; vertical-align: bottom; padding-bottom: 4px;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">$ (3,456,000)</div>
          </td>
          <td style="width: 2.28%; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">$&#160; &#160; 4,706,000</div>
          </td>
          <td style="width: 2.6%; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td style="width: 14.76%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 12pt;">$ (5,384,000)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 15.62%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: top;">&#160;</td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 15.45%; vertical-align: top;">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 14.76%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top; padding-bottom: 4px;">
            <div style="text-indent: 4.5pt; margin-left: 4.5pt; font-size: 12pt;">Net earnings (loss) per<br>
              share &#8211; basic and diluted</div>
          </td>
          <td style="width: 3.65%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.62%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 12pt; font-weight: bold;">$&#160; &#160; &#160; &#160; &#160; &#160;&#160; 0.59</div>
          </td>
          <td style="width: 2.6%; vertical-align: top; padding-bottom: 4px;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">$&#160; &#160; &#160; &#160; &#160; (0.42)</div>
          </td>
          <td style="width: 2.28%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">$&#160; &#160; &#160; &#160; &#160; &#160; 0.57</div>
          </td>
          <td style="width: 2.6%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 14.76%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 12pt;">$&#160; &#160; &#160; &#160; &#160; (0.65)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 15.62%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: top;">&#160;</td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 15.45%; vertical-align: top;">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 14.76%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.42%; vertical-align: top;" colspan="2">
            <div style="text-align: justify; text-indent: -8.25pt; margin-left: 8.25pt; font-size: 12pt;">Weighted-average shares and<br>
              equivalent shares outstanding:</div>
          </td>
          <td style="width: 15.62%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: top;">&#160;</td>
          <td style="width: 2.28%; vertical-align: top;">&#160;</td>
          <td style="width: 15.45%; vertical-align: top;">&#160;</td>
          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 14.76%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: bottom; padding-bottom: 4px;">
            <div style="text-indent: 18pt; font-size: 12pt;">Basic and diluted</div>
          </td>
          <td style="width: 3.65%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.62%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" colspan="2">
            <div style="font-size: 12pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160; 8,398,001</div>
          </td>
          <td style="width: 2.6%; vertical-align: top; padding-bottom: 4px;" colspan="2">&#160;</td>
          <td style="width: 15.26%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-indent: 8.8pt; font-size: 12pt;">&#160;8,277,160</div>
          </td>
          <td style="width: 2.28%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-indent: 3.6pt; font-size: 12pt; font-weight: bold;">&#160;&#160;&#160;&#160;8,317,440</div>
          </td>
          <td style="width: 2.6%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 14.76%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" colspan="2">
            <div style="text-indent: 8.8pt; font-size: 12pt;">&#160;8,277,160</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.78%; vertical-align: top;">&#160;</td>
          <td style="width: 3.65%; vertical-align: top;">&#160;</td>
          <td style="width: 15.62%; vertical-align: top;" colspan="2">&#160;</td>
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