<SEC-DOCUMENT>0001104659-22-111958.txt : 20221027
<SEC-HEADER>0001104659-22-111958.hdr.sgml : 20221027
<ACCEPTANCE-DATETIME>20221027144525
ACCESSION NUMBER:		0001104659-22-111958
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20221027
DATE AS OF CHANGE:		20221027

SUBJECT COMPANY:	

	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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		221336851

	BUSINESS ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		808-531-8400

	MAIL ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHERWOOD NED L
		CENTRAL INDEX KEY:			0000902749
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		54 MORRIS LN
		CITY:			SCARSDALE
		STATE:			NY
		ZIP:			10583
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>tm2229038d1_dfan14a.htm
<DESCRIPTION>DFAN14A
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Rule&nbsp;14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Proxy Statement Pursuant
to Section&nbsp;14(a) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Securities Exchange
Act of 1934</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">Filed by the Registrant&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">Filed by a Party other than the
    Registrant&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<TD STYLE="vertical-align: top; font-size: 10pt; width: 4%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
<TD STYLE="vertical-align: bottom; font-size: 10pt; width: 96%"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
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<TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
<TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
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<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
<TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
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<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
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<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
<TD STYLE="vertical-align: bottom">Soliciting Material under&nbsp;&sect;240.14a-12 &nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BARNWELL INDUSTRIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Name of Registrant
as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>NED L. SHERWOOD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NLS ADVISORY GROUP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MRMP-MANAGERS LLC&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Name of Person(s)
Filing Proxy Statement, if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Payment of Filing Fee (Check all boxes that
apply):</P>

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  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 96%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MRMP Announces Proxy Contest for Full Board
Control</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>at Barnwell Industries, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">October 27, 2022 &mdash; MRMP-Managers LLC has
announced that it plans to run a proxy contest for full board control at Barnwell Industries, Inc. (NYSE American: BRN) at its 2023 annual
meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MRMP previously ran a successful proxy contest
at Barnwell in 2020, when three of its nominees were elected to the Barnwell board.&nbsp;&nbsp;At that time, MRMP and its related shareholders
held approximately 15.4% of the outstanding shares of Barnwell.&nbsp;&nbsp;Today, MRMP and its related shareholders hold approximately
20.1% of the outstanding shares of Barnwell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MRMP and its director designees have endeavored
to work cooperatively with CEO Alex Kinzler and the Barnwell board, including through a Cooperation and Support Agreement signed in 2021
to avoid a proxy contest at the 2021 annual meeting of shareholders.&nbsp;&nbsp;However, MRMP has grown tired of the repeated violations
of that agreement by Kinzler and the board and the constant impediments and entrenchment actions by the Barnwell board that MRMP believes
stand in the way of progress towards shareholder value. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ned L. Sherwood of MRMP commented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.5pt 0pt 0.25in; text-align: justify">&ldquo;We believe change is long
overdue at Barnwell.&nbsp;&nbsp;We have grown tired of poison pills, millions of dollars spent on anti-takeover lawyers, and constant
roadblocks placed in the way of success for the company.&nbsp;&nbsp;We plan to refocus Barnwell on making profits for shareholders instead
of preserving jobs for the CEO and the board.&nbsp;&nbsp;We are confident that we can leave a better legacy than CEO Kinzler&rsquo;s $42
million in net operating losses.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.5pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>If you hold shares of Barnwell, we would
like to hear from you.&nbsp;&nbsp;Please contact us at Barnwellproxy@gmail.com or through our proxy advisor Alliance Advisors at (800)
574-5961 so that we can provide you with more information.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"># # #</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ned L. Sherwood, NLS Advisory Group, Inc. and
MRMP-Managers LLC intend to make a filing with the SEC of a proxy statement and accompanying proxy card to solicit votes for the election
of director nominees at the next annual meeting of shareholders of Barnwell Industries, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ned L. Sherwood Revocable Trust, of which Ned
L. Sherwood is the beneficiary and the trustee, holds&nbsp;<FONT STYLE="background-color: white">238,038 shares of common stock of&nbsp;</FONT>Barnwell,
and MRMP-Managers LLC, of which Mr. Sherwood is the Chief Investment Officer, holds&nbsp;1,717,156.138&nbsp;<FONT STYLE="background-color: white">shares
of common stock of Barnwell.&nbsp;&nbsp;Mr. Sherwood is deemed to beneficially own all of these shares.&nbsp;&nbsp;Ned L. Sherwood, NLS
Advisory Group, Inc., MRMP-Managers LLC and their nominees to the Barnwell board will be the participants in this proxy solicitation.&nbsp;&nbsp;Information
regarding the participants and their interests in the solicitation will be included in their proxy statement and other materials filed
with the SEC.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SHAREHOLDERS OF BARNWELL SHOULD READ THE PROXY
STATEMENT AND OTHER PROXY MATERIALS CAREFULLY AND IN THEIR ENTIRETY AS THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION
RELATING TO THE SHAREHOLDERS&rsquo; MEETING, THE NOMINEES TO THE BOARD, AND SOLICITATION OF PROXIES. THESE PROXY MATERIALS WIILL BE AVAILABLE
AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT&nbsp;WWW.SEC.GOV&nbsp;OR FROM ALLIANCE ADVISORS, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Peter Casey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alliance Advisors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(800) 574-5961</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">pcasey@allianceadvisors.com</P>

<P STYLE="margin: 0">&nbsp;</P>

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