<SEC-DOCUMENT>0001213900-25-028384.txt : 20250403
<SEC-HEADER>0001213900-25-028384.hdr.sgml : 20250403
<ACCEPTANCE-DATETIME>20250403082051
ACCESSION NUMBER:		0001213900-25-028384
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250403
DATE AS OF CHANGE:		20250403

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARNWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000010048
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				720496921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-20279
		FILM NUMBER:		25807588

	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]
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		151 TERRAPIN POINT
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963
</SEC-HEADER>
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<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
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      <amendmentNo>39</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.50 per share</securitiesClassTitle>
      <dateOfEvent>04/03/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
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          <com:street2>SUITE 500</com:street2>
          <com:city>HONOLULU</com:city>
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            <com:city>Vero Beach</com:city>
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        <soleVotingPower>0.00</soleVotingPower>
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        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3006033.13</sharedDispositivePower>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>29.90</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>* Includes (i) 2,767,995.138 shares of Common Stock held by MRMP-Managers LLC, of which Ned L. Sherwood is the Chief Investment Officer, and (ii) 238,038 shares of Common Stock held by the Ned L. Sherwood Revocable Trust, of which Ned L. Sherwood is the sole trustee and beneficiary. Ned L. Sherwood disclaims beneficial ownership of such Common Stock except to the extent of his pecuniary interest therein.</commentContent>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
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        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>NY</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
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        <soleDispositivePower>0.00</soleDispositivePower>
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        <securityTitle>Common Stock, par value $0.50 per share</securityTitle>
        <issuerName>BARNWELL INDUSTRIES INC</issuerName>
        <issuerPrincipalAddress>
          <com:street1>1100 ALAKEA ST.</com:street1>
          <com:street2>SUITE 500</com:street2>
          <com:city>HONOLULU</com:city>
          <com:stateOrCountry>HI</com:stateOrCountry>
          <com:zipCode>96813</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 39 to Statement of Beneficial Ownership on Schedule 13D (this "Amendment No. 39") amends the Statement of Beneficial Ownership on Schedule 13D filed by Ned L. Sherwood on June 11, 2013 (as amended by the Reporting Persons, the "Schedule 13D" or this "Statement"). Except as amended and supplemented by this Amendment No. 39, the Schedule 13D remains unchanged.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is amended and supplemented as follows: The Reporting Persons hereby issue an additional open letter to shareholders of Barnwell filed as Exhibit 99.1 herewith. The Reporting Persons once again hereby affirm that they have no current intent to engage in a control transaction with the Company.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Mr. Sherwood beneficially owns in the aggregate 3,006,033.138 shares of Common Stock, which represents approximately 29.90% of the Company's outstanding shares of Common Stock. Each percentage ownership of Common Stock set forth in this Statement is based on the 10,053,534 shares of Common Stock reported by the Company as outstanding as of December 13, 2024 in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on December 17, 2024.</percentageOfClassSecurities>
        <transactionDesc>No transactions in the Common Stock have been effected by the Reporting Persons since the filing of Amendment No. 32 on May 31, 2024.</transactionDesc>
      </item5>
      <item6>
        <contractDescription>Information set forth in Item 4 above is hereby incorporated herein by reference. Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint filing of this Statement, which agreement is set forth on the signature page to this Statement.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 99.1 Open Letter to Shareholders, dated as of April 3, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Ned L. Sherwood</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Ned L. Sherwood</signature>
          <title>NED L. SHERWOOD</title>
          <date>04/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>MRMP-Managers LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Ned L. Sherwood</signature>
          <title>Ned L. Sherwood/Chief Investment Officer</title>
          <date>04/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Ned L. Sherwood Revocable Trust</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Ned L. Sherwood</signature>
          <title>Ned L. Sherwood/Trustee</title>
          <date>04/03/2025</date>
        </signatureDetails>
      </signaturePerson>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea023705101ex99-1_barnwell.htm
<DESCRIPTION>OPEN LETTER TO SHAREHOLDERS, DATED AS OF APRIL 3, 2025
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></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: center"><B>MRMP-Managers LLC</B><BR>
151 Terrapin Point<BR>
Vero Beach, Florida 32963</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(772) 448-3877</FONT></TD></TR>
  </TABLE>


<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">April 3, 2025</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 0">To Our Fellow Stockholders of Barnwell Industries:</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">On March 14, 2025, I, as the largest shareholder
in BRN, commenced a consent solicitation effort to replace Barnwell&rsquo;s entire board with five highly qualified nominees who possess
the diverse expertise necessary to reverse Barnwell&rsquo;s decades long decline in market value.</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"><B>Let&rsquo;s be clear&mdash;this is about performance.
Barnwell&rsquo;s track record speaks for itself.</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">As an approximate 30% shareholder, I believe decisive
and responsible action is required to prevent further destruction of shareholder value. Under current leadership, Barnwell has continued
to drain shareholder resources through excessive executive compensation, unjustifiable legal fees aimed at entrenching management and
the board, and speculative investments made without appropriate due diligence. Since the BLUE consent cards began reaching shareholders,
we&rsquo;ve seen significant support from fellow investors who are ready for change.</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">To begin turning around our investment and unlocking
future share price growth, we need support from holders of at least 50% of outstanding shares. Your voice is critical. To help bring about
the necessary change, please respond to the consent solicitation either by voting electronically via the proxy vote web site noted on
your BLUE consent card or mailing back a properly completed BLUE consent card before the May 13<SUP>th</SUP> deadline.</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">In the Company&rsquo;s most recent filing, the
&ldquo;Executive Committee&rdquo; of Kinzler, Grossman and Horowitz make a series of blatantly false and misleading statements, including,
among other things, referring to operating distributions and cashflow that are not substantiated by any charts that tie to BRN&rsquo;s
official SEC financial reports. The following table excerpts key statistics based on BRN&rsquo;s actual reported results for the 8 years
since Alex Kinzler was promoted to CEO in December 2016.</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-top: 0pt; margin-bottom: 0pt; text-align: center">BRN Summary Record</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FY 2017 &ndash; FY 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">($000)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Beginning Cash - Sept 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">15,931</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Land sales cash provided</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,970</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Water Division cash provided</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Cash raised from working capital</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">469</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total 8-Year cash generated:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,222</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash raised from ATM share sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,535</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less dividends to shareholders</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(748</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Cash Generated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,009</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Aggregate Cash used for Overhead Costs, Acquisitions and Oil &amp; Gas</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">42,504</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ending Cash - Sept 2024</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,505</TD><TD STYLE="text-align: left">*</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">*Net Funds Raised from ATM share sells less Dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,784</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash generated over the 8 years exclusive of Equity ATM</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(282</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>


<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">Source: Company 10-K and 10-Q filings with the
SEC.</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"></P>

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<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">The above table clearly shows that BRN management
during Kinzler&rsquo;s CEO stewardship utilized the entire $15.9 million cash balance as of September 2016, plus the entire $23.97 million
windfall from its Hawaii land sales (largely spurred by Covid), primarily in non-productive ways leaving BRN shareholders with essentially
a Calgary oil and gas operation clearly worth far less than the $47 million of the cash that the company had generated to invest during
the Kinzler tenure. Bringing the cash table forward to December 2024, BRN cash balances have declined to $1.96 million! Further, we have
repeatedly highlighted our understanding that Alex Kinzler forced through a decision to make a $5.3 million plus Texas oil and gas partnership
investment with virtually no due diligence. This investment has recently been written down by $2.3 million during the past two quarters
alone!</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">In summary, in the eight years under Kinzler&rsquo;s
control, BRN has seen approximately $4.70 per share in available cash flow, inclusive of extraordinary windfalls like the Hawaiian land
sales during COVID, dwindle to just $0.07 per share paid out in dividends and BRN shares now trading at only $1.70 per share, representing
a market value of merely $17 million.</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">Despite previously entering into a four-year cooperation
and support agreement with the current Board and management, the results have been disastrous. We have waited, we have trusted, and have
continued to observe the Board and management destroy value. It&rsquo;s time for REAL change. This is why we firmly believed a complete
overhaul of the Board was necessary. Securing one or two board representatives over the last several years through cooperation and support
agreements has not been enough to stop Kinzler and Grossman (and now Horowitz) from their campaign of destroying shareholder value.</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">Notwithstanding BRN&rsquo;s false statements to
the contrary, I am not trying to take control of BRN. As the largest shareholder, and effectively a representative of the broader base
of long suffering BRN and non-Kinzler related shareholders, I concluded that we could no longer afford to wait for the annual proxy meeting
to stop the precipitous cash drain. In fact, it is the Kinzler/Grossman/Horowitz Directors who are attempting to maintain control (with
total holdings of approximately 15%) without providing any distributions or return on investment &ndash; but rather to ENTRENCH THEMSELVES
wasting BRN&rsquo;s limited resources via their legal maneuvers! This urgent situation compelled the launch of an immediate consent solicitation
&ndash; in an attempt to prevent jeopardizing the company&rsquo;s future. We believe our efforts are a necessary step to protect shareholder
value and ensure we restore long-term stability at BRN. To further prove my point of the urgency, unbeknownst to shareholders, Kinzler,
Grossman and Horowitz have authorized the use of more shareholder funds to file an action in Delaware against us in an effort to attempt
to keep us from filing an opposing proxy slate, if necessary. This action was filed by the fourth and fifth law firms retained by BRN,
on your dime, since January in this matter.</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"></P>

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<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">Kinzler/Grossman/Horowitz have already done significant
damage to BRN and I believe positive action on the consent solicitation is our last hope of stopping BRN&rsquo;s decline before it may
be too late.</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">If our consent solicitation is successful, we
are ready to implement a focused and actionable turnaround plan to restore value and accountability at Barnwell:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><B>Board Renewal with Proven Leadership</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We have assembled an exceptional slate
of independent Board nominees&mdash;with over 172 years of combined experience&mdash;who bring deep expertise in operations, finance,
and governance. Apart from myself, all nominees are fully independent of the Sherwood Group and committed to acting in the best interests
of all shareholders.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><B>Overhead Reduction and Operational Consolidation</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Our first step includes dramatically
reducing BRN&rsquo;s overhead costs by completely closing the Hawaiian offices and consolidating operations in Calgary. While we intend
to retain the Company&rsquo;s partnership interest in the Hawaiian land assets, we see no justification for maintaining a physical presence
there.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><B>Legal and Administrative Efficiency</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We will significantly reduce legal
expenses, which have been used to entrench current leadership, and streamline administrative functions by eliminating duplicative staffing
and systems. These actions will improve operational efficiency and reduce unnecessary spending.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><B>Sharpened Focus on Value Creation</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Every action we take will be centered
around restoring and growing shareholder value&mdash;through disciplined cost control, transparent oversight, and a commitment to strategic,
well-vetted investments.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B>Strategic Use of Tax Assets and Acquisition Strategy</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We will initiate a targeted search
for a profitable U.S. tax-paying acquisition candidate that could benefit from BRN&rsquo;s $49 million tax loss carryforward. In essence,
we envision repositioning Barnwell as a pseudo-SPAC&mdash;leveraging its valuable tax assets and pairing them with a high-performing,
independent board whose diverse skill sets make BRN an attractive platform for the right acquisition.</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">Of course, BRN also currently has a Calgary based
oil and gas operation, which we will attempt to run in a lean and wise manner. Besides reducing production costs, which remain way too
high under BRN&rsquo;s current management team, we will also look for attractive opportunities to invest in our oil and gas assets. We
have included Heather Isidoro and Jim Cornell on our Board slates since they both have decades of natural resources experience &mdash;
and in Heather&rsquo;s case, she has direct knowledge of the Twinning field, which is BRN&rsquo;s largest Calgary area investment. We
believe our stewardship of BRN&rsquo;s oil and gas assets will be a marked improvement from the Kinzler/Grossman/Horowitz reign. Further,
unlike the current BRN Board of Kinzler/Grossman/Horowitz, our Board nominees have had successful business careers and, if required, could
raise significant new equity capital for the company.</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"></P>

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<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">Our Board has superior business skills and experience,
and affords all shareholders the best team to restore BRN. Given BRN&rsquo;s current management continued entrenchment actions, we feel
it has become URGENT to succeed in the consent solicitation in order to preserve BRN&rsquo;s dwindling cash reserves.</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"><B>We urge all shareholders to approve and submit
the BLUE consent card by mail or electronically as soon as possible so that we can begin our BRN turnaround efforts to benefit all shareholders.
</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">If you have any questions or require any assistance in executing your
consent, please contact:</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 0">Alliance Advisors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 Broadacres Drive, 3rd Floor, Bloomfield, NJ 07003</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders call toll-free: 1 (833) 215-7301</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: brn2025@allianceadvisors.com</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 0">Your participation is critical in this process, and we appreciate your
support.</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 0; text-align: justify">Additional Information</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, MRMP-Managers LLC, Ned L. Sherwood
Revocable Trust, James C. Cornell, Heather Isidoro, Stuart I. Oran, and Gregory W. Sullivan (collectively, the &ldquo;Participants&rdquo;)
have filed a definitive consent statement and accompanying form of consent card with the SEC to be used in connection with the solicitation
of consents from the stockholders of Barnwell Industries, Inc. (the &ldquo;Company&rdquo;). All stockholders of the Company are advised
to read the definitive consent statement and other documents related to the solicitation of consents by the Participants because they
contain important information, including additional information related to the Participants. The definitive consent statement and an accompanying
BLUE consent card will be furnished to some or all of the Company&rsquo;s stockholders and will be, along with other relevant documents,
available at no charge on the SEC&rsquo;s website at&nbsp;http://www.sec.gov/&nbsp;and from the Participants&rsquo; consent solicitor,
Alliance Advisors, by requesting a copy via email to&nbsp;brn2025@allianceadvisors.com. Information about the Participants and a description
of their direct or indirect interests by security holdings is contained in the definitive consent statement on Schedule 14A, filed by
the Participants with the SEC on March 14, 2025. This document is available free of charge from the sources indicated above.</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 0">Thank you for your support,</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 0">Ned L. Sherwood</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 0"></P>

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