<SEC-DOCUMENT>0001140361-25-005869.txt : 20250225
<SEC-HEADER>0001140361-25-005869.hdr.sgml : 20250225
<ACCEPTANCE-DATETIME>20250225163037
ACCESSION NUMBER:		0001140361-25-005869
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250225
DATE AS OF CHANGE:		20250225

FILER:

	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
		IRS NUMBER:				720496921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		25663830

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ef20044277_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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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-weight: bold;">Current Report Pursuant to Section 13 or 15(d)</div>
          <div style="text-align: center; font-weight: bold;">of the Securities Exchange Act of 1934</div>
          <div><br>
          </div>
          <div style="text-align: center;">Date of Report (Date of earliest event reported):<font style="font-weight: bold;"> February 25, 2025</font></div>
          <div><br>
          </div>
          <div style="text-align: center; font-size: 24pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
          <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" id="z7c06762848144fa7b4fd1919a5bafe88" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0;">

              <tr>
                <td style="width: 33%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                  <div style="text-align: center; font-weight: bold;">Delaware<br>
                  </div>
                </td>
                <td style="width: 34%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                  <div style="text-align: center; font-weight: bold;">1-5103<br>
                  </div>
                </td>
                <td style="width: 33.32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                  <div style="text-align: center; font-weight: bold;">72-0496921<br>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 33%; vertical-align: top;">
                  <div style="text-align: center;">(State or other jurisdiction of Incorporation)</div>
                </td>
                <td style="width: 34%; vertical-align: top;">
                  <div style="text-align: center;">(Commission File Number)</div>
                </td>
                <td style="width: 33.32%; vertical-align: top;">
                  <div style="text-align: center;">(IRS Employer Identification No.)</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: center; font-weight: bold;">1100 Alakea Street, Suite 500</div>
          <div style="text-align: center; font-weight: bold;">Honolulu, Hawaii 96813</div>
          <div style="text-align: center;">(Address of Principal Executive Offices) (Zip Code)</div>
          <div><br>
          </div>
          <div style="text-align: center; font-weight: bold;">(808) 531-8400</div>
          <div style="text-align: center;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
          <div><br>
          </div>
          <div style="text-align: center; font-weight: bold;">Not Applicable</div>
          <div style="text-align: center;">(Former Name or Former Address, if Changed Since Last Report)</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
            following provisions:</div>
          <div><br>
            </div>
          <table cellspacing="0" cellpadding="0" id="z8449e3e3e1c14eb59207cdb1c4398878" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">

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

          </table>
          <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zc8e125c19db34440920d5a9d26d06b1d" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">

              <tr>
                <td style="width: 18pt; vertical-align: top;">&#9746;<br>
                </td>
                <td style="vertical-align: top;">
                  <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
                </td>
              </tr>

          </table>
          <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z6845bc636c2244d3a04aee19d90be5e6" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">

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

          </table>
          <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zcf1976f8a62b4932a7f9a191fba913c2" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">

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

          </table>
          <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
          <div style="text-align: justify;"><br>
            </div>
          <table cellspacing="0" cellpadding="0" border="0" id="z33da17b960d947fe980a5214b110bb05" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0;">

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                <td style="width: 32.01%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                  <div style="text-align: center;">Title of each class</div>
                </td>
                <td style="width: 2%; vertical-align: top;"><br>
                </td>
                <td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                  <div style="text-align: center;">Trading Symbol(s)</div>
                </td>
                <td style="width: 2%; vertical-align: top;"><br>
                </td>
                <td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                  <div style="text-align: center;">Name of each exchange on which registered</div>
                </td>
              </tr>
              <tr>
                <td style="width: 32.01%; vertical-align: top;">
                  <div style="text-align: center;">Common Stock, $0.50 Par Value<br>
                  </div>
                </td>
                <td style="width: 2%; vertical-align: top;"><br>
                </td>
                <td style="width: 32%; text-align: center; vertical-align: top;">BRN<br>
                </td>
                <td style="width: 2%; vertical-align: top;"><br>
                </td>
                <td style="width: 32%; vertical-align: top;">
                  <div style="text-align: center;">NYSE American<br>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 32.01%; text-align: center; vertical-align: top;">Common Stock Purchase Rights</td>
                <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 32%; text-align: center; vertical-align: top;">N/A<br>
                </td>
                <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 32%; text-align: center; vertical-align: top;">NYSE American<br>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
            chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).&#160; Emerging growth company &#9744;</div>
          <div><br>
          </div>
          <div style="text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
            or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</div>
          <div style="text-align: justify;">
            <div><br>
            </div>
            <hr style="border-width: 1px medium 4px; border-style: solid none; border-color: black currentColor; border-image: none; height: 10px; text-align: center; color: rgb(255, 255, 255); margin-right: auto; margin-left: auto; background-color: rgb(255, 255, 255);"></div>
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                      <td style="width: 45pt; text-align: right; vertical-align: top; white-space: nowrap;">
                        <div>
                          <div style="text-align: left; font-weight: bold;"><font style="text-decoration: underline;">Item 8.01</font></div>
                        </div>
                      </td>
                      <td style="width: auto; text-align: left; vertical-align: top;">
                        <div style="font-weight: bold;"><font style="text-decoration: underline;">Other Events</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <hr style="border-width: 1px medium 4px; border-style: solid none; width: 0px; color: rgb(0, 0, 0); font-size: 10pt; font-weight: 400;"></div>
          <div>On February 25, 2025, Barnwell Industries, Inc. issued a press release relating to communications to a shareholder. A copy of the press release is furnished
            as Exhibit 99.1 to this Current Report on Form 8-K.</div>
          <div>&#160;</div>
          <div>
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                <tr>
                  <td style="width: 45pt; font-weight: bold; vertical-align: top;"><font style="text-decoration: underline;">Item 9.01</font></td>
                  <td style="vertical-align: top;"><font style="font-weight: bold;"><font style="text-decoration: underline;">Financial Statements and Exhibits</font>.</font></td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zc58b184fab3d4d6ea5e851b17fed3ef2" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">

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                <td style="width: 27pt; vertical-align: top;">(d)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Exhibits</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" border="0" id="ze887d1c20ba649ea98ecefe61734ad65" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0;">

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                <td style="width: 15%; vertical-align: top;">
                  <div><font style="text-decoration: underline;">Exhibit No.</font></div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><font style="text-decoration: underline;">Description</font></div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 15%; vertical-align: top;"><br>
                </td>
                <td rowspan="1" style="width: 85%; vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 15%; vertical-align: top;">
                  <div>99.1</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Press release dated February 25, 2025</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 15%; vertical-align: top;"><br>
                </td>
                <td rowspan="1" style="width: 85%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 15%; vertical-align: top;">
                  <div>104</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Cover Page Interactive Data File (embedded within the Inline XBRL document)</div>
                </td>
              </tr>

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          </div>
          <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
          <div>&#160;</div>
          <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its
            behalf by the undersigned hereunto duly authorized.</div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" border="0" id="zcdf9519505fb4a72aeabf28c3c1db1ea" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0;">

              <tr>
                <td colspan="1" rowspan="1" style="width: 50%; vertical-align: top;">Dated:&#160; February 25, 2025</td>
                <td colspan="3" rowspan="1" style="vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="width: 50%; vertical-align: top;"><br>
                </td>
                <td colspan="3" rowspan="1" style="vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 50%; vertical-align: top;"><br>
                </td>
                <td colspan="3" style="vertical-align: top;">
                  <div>BARNWELL INDUSTRIES, INC.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="width: 50%; vertical-align: top;"><br>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: top;"><br>
                </td>
                <td colspan="2" rowspan="1" style="vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 50%; vertical-align: top;"><br>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div>By:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                  <div>
                    <div>/s/ Russell M. Gifford</div>
                  </div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 50%; vertical-align: top;"><br>
                </td>
                <td style="width: 3%; vertical-align: top;"><br>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="text-indent: -18pt; margin-left: 18pt;">Name:</div>
                </td>
                <td style="width: 42%; vertical-align: top;">
                  <div style="text-indent: -18pt; margin-left: 18pt;">Russell M. Gifford</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 50%; vertical-align: top;"><br>
                </td>
                <td style="width: 3%; vertical-align: top;"><br>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="text-indent: -18pt; margin-left: 18pt;">Title:</div>
                </td>
                <td style="width: 42%; vertical-align: top;">
                  <div style="text-indent: 0.2pt;">Executive Vice President and Chief Financial Officer</div>
                </td>
              </tr>

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          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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          </div>
          <div style="text-align: center;"><font style="text-decoration: underline;">Exhibit Index</font></div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" border="0" id="z3d48e4a7b5b84f4284ae38eb349c0329" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0;">

              <tr>
                <td style="width: 15%; vertical-align: top;">
                  <div><font style="text-decoration: underline;">Exhibit No.</font></div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><font style="text-decoration: underline;">Description</font></div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 15%; vertical-align: top;"><br>
                </td>
                <td rowspan="1" style="width: 85%; vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 15%; vertical-align: top;">
                  <div><a href="ef20044277_ex99-1.htm">99.1</a></div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Press release dated February 25, 2025</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 15%; vertical-align: top;"><br>
                </td>
                <td rowspan="1" style="width: 85%; vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 15%; vertical-align: top;">
                  <div>104</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Cover Page Interactive Data File (embedded within the Inline XBRL document)</div>
                </td>
              </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20044277_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
    <!-- Licensed to: Broadridge
         Document created using Broadridge PROfile 25.1.1.5279
         Copyright 1995 - 2025 Broadridge -->
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    <div style="font-weight: bold; text-align: right; font-size: 10pt;">Exhibit 99.1<br>
    </div>
    <div style="font-weight: bold;"> <font style="font-size: 10pt;"><br>
      </font></div>
    <div style="font-weight: bold;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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              <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">BARNWELL INDUSTRIES, INC.</div>
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            <td style="width: 22.79%; text-align: left; font-size: 10pt; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-family: 'Times New Roman'; font-weight: bold;">P&#160; R&#160; E&#160; S&#160; S</font></td>
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              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> R E L E A S E</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">1100 Alakea Street, Suite 500</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Honolulu, Hawaii 96813</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Telephone (808) 531-8400</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Fax (808) 531-7181</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Website:&#160; www.brninc.com</div>
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        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Barnwell Industries, Inc. Informs Ned Sherwood of Defective and Insufficient Director Nomination Notice and Investigation of Circumstances that May
          Have Triggered Shareholder Rights Plan</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Actions Continue Ned Sherwood&#8217;s Long History of Disruption, Breaches of Settlement Agreements and Blatant Disregard for
          Established Bylaws and Shareholder Protections</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Board Forms Executive Committee to Protect Shareholder Interests</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Executive Committee Believes Sherwood&#8217;s Nomination of Himself, His Friends and His Affiliates Underscores Desire to Take
          Control of Barnwell at Shareholders&#8217; Expense and Without Paying a Premium for Control</div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"> <br>
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        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">HONOLULU, Feb. 25, 2025 -- Barnwell Industries, Inc. (NYSE American: BRN) (&#8220;Barnwell&#8221; or the &#8220;Company&#8221;) today announced that it has informed Ned Sherwood, a
          shareholder who recently submitted a control slate of five nominees comprising friends and affiliates, that his nomination notice is defective and insufficient. Sherwood&#8217;s nomination notice fails to include material information required by the
          Company&#8217;s bylaws, and in light of these material deficiencies and omissions required both by the bylaws and federal securities regulations, the Executive Committee of the Barnwell Board of Directors is strongly inclined to reject the nomination
          notice as defective and insufficient and to disqualify Sherwood&#8217;s nominees.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In light of the inherent conflicts of interest of Sherwood&#8217;s candidates, one of who is a current Board member, the Board has formed an Executive Committee comprising
          independent Vice Chairman, Kenneth Grossman, independent director Joshua Horowitz and Executive Chairman, Alexander Kinzler, to protect the interests of all other shareholders.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Executive Committee has requested that a Special Committee consisting of independent directors Grossman and Horowitz investigate, among other things, the facts
          and circumstances of the relationship between Sherwood and his board nominee, Ben Pierson, who has privately purchased shares of Barnwell while also currently serving as the Chief Investment Officer of Sherwood&#8217;s family office, to determine
          whether a distribution under the Company&#8217;s Shareholder Rights Plan has been triggered.</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="font-size: 10pt;"><br>
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        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Sherwood is Nominating Himself, His Friends and His Business Associates to</u></div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Steal Control of the Company</u></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="font-size: 10pt;"><br>
          </font></div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Notwithstanding the obvious conflicts, the Board remains open to considering new candidates and intends to vet the individuals proposed by Sherwood through its usual
          governance process. However, the Executive Committee cautions shareholders that a preliminary review shows clearly that two of the four nominees other than Sherwood cannot be expected to exercise judgement independent of Sherwood, and three of
          Sherwood&#8217;s five nominees have no public company Board experience.</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="font-size: 10pt;"><br>
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                <div style="font-family: 'Times New Roman';">Ben Pierson has been employed by the Sherwood Family Office as its Chief Investment Officer since 2021.</div>
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                <div style="font-family: 'Times New Roman';">Doug Woodrum has been a Director at Barnwell since 2020 as Sherwood&#8217;s designee having joined the Board following an earlier proxy contest and then through a prior settlement with the Company.
                  Woodrum has been the mouthpiece for all of Sherwood&#8217;s misguided policy proposals, including the sale of assets at fire sale prices and various attempts at co-opting day-to-day control, which have only resulted in damaging management
                  morale and creating distrust of Sherwood&#8217;s motives, as well as incurring significant costs for the Company to address these matters.</div>
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                <div style="font-family: 'Times New Roman';">Woodrum has been reprimanded on multiple occasions for leaking confidential board matters to Sherwood. Woodrum has also attempted to end-run the Board of Directors by directly interfering with
                  management. Sherwood has stated many times he would elevate Woodrum to CEO or CFO, but no member of management or director not affiliated with Sherwood has endorsed or supports Woodrum as qualified for either position.</div>
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        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company further notes that Sherwood&#8217;s nomination of a control slate continues his long history of disrupting the Company&#8217;s governance processes and interfering
          with the Company&#8217;s operations, while creating significant expense to the Company. Sherwood&#8217;s nomination of himself, his friends and business associates, without any credible plan for the Company and without paying a premium to shareholders for
          control, flies directly in the face of shareholder interests.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Sherwood and His Director Appointees Have Hid Investments and</u></div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Acted to Intentionally Undermine Management and the Board</u></div>
        <div style="font-size: 10pt;"><br>
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                <div style="font-family: 'Times New Roman'; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Sherwood made a significant investment in a Canadian Oil and Gas venture founded and operated by
                    one of his former director designees</font><font style="font-size: 10pt;">, which investment was only belatedly and incompletely disclosed. The Executive Committee believes this arrangement was undertaken as a quid pro quo so that
                    Sherwood&#8217;s nominee would execute on Sherwood&#8217;s self-serving agenda.</font></div>
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                <div style="font-family: 'Times New Roman'; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">From 2021-2022, Sherwood and Woodrum offered a then-new member of the Board, Colin O&#8217;Farrell,
                    the Company&#8217;s CEO position. Sherwood and Woodrum did so without consulting the Board and seemingly to co-opt O&#8217;Farrell&#8217;s independence. </font><font style="font-size: 10pt;">This conduct was in breach of a then-valid standstill
                    agreement, resulted in a costly investigation, severely damaged the morale of the Canadian-based management team, and resulted in O&#8217;Farrell&#8217;s resignation from the Board only seven months after his appointment.</font></div>
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                <div style="font-family: 'Times New Roman'; font-weight: bold;">In April 2024, without prior Board discussion or direction, Sherwood and his director appointee Woodrum demanded that management immediately begin a search for a Calgary-based
                  CFO and that Woodrum would help lead the search.</div>
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                <div style="font-family: 'Times New Roman'; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Sherwood continues to interfere with the Company&#8217;s executive leadership transition. </font><font style="font-size: 10pt;">Ten months ago, Craig Hopkins succeeded Kinzler as CEO of the Company with the support of Sherwood&#8217;s nominees and as part of an overall succession plan for the retirement of the Company&#8217;s prior senior management
                    and expense reduction efforts.&#160; Both Kinzler and Russell Gifford, the Company&#8217;s longtime CFO, have expressed their desire to retire from day-to-day operations of the Company by the end of the fiscal year and have indicated their
                    willingness to support CEO Craig Hopkins during the transition to the extent desired by him and the Board. Multiple directors supported by Sherwood, including former director Laurance Narbut, have expressed the belief that the decades
                    of experience and knowledge held by Kinzler and Gifford will enable the Company to undertake a smooth transition and maintain its excellent track record of accounting and legal compliance.</font></div>
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        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Despite Repeated Requests, Sherwood Has Failed to Propose a Different Plan or</u></div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Business Strategy</u></div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Sherwood has NO PLAN for Barnwell Other than to Take Over the Company</u></div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Without Paying a Control Premium</u></div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company has repeatedly asked Sherwood to specify what Company plans and policies he opposes or would change.&#160; The only response has been incessant demands &#8220;to
          shut down Hawaii,&#8221; which lacks any semblance of thoughtful consideration. It has no backing from a single budget, spreadsheet or alternative strategy that would adequately support the back-office functions of a publicly listed company.&#160; Barnwell
          can only conclude that Sherwood&#8217;s current nomination notice is merely an attempt to take full control of a company where he holds a 30% stake and no articulated plan to change any personnel, policies or business practices.&#160; Sherwood and his
          designees on the Board have been engaged in a steady stream of actions interfering with management and compromising Board confidentiality and function, all in pursuit of full control of the Company and often in violation of the standstill
          agreement that the Company and Sherwood entered into in 2023.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Sherwood has accused the Company of excessive expenditures for lawyers and other professionals when the vast majority of these expenditures were necessitated by the
          abusive, improper and often illegal actions of Sherwood and his designees on the Board. Sherwood&#8217;s group recently served the Company with a books and records request, which will require significant legal expense to address, ironically asking for
          shareholder records when Sherwood&#8217;s own group has played fast and loose with their own Section 16 and Section 13 SEC reporting obligations.</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="font-size: 10pt;"><br>
          </font></div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>The Barnwell Executive Committee Comprises Majority Independent and</u></div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Highly Experienced Directors Acting on Behalf of All Shareholders</u></div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The current Board was expressly approved by Sherwood under a 2023 settlement whereby the Company and Sherwood each designated two directors and a fifth director,
          Joshua Horowitz, was selected as a compromise board member who was vetted by Sherwood and expressly endorsed by both parties to the settlement agreement.</div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
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        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The current Board is overseeing the transition out of the Company&#8217;s water well drilling activities and is currently completing its final well project.&#160; <a name="z_Hlk191315121"></a>The water well subsidiary recently sold one of its rigs for approximately $585,000 and will shut down its operations and sell its remaining assets in the near term. This is part of a larger plan to transition out of
          the Company&#8217;s Hawaii main office and move those executives to transitional roles, to streamline the Company&#8217;s accounting operations and further reduce general and administrative expenses in order to increase funds available for investment.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s Twining oil &amp; gas property in Alberta continues to be the engine for the Company&#8217;s future growth.&#160; We are pleased that our newest development well
          is online and producing as expected.&#160; There are approximately 50 additional wells that can be drilled, which would enable the Company to grow its revenues and results organically, as a major portion of the costs of the operations are fixed.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Forward-Looking Statements</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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. 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. 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. 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. 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. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to
          differ materially from those contained in such statements. 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. Investors should not place undue reliance on the forward-looking statements
          contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained
          herein.</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Important Additional Information and Where to Find It</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Barnwell Industries, Inc. (the &#8220;Company&#8221;) plans to file proxy materials with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) in connection with the
          solicitation of proxies for the Company&#8217;s 2025 annual meeting of stockholders (the &#8220;2025 Annual Meeting&#8221;).&#160; Prior to the 2025 Annual Meeting, the Company will file a definitive proxy statement (the &#8220;Proxy Statement&#8221;) together with a WHITE proxy
          card.&#160; STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
          BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of the Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the
          Company with the SEC in connection with the 2025 Annual Meeting at the SEC&#8217;s website (http://www.sec.gov) or at the Company&#8217;s website at https://ir.brninc.com/ or by contacting Alexander Kinzler, Secretary and General Counsel of the Company, by
          phone at (808) 531-8400, by email at akinzler@brninc.com or by mail at Barnwell Industries, Inc., 1100 Alakea Street, Suite 500, Honolulu, Hawaii 96813.</div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
        </div>
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          <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Certain Information Regarding Participants</div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;">
          <div style="text-align: justify; font-family: 'Times New Roman';">The Company, its directors and certain of its executive officers and other employees may be deemed to be &#8220;participants&#8221; (as defined in Section&#160;14(a) of the Securities Exchange Act
            of 1934, as amended) in the solicitation of proxies from stockholders in connection with the 2025 Annual Meeting.&#160; Additional information regarding the identity of these potential participants and their direct or indirect interests, by security
            holdings or otherwise, will be set forth in the Proxy Statement and other materials to be filed with the SEC in connection with the 2025 Annual Meeting.&#160; Information relating to the foregoing can also be found in the Company&#8217;s definitive proxy
            statement for its 2024 annual meeting of stockholders, filed with the SEC on April&#160;2, 2024.&#160; To the extent holdings of such participants in the Company&#8217;s securities have changed since the amounts described in the Proxy Statement, such changes
            have been reflected on Statements of Change in Ownership on Form&#160;3 and Form&#160;4 filed with the SEC: Form&#160;3, filed by Craig Hopkins, with the filings of the Company on <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036124026555/xslF345X02/form3.xml" style="font-family: 'Times New Roman';">May&#160;16, 2024</a>; Form&#160;4, filed by Craig Hopkins, with the filings of the Company on <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036124026863/xslF345X05/form4.xml" style="font-family: 'Times New Roman';">May 20, 2024</a>, <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036124039376/xslF345X05/form4.xml" style="font-family: 'Times New Roman';">August 29, 2024</a>, <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036125000954/xslF345X05/form4.xml" style="font-family: 'Times New Roman';">January&#160;13, 2025</a> and <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036125001394/xslF345X05/form4.xml" style="font-family: 'Times New Roman';">January&#160;17, 2025</a>; Form&#160;4, filed by Joshua Horowitz, with the filings of the Company on <a href="https://www.sec.gov/Archives/edgar/data/10048/000106299324015616/xslF345X05/form4.xml" style="font-family: 'Times New Roman';">August&#160;23, 2024</a> and <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036124044456/xslF345X05/form4.xml" style="font-family: 'Times New Roman';">October&#160;28, 2024</a>; Form&#160;4, filed by Kenneth Grossman, with the filings of the Company on <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036124044455/xslF345X05/form4.xml" style="font-family: 'Times New Roman';">October&#160;28, 2024</a>; and Form&#160;4, filed by Douglas Woodrum, with the filings of the Company on <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036124044458/xslF345X05/form4.xml" style="font-family: 'Times New Roman';">October&#160;28, 2024</a>. These filings can be found at the SEC&#8217;s website at www.sec.gov. More detailed and
            updated information regarding the identity of potential participants, and their direct or indirect interests (by security holdings or otherwise), will be set forth in the proxy statement and other materials to be filed with the SEC. These
            documents can be obtained free of charge from the sources indicated above.</div>
        </div>
        <div style="font-size: 10pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4c646866088a4914b573b4064304d067">

            <tr>
              <td style="width: 10%; vertical-align: top; font-size: 10pt;">
                <div style="text-align: left; font-family: 'Times New Roman';">CONTACT:</div>
              </td>
              <td style="width: 90%; vertical-align: top; font-size: 10pt;">
                <div style="text-align: left; font-family: 'Times New Roman';">Kenneth S. Grossman</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top; font-size: 10pt;"><br>
              </td>
              <td style="width: 90%; vertical-align: top; font-size: 10pt;">
                <div style="text-align: left; font-family: 'Times New Roman';">Vice Chairman of the Board of Directors</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              <td style="width: 90%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top; font-size: 10pt;"><br>
              </td>
              <td style="width: 90%; vertical-align: top; font-size: 10pt;">
                <div style="text-align: left; font-family: 'Times New Roman';">Email: kensgrossman@gmail.com</div>
              </td>
            </tr>

        </table>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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