<SEC-DOCUMENT>0001140361-25-009467.txt : 20250319
<SEC-HEADER>0001140361-25-009467.hdr.sgml : 20250319
<ACCEPTANCE-DATETIME>20250319172620
ACCESSION NUMBER:		0001140361-25-009467
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250319
DATE AS OF CHANGE:		20250319

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:		25753770

	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>ef20045844_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;"> March 19, 2025</font></div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 24pt; font-weight: bold;">BARNWELL INDUSTRIES, INC.<br>
        </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" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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              <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Delaware<br>
                </div>
              </td>
              <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">1-5103<br>
                </div>
              </td>
              <td style="width: 33.32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <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 style="text-align: justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
        <div>&#160;<br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top;">&#9746;</td>
              <td style="width: auto; 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>
          <div>
            <div><br>
            </div>
          </div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top;">&#9744;</td>
              <td style="width: auto; 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><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top;">&#9744;</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;">&#160;<br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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              <td style="width: 32.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">Title of each class</div>
              </td>
              <td style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">Trading Symbol(s)</div>
              </td>
              <td style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">Name of each exchange on which</div>
                <div style="text-align: center;"> 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;">&#160;</td>
              <td style="width: 24%; vertical-align: top; text-align: center;">BRN<br>
              </td>
              <td style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 40%; vertical-align: top;">
                <div style="text-align: center;">NYSE American<br>
                </div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 32.01%; vertical-align: top; text-align: center;">Common Stock Purchase Rights<br>
              </td>
              <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 24%; vertical-align: top; text-align: center;">N/A<br>
              </td>
              <td rowspan="1" style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
              <td rowspan="1" style="width: 40%; vertical-align: top; text-align: center;">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;"> <br>
        </div>
        <div style="text-align: justify;">
          <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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              <td style="width: 45pt; vertical-align: top; font-weight: bold;"><u>Item 8.01</u></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;"><u>Other Events</u></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div>On March 19, 2025, Barnwell Industries, Inc. issued a press release relating to the consent solicitation materials filed by Ned L. Sherwood, MRMP-Managers LLC and Ned L. Sherwood Revocable Trust. A copy of the press release is furnished as
          Exhibit 99.1 to this Current Report on Form 8-K.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 45pt; vertical-align: top; font-weight: bold;"><u>Item 9.01</u></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;"><u>Financial Statements and Exhibits</u>.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; 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" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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              <td style="width: 15%; vertical-align: top;">
                <div><u>Exhibit No.</u></div>
              </td>
              <td style="width: 85%; vertical-align: top;">
                <div><u>Description</u></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 85%; vertical-align: top;">&#160;</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 March 19, 2025</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</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>

        </table>
        <div> <br>
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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-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>
        <div>Dated:&#160; March 19, 2025</div>
        <div>&#160;</div>
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              <td style="width: 49.72%; vertical-align: top;">&#160;</td>
              <td colspan="3" style="vertical-align: top;">
                <div>BARNWELL INDUSTRIES, INC.</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 49.72%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 49.72%; vertical-align: top;">&#160;</td>
              <td style="width: 4%; vertical-align: top;">
                <div>By:</div>
              </td>
              <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>/s/ Alexander C. Kinzler</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 49.72%; vertical-align: top;">&#160;</td>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 6%; vertical-align: top;">
                <div style="text-indent: -18pt; margin-left: 18pt;">Name:</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div style="text-indent: -18pt; margin-left: 18pt;">Alexander C. Kinzler</div>
              </td>
            </tr>
            <tr>
              <td style="width: 49.72%; vertical-align: top;">&#160;</td>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 6%; vertical-align: top;">
                <div style="text-indent: -18pt; margin-left: 18pt;">Title:</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div style="text-indent: 0.2pt;">Secretary and General Counsel</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
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        </div>
        <div style="text-align: center;"><u>Exhibit Index</u></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div><u>Exhibit No.</u></div>
              </td>
              <td style="width: 85%; vertical-align: top;">
                <div><u>Description</u></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 85%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div><a href="#Exhibit99.1">99.1</a></div>
              </td>
              <td style="width: 85%; vertical-align: top;">
                <div>Press release dated March 19, 2025</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</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>

        </table>
        <div><br>
        </div>
        <div> </div>
      </div>
    </div>
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  <div>
    <div>
      <div>
        <div>
          <div style="text-align: right;"><font style="font-weight: bold;"><a name="Exhibit99.1"><!--Anchor--></a> Exhibit 99.1</font><br>
          </div>
          <div> <br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 15%;" rowspan="7" colspan="1">
                  <div><img src="image00001.jpg"></div>
                </td>
                <td style="width: 65%; padding-bottom: 2px;"> <br>
                </td>
                <td style="width: 20%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">P R E S S</font>&#160;&#160; <br>
                </td>
              </tr>
              <tr>
                <td style="width: 65%; font-weight: bold;" colspan="1"><br>
                </td>
                <td style="width: 20%; font-weight: bold; text-align: left;">
                  <div style="margin-left: 9pt; text-indent: -9pt;">R E L E A S E</div>
                </td>
              </tr>
              <tr>
                <td style="width: 65%; font-weight: bold;" colspan="1">BARNWELL INDUSTRIES, INC.</td>
                <td style="width: 20%; text-align: left;">
                  <div style="margin-left: 9pt; text-indent: -9pt;">1100 Alakea Street, Suite 500</div>
                </td>
              </tr>
              <tr>
                <td style="width: 65%;"><br>
                </td>
                <td style="width: 20%; text-align: left; vertical-align: top;">
                  <div style="margin-left: 9pt; text-indent: -9pt;">Honolulu, Hawaii 96813</div>
                </td>
              </tr>
              <tr>
                <td style="width: 65%;"> <br>
                </td>
                <td style="width: 20%; text-align: left; vertical-align: top;">
                  <div style="margin-left: 9pt; text-indent: -9pt;">Telephone (808) 531-8400</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 65%;">&#160;</td>
                <td rowspan="1" style="width: 20%; text-align: left; vertical-align: top;">
                  <div style="margin-left: 9pt; text-indent: -9pt;">Fax (808) 531-7181</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 65%;">&#160;</td>
                <td rowspan="1" style="width: 20%; text-align: left; vertical-align: top;">
                  <div style="margin-left: 9pt; text-indent: -9pt;">Website: www.brninc.com</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <div style="text-align: center; font-weight: bold;">Barnwell Industries Corrects Ned Sherwood&#8217;s Misleading Claims</div>
          <div><br>
          </div>
          <div style="text-align: center; font-style: italic; font-weight: bold;">Alex Kinzler does NOT support Sherwood&#8217;s Consent Solicitation</div>
          <div><br>
          </div>
          <div style="text-align: center; font-style: italic; font-weight: bold;">Consent Submitted by Alex Kinzler for One Share Required to Commence Consent Solicitation</div>
          <div><br>
          </div>
          <div style="text-align: center; font-style: italic; font-weight: bold;">Urges Shareholders to Ignore and Discard any Blue Consent Solicitation Card</div>
          <div>
            <div><br>
            </div>
          </div>
          <div>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
          <div style="text-align: justify;"> <br>
          </div>
          <div style="text-align: justify;">
            <div>HONOLULU, March 19, 2025 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) (&#8220;Barnwell&#8221; or the &#8220;Company&#8221;) today corrected the record regarding
              Ned Sherwood&#8217;s highly misleading statements made in connection with his attempt to take over Barnwell without paying a premium to shareholders.</div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">Contrary to Sherwood&#8217;s claims in a press release this morning, and for the avoidance of doubt, Alex Kinzler, Executive Chairman, General Counsel and Corporate Secretary, is a member of Barnwell&#8217;s Executive
            Committee of the Board defending the Company AGAINST Sherwood&#8217;s costly and distracting consent solicitation.</div>
          <div><br>
          </div>
          <div style="text-align: justify;">In Sherwood&#8217;s press release announcing the commencement of his self-serving Consent Solicitation seeking to replace the Company&#8217;s entire Board of Directors, Sherwood intentionally misled shareholders using
            language that made it appear as if Kinzler submitted a consent solicitation card in support of Sherwood. <font style="font-weight: bold;">This is patently false and highly misleading. Kinzler, in his capacity as a shareholder, submitted a
              consent for one share of the 939,500 shares of Barnwell that he owns, so that the 60-day solicitation period required under Sherwood&#8217;s self-serving campaign could begin. Kinzler and the current Board do not support Sherwood.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify;">Shareholders are likely to receive a blue consent card mailed to you by Sherwood, seeking approval of this extremely disruptive takeover of the Barnwell Board that offers shareholders no premium for their
            investment. <font style="font-weight: bold;">The value of your investment is at risk. We urge you to discard any blue consent card sent to you by Sherwood and ignore any of his calls, messages and other attempts to solicit his blue consent
              card.</font></div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

              <tr>
                <td style="width: 80%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center;"><font style="font-weight: bold;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-weight: bold;"> If you have any questions or to revoke a previous submitted <br>
                      consent, please contact our proxy solicitor:</font> <br>
                  </div>
                  <div style="text-align: center;"><font style="font-weight: bold;"> <br>
                    </font></div>
                  <div style="text-align: center; font-weight: bold;">Okapi Partners at (877) 869-0171 or by email at</div>
                  <div style="text-align: center; font-weight: bold;"> <u>info@okapipartners.com</u></div>
                  <div style="text-align: center; font-weight: bold;"><u> <br>
                    </u></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; font-weight: bold;">Forward-Looking Statements</div>
          <div><br>
          </div>
          <div style="text-align: justify;">Certain 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. These forward-looking statements are based on current beliefs and expectations of our board and management team that involve risks, potential changes in circumstances,
            assumptions, and uncertainties, include various estimates, forecasts, projections of Barnwell&#8217;s future performance, statements of Barnwell&#8217;s plans and objectives, our expectations regarding the effect of the Sherwood Group&#8217;s Consent
            Solicitation and our ability to successfully solicit revocations of consents from our stockholders to reject the Sherwood Group&#8217;s proposals. 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. Any or all of the forward-looking statements may turn out to be incorrect or be affected by inaccurate assumptions Barnwell might make or by known or unknown risks and
            uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to the actions of the Sherwood Group, our ability to successfully solicit revocations of consents from our stockholders to reject the
            Sherwood Group&#8217;s proposals, our ability to defend against any potential claims by the Sherwood Group, our ability to execute on our strategy and business plan and the other risks 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 fiscal year ended September 30, 2024 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 relesae, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements
            contained herein.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">Certain Information Regarding Participants</div>
          <div><br>
          </div>
          <div style="text-align: justify;">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 14(a) of the Securities Exchange Act of 1934, as amended) in (i) the
            solicitation of revocations of consents relating to the efforts of the Sherwood Group and certain other participants to solicit consents for, among other things, the removal of all members of the Company&#8217;s Board of Directors or (ii) 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 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 3 and Form 4 filed with the SEC: Form 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"><u>May
                16, 2024</u></a>; Form 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"><u>May 20, 2024</u></a>, <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036124039376/xslF345X05/form4.xml"><u>August 29, 2024</u></a>, <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036125000954/xslF345X05/form4.xml"><u>January 13, 2025</u></a>
            and <u>J<a href="https://www.sec.gov/Archives/edgar/data/10048/000114036125001394/xslF345X05/form4.xml">anuary 17, 2025</a></u>; Form 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"><u>August 23, 2024</u></a> and <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036124044456/xslF345X05/form4.xml"><u>October 28, 2024</u></a>;
            Form 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"><u>October 28, 2024</u></a>; and Form 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">October 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><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 108pt; vertical-align: top;">CONTACT:</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Investors:</div>
                </td>
              </tr>

          </table>
          <div style="margin-left: 108pt;">Bruce Goldfarb / Chuck Garske</div>
          <div style="margin-left: 108pt;">(212) 297-0720</div>
          <div style="margin-left: 108pt;">Email: info@okapipartners.com</div>
          <div><br>
          </div>
          <div style="margin-left: 108pt;">Kenneth S. Grossman</div>
          <div style="margin-left: 108pt;">Vice Chairman of the Board of Directors</div>
          <div style="margin-left: 108pt;">Email: kensgrossman@gmail.com</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
          <div>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
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    &#160; </div>
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