<SEC-DOCUMENT>0001140361-25-016692.txt : 20250430
<SEC-HEADER>0001140361-25-016692.hdr.sgml : 20250430
<ACCEPTANCE-DATETIME>20250430164832
ACCESSION NUMBER:		0001140361-25-016692
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250430
DATE AS OF CHANGE:		20250430

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
		EIN:				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:		25896332

	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>
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    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;"> <br>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
    <div style="text-align: center; font-weight: bold;">Proxy Statement Pursuant to Section 14(a)</div>
    <div style="text-align: center; font-weight: bold;">of the Securities Exchange Act of 1934</div>
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                <div style="color: rgb(0, 0, 0);">Soliciting Material Pursuant to &#167;240.14a-12</div>
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    <div style="text-align: center; font-size: 24pt; font-weight: bold;">Barnwell Industries, Inc.</div>
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    </div>
    <div style="text-align: center; font-weight: bold;">(Name of Registrant as Specified in Its Charter)</div>
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    <div style="text-align: center; font-weight: bold;">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</div>
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            <div>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</div>
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            <td style="width: 60%; padding-bottom: 2px;"><font style="font-weight: bold;">BARNWELL INDUSTRIES, INC.</font><br>
            </td>
            <td style="width: 13%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">P&#160; R&#160; E&#160; S&#160; S</font></td>
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            </td>
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            </td>
            <td colspan="2" rowspan="1" style="font-weight: bold;">R&#160;&#160; E&#160;&#160; L&#160;&#160; E&#160;&#160; A&#160;&#160; S&#160;&#160; E</td>
          </tr>
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            <td colspan="2" rowspan="1">1100 Alakea Street, Suite 500</td>
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            <td colspan="2" rowspan="1">&#160;&#160;</td>
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            <td colspan="2" rowspan="1">Honolulu, Hawaii 96813</td>
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              <div>&#160; <br>
              </div>
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            </td>
            <td colspan="2" rowspan="1">Telephone (808) 531-8400</td>
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            </td>
            <td colspan="2" rowspan="1">
              <div>&#160;</div>
            </td>
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            <td rowspan="1" style="width: 60%;"><br>
            </td>
            <td colspan="2" rowspan="1">Fax (808) 531-7181</td>
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            </td>
            <td colspan="2" rowspan="1">&#160;</td>
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            </td>
            <td colspan="2" rowspan="1">Website:&#160; www.brninc.com</td>
          </tr>

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      <div style="text-align: center; font-weight: bold;">Barnwell Industries Reiterates Willingness to Amicably Resolve Proxy Contest with</div>
      <div style="text-align: center; font-weight: bold;">Ned Sherwood</div>
      <div>&#160;</div>
      <div style="text-align: center; font-style: italic; font-weight: bold;">Focused on Moving Forward without Further Distraction to</div>
      <div style="text-align: center; font-style: italic; font-weight: bold;">Drive Value for ALL Shareholders</div>
      <div>&#160;</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><br>
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      <div style="font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">Honolulu, HI &#8212; April 30, 2025 &#8212; Barnwell Industries, Inc. (NYSE American: BRN) ("Barnwell" or the "Company")</font><font style="font-size: 10pt;"> today issued the
          following statement in response to recent developments in the proxy contest initiated by Ned Sherwood and his affiliated entities.</font></div>
      <div><br>
      </div>
      <div>Barnwell is pleased that Glass Lewis &amp; Co., a leading independent proxy advisory firm, has declared the removal of all three of the Company&#8217;s highly qualified incumbent director nominees &#8212; Alexander C. Kinzler, Kenneth S. Grossman, and
        Joshua S. Horowitz &#8212; to be unwarranted. The recommendation was made in connection with the ongoing Consent Solicitation by the Sherwood Group to seize control of the Company, and follows a thorough review of both sides&#8217; materials that validates the
        current Board&#8217;s track record, strategic direction, and commitment to shareholder value.</div>
      <div><br>
      </div>
      <div>Notwithstanding the strength of the Company&#8217;s position and the growing support it has received, Barnwell believes it is still in the best interest of all stockholders to avoid prolonged conflict and unnecessary cost. To that end, the Board
        reiterates its openness to engage in constructive, good-faith discussions with Mr. Sherwood at any time &#8212; including now &#8212; to seek a path toward amicable resolution. We believe responsible stewardship includes making every effort to avoid wasteful
        disputes when there may be an opportunity to settle differences privately and productively.</div>
      <div><br>
      </div>
      <div>Barnwell is executing on a clear strategy to drive value, improving performance and upholding the trust of its long-term stockholders. Should Mr. Sherwood remain unwilling to pursue a mutually respectful and reasonable dialogue, that decision
        will speak for itself.</div>
      <div><br>
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      <div style="font-weight: bold;">About Barnwell Industries, Inc.</div>
      <div>&#160;</div>
      <div>Barnwell Industries, Inc. and its subsidiaries are principally engaged in oil and natural gas exploration and development.</div>
      <div><br>
      </div>
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              <div style="text-align: center; font-weight: bold;">If you have any questions or to revoke a previous submitted consent, please contact our proxy solicitor:<br>
                <br>
                Okapi Partners at (877) 869-0171 or by email at <u>info@okapipartners.com</u></div>
              <div style="text-align: center; font-weight: bold;"> <br>
              </div>
            </td>
          </tr>

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      <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 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="text-align: justify;"> <br>
      </div>
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            <td style="width: 20%; vertical-align: top;">
              <div>CONTACT:</div>
            </td>
            <td style="width: 80%; vertical-align: top;">
              <div>Investors:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div>Bruce Goldfarb / Chuck Garske</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div>(212) 297-0720</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div>Email: info@okapipartners.com</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div>Kenneth S. Grossman</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div>Vice Chairman of the Board of Directors</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div>Email: kensgrossman@gmail.com</div>
            </td>
          </tr>

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      <div><br>
      </div>
      <div><br>
      </div>
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&**** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
