<SEC-DOCUMENT>0001140361-25-020118.txt : 20250522
<SEC-HEADER>0001140361-25-020118.hdr.sgml : 20250522
<ACCEPTANCE-DATETIME>20250522131717
ACCESSION NUMBER:		0001140361-25-020118
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250522
DATE AS OF CHANGE:		20250522

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:		25975949

	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
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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>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
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      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-size: 24pt; font-weight: bold;">Barnwell Industries, Inc.</div>
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      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-weight: bold;">(Name of Registrant as Specified in Its Charter)</div>
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                <div style="text-align: left; font-weight: bold;">BARNWELL INDUSTRIES, INC.</div>
              </td>
              <td style="width: 25%;">
                <div style="text-align: left;"><font style="font-weight: bold;"><u>P&#160; R&#160; E&#160; S&#160; S</u></font><br>
                </div>
                <div style="text-align: left; font-weight: bold;">RELEASE</div>
                <div style="text-align: left; font-weight: bold;"> <br>
                </div>
                <div style="text-align: left;">1100 Alakea Street, Suite 500</div>
                <div style="text-align: left;">Honolulu, Hawaii 96813</div>
                <div style="text-align: left;">Telephone (808) 531-8400</div>
                <div style="text-align: left;">Fax (808) 531-7181</div>
                <div style="text-align: left;">Website:&#160; www.brninc.com</div>
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      <div>&#160;<br>
        <div style="text-align: center; font-weight: bold;"><a name="z_Hlk193269630"></a>Barnwell Announces Delaware Court of Chancery Rules in Favor of Barnwell and its Board of Directors</div>
        <div><br>
        </div>
        <div style="text-align: center; font-style: italic;">Court Agrees Board Acted Reasonably to Reject Sherwood&#8217;s Director Nominations for Failure to Comply with Bylaws</div>
        <div><br>
        </div>
        <div style="text-align: center; font-style: italic;">Uncontested 2025 Annual Meeting to be Held as Scheduled on May 29, 2025</div>
        <div><br>
        </div>
        <div style="text-align: center; font-style: italic;">Alex Kinzler Informs Board of His Decision Not to Stand for Election</div>
        <div style="text-align: center; font-style: italic;">at the 2025 Annual Meeting</div>
        <div>
          <div><br>
          </div>
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            <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>
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        <div>HONOLULU, May 22, 2025 -- Barnwell Industries, Inc. (NYSE American: BRN) (&#8220;Barnwell&#8221; or the &#8220;Company&#8221;) today announced that the Delaware Court of Chancery (the &#8220;Court&#8221;) has ruled in favor of Barnwell and its Board of Directors in determining
          that the director nomination notice submitted by Ned Sherwood and certain of his affiliates (the &#8220;Sherwood Group&#8221;) in connection with the Company&#8217;s 2025 Annual Meeting of Stockholders was deficient and did not comply with the Company&#8217;s bylaws. As
          a result, the Company will disqualify the Sherwood Group&#8217;s nominees from standing for election at the 2025 Annual Meeting, which will be held as an uncontested election on its currently scheduled date of May 29, 2025.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Joshua Horowitz, independent director of the Board of Barnwell and Chairman of the Nomination and Executive Committees, stated, &#8220;We are pleased that the Court ruled in favor of the Company and the Board and upheld
          our application of the plain language of Barnwell&#8217;s bylaws regarding the submission of director nominations. We call on the Sherwood Group to end its disruptive campaigns and support what should be our joint interest in value creation for the
          Company, without continued expense and unnecessary distraction.&#8221;</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Barnwell separately announced today that Alexander C. Kinzler, 9.8% stockholder of the Company, has informed the Board that, in light of the results of the recent consent solicitation by the Sherwood Group, he has
          voluntarily determined not to stand for election at the 2025 Annual Meeting.</div>
        <div><br>
        </div>
        <div>Mr. Horowitz continued, &#8220;We thank Alex for his guidance and significant contributions to the Board. We also welcome Heather Isidoro to the Board and, if she is willing to serve, look forward to benefiting from her industry expertise, relevant
          experience over her career and the new perspectives she will bring to the Board.&#8221;</div>
        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">1</font></div>
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        <div style="text-align: justify;">Barnwell will file supplemental materials with the Securities and Exchange Commission in connection with, among other things, the uncontested 2025 Annual Meeting, the Court ruling and Mr. Kinzler&#8217;s decision not to
          stand for election at the 2025 Annual Meeting.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Forward-Looking Statements</div>
        <div style="text-align: justify; font-weight: bold;"> <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 outcome of the 2025 annual meeting of stockholders
          and our ability to successfully solicit proxies from our stockholders in connection with the 2025 annual meeting of stockholders. 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 proxies from stockholders in connection with the 2025 annual meeting of
          stockholders, 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 (as amended) for the fiscal year ended September 30, 2024, Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2025 and December 31, 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><br>
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                <tr>
                  <td colspan="1" style="width: 25%;">CONTACT:<br>
                  </td>
                  <td style="width: 75%;">Investors:</td>
                </tr>
                <tr>
                  <td colspan="1" style="width: 25%;"><br>
                  </td>
                  <td style="width: 75%;">Bruce Goldfarb / Chuck Garske</td>
                </tr>
                <tr>
                  <td colspan="1" style="width: 25%;"><br>
                  </td>
                  <td style="width: 75%;">(212) 297-0720</td>
                </tr>
                <tr>
                  <td colspan="1" style="width: 25%;"><br>
                  </td>
                  <td style="width: 75%;">Email: info@okapipartners.com</td>
                </tr>
                <tr>
                  <td colspan="1" style="width: 25%;"><br>
                  </td>
                  <td style="width: 75%;"><br>
                  </td>
                </tr>
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                  <td style="width: 75%;">Kenneth S. Grossman</td>
                </tr>
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                  <td rowspan="1" colspan="1" style="width: 25%;"><br>
                  </td>
                  <td rowspan="1" style="width: 75%;">Vice Chairman of the Board of Directors</td>
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                  <td rowspan="1" colspan="1" style="width: 25%;"><br>
                  </td>
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                    <div style="text-align: left;">Email: kensgrossman@gmail.com</div>
                  </td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
