BARNWELL INDUSTRIES INC

Barnwell Industries, Inc. (NYSE American: BRN) operates through two principal business segments: oil and natural gas development and production, and land investment. The company maintains its website at www.brninc.com.

The oil and natural gas segment conducts exploration, development, and production activities primarily in Alberta, Canada through subsidiaries Barnwell of Canada, Limited and Octavian Oil Limited, with historical operations in Oklahoma and Texas. The Twining field in Alberta represents the company's primary asset, accounting for 86 percent of fiscal 2025 production. Barnwell has participated in drilling 12 gross horizontal development wells in the Twining area, with the majority of operated oil wells maintaining annual decline rates below 15 percent, supporting lower capital requirements for production maintenance. The company holds interests in 109 gross producing wells in Alberta as of September 30, 2025, comprising 76 oil wells and 33 natural gas wells. As of that date, proved reserves totaled approximately 1.38 million barrels of oil equivalent, consisting of 47 percent conventional oil, 12 percent natural gas liquids, and 41 percent natural gas. Fiscal 2025 net production reached 414,000 barrels of oil equivalent.

The land investment segment focuses on real estate development opportunities in Hawaii. Barnwell owns a 77.6 percent interest in Kaupulehu Developments, which holds development rights to approximately 870 acres in the North Kona District. The company also maintains non-controlling ownership interests in the Kukio Resort Land Development Partnerships through limited liability partnerships, which own real estate and development rights in the Kukio Resort private residential community on Hawaii's Kona coast. Increment I of the Kaupulehu property, comprising 80 single-family lots and a beach club, was fully sold by fiscal 2024. Development of Increment II, the remaining acreage entitled for up to 350 homesites, remains uncertain.

As of December 1, 2025, Barnwell employed 18 individuals on a full-time and part-time basis. The company divested its contract drilling subsidiary, Water Resources International, Inc., in March 2025, classifying that business as discontinued operations. Barnwell was incorporated in Delaware in 1956 and operates as a smaller reporting company under SEC regulations.