BARNWELL INDUSTRIES INC

• Company name / ticker / headquarters

  • Barnwell Industries, Inc. (NYSE American: BRN)
  • Principal executive offices (through fiscal 2025): 1100 Alakea Street, Suite 500, Honolulu, Hawaii.
  • Fiscal year end: September 30, 2025.

• What the company does (primary lines of business)

  • Oil and Natural Gas segment
    • Acquires, develops, produces, markets and sells crude oil, natural gas and natural gas liquids (primarily in Alberta, Canada; previously had U.S. interests in Oklahoma and Texas which were sold in 2025).
    • Operates some wells and holds non‑operated interests in others.
    • Produces, markets and sells product under short‑term contracts with marketers; in Canada Barnwell markets most production “in kind.”
  • Land Investment segment
    • Holds interests in Hawaiian land development partnerships (notably a 77.6% interest in Kaupulehu Developments) that have rights to contingent percentage‑of‑sales and distribution payments from developers (KD I / KD II) related to Kaupulehu Lot 4A (Increment I and Increment II) and minority interests in Kukio Resort land development partnerships (accounted for under the equity method).

• Employees

  • At December 1, 2025: 18 employees (16 full‑time, 2 part‑time).

• Customers / marketing counterparties

  • Canada: sells oil, natural gas and NGLs under short‑term contracts to a small group of purchasers — specifically described as two main oil purchasers, one natural gas purchaser and one natural gas liquids purchaser; also states Barnwell sells to a variety of energy marketing companies and is not dependent on a single purchaser.
  • Land segment payments depend on KD I / KD II (developers) and distributions from Kukio Resort partnerships.

• Operational scale (production, reserves, acreage, wells) — as of / for fiscal 2025

  • Annual net production (year ended September 30, 2025; net of royalties)
    • Natural gas: 1,105,000 Mcf
    • Oil: 174,000 barrels
    • Natural gas liquids: 56,000 barrels
    • Total: 414,000 Boe
  • Average realized prices (year ended September 30, 2025)
    • Natural gas: $1.27 per Mcf (net of pipeline charges)
    • Oil: $60.49 per barrel
    • NGL: $28.38 per barrel
  • Proved reserves (net, at September 30, 2025 — Canada only)
    • Oil: 643,000 Bbls
    • NGL: 165,000 Bbls
    • Natural gas: 3,429,000 Mcf
    • Total proved reserves: 1,380,000 Boe
  • Producing wells (September 30, 2025)
    • Interests in 109 gross (62.9 net) producing wells in Alberta (76 gross oil; 33 gross gas).
  • Leasehold acreage (September 30, 2025)
    • Total gross acreage (Canada): 139,750 acres; net 36,890 acres.
    • Developed gross: 117,244 acres (net 29,149); Undeveloped gross: 22,506 acres (net 7,741).

• Financial results — fiscal 2025 (year ended September 30, 2025; continuing operations unless noted)

  • Revenues (consolidated)
    • Oil and natural gas: $13,563,000
    • Gas processing and other: $134,000
    • Sale of interest in leasehold land: $0 (no Increment I sales in 2025)
    • Total revenues: $13,697,000
  • Operating result for Oil & Gas segment (before consolidated G&A)
    • Canada: $1,045,000 (operating profit before G&A)
    • United States: -$457,000 (operating loss before G&A; U.S. assets were sold Aug 8, 2025)
    • Total oil & gas operating profit (before G&A): $588,000
  • Key items affecting 2025 results
    • Impairment charges (full‑cost ceiling tests): $865,000 (U.S. oil & gas) recorded in 2025 (2024 included larger impairments).
    • Loss on sale of U.S. oil & gas assets (closed Aug 8, 2025): $636,000 loss (before tax).
    • General & administrative expenses increased due to legal, proxy and shareholder contest related fees (net of estimated insurance recoveries).
  • Net loss / income
    • Net loss (consolidated): $7,111,000
    • Net loss attributable to Barnwell Industries, Inc. stockholders: $7,103,000
    • Net loss per share attributable to Barnwell stockholders (basic and diluted): $ (0.71)
  • Income taxes
    • Consolidated income tax provision (continuing operations): $71,000 (fiscal 2025)
  • Balance sheet highlights (September 30, 2025)
    • Total assets: $20,812,000
    • Total liabilities: $13,790,000
    • Total stockholders’ equity attributable to Barnwell: $7,008,000
    • Non‑controlling interests: $14,000
  • Cash and liquidity (September 30, 2025)
    • Cash and cash equivalents (continuing operations): $2,886,000
    • Working capital (September 30, 2025): $504,000

• Significant transactions and corporate actions in/through fiscal 2025

  • Disposition of Water Resources (drilling/contract‑drilling subsidiary)
    • Closed March 14, 2025 for aggregate $1,050,000 (cash $250,000 + $800,000 promissory note). Company recorded a $193,000 loss on sale; promissory note balance was $300,000 at September 30, 2025 (note receivable).
    • Water Resources results presented as discontinued operations for all periods.
  • Sale of U.S. oil & gas working interests
    • Closed August 8, 2025; gross sales price $2,300,000 (subject to closing adjustments); recognized $636,000 pre‑tax loss on sale. After this sale the Company no longer owned U.S. oil & gas assets.
  • Other property dispositions
    • Sale of certain Canadian properties (e.g., Medicine River sale closed Aug 28, 2025 with adjusted proceeds ~$288,000 keyed to a Sep 30, 2025 economic date).
  • Kukio / Kaupulehu land interests
    • No Increment I lot sales in fiscal 2025 (two final Increment I lot sales occurred in fiscal 2024).
    • Kaupulehu Developments retains contingent payment rights in Increment II (amounts and timing uncertain; no Increment II development revenues recognized in 2025).
    • In November 2025 Kaupulehu Developments entered into an agreement to surrender remaining Increment II rights for $2,000,000 ($70,000 received) — the closing and timing are purchaser‑driven and not certain (this transaction occurred after fiscal 2025 year end).

• Other notable facts

  • Barnwell is a smaller reporting company and trades on the NYSE American under the symbol BRN.
  • Barnwell’s oil & gas proved reserves and valuation measurements are prepared by independent petroleum engineers (InSite) and are subject to the SEC‑prescribed 12‑month average first‑day‑of‑the‑month pricing methodology used for ceiling tests and depletion.
  • The company’s financial statements reflect the full‑cost method for oil & gas accounting and an equity method accounting treatment for its minority investments in the Hawaiian land development partnerships.

(Statements above are sourced from Barnwell Industries, Inc.’s Form 10‑K for the fiscal year ended September 30, 2025.)