HONOLULU, HI / ACCESS Newswire / December 30, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) ("Barnwell" or the "Company") today announced the retirement of Russell M. Gifford as Executive Vice President, Chief Financial Officer and Treasurer of the Company effective December 31, 2025, as well as the appointment of Philip F. ...

Production and Sales - Barnwell's annual net production for fiscal 2025 was 1,105,000 Mcf of natural gas, 174,000 Bbls of oil, and 56,000 Bbls of natural gas liquids, resulting in a total production of 414,000 Boe[41]. - The average sales price per Mcf of natural gas in fiscal 2025 was $1.27, down from $2.64 in fiscal 2023, while the average price per Bbl of oil decreased to $60.49 from $69.77[41]. - In fiscal 2025, Barnwell amended contracts to fix the sales price for 1,055 gross Mcf per day of natural gas at $1.95 CAD, representing approximately 38% of daily production[56]. Capital Expenditures and Financials - Capital expenditures for fiscal 2025 were $939,000, significantly lower than $4,805,000 in fiscal 2024, primarily focused on equipment and facility upgrades[43][44]. - Barnwell received cash distributions of $1,071,000 from the Kukio Resort Land Development Partnerships, resulting in a net amount of $953,000 after distributing $118,000 to non-controlling interests in fiscal 2024[78]. Wells and Acreage - As of September 30, 2025, Barnwell had interests in 109 gross (62.9 net) producing wells, with 76 gross (58.2 net) being oil wells[49]. - Barnwell's undeveloped acreage as of September 30, 2025, included 22,506 gross acres, with 81% not subject to expiration[52]. - The company did not drill any new wells in fiscal 2025, following the drilling of one well in fiscal 2024[45][47]. Environmental and Regulatory Compliance - Barnwell is subject to extensive environmental laws and regulations, which can be costly to comply with and carry substantial penalties for non-compliance[82]. - Barnwell's cash deposits to the Orphan Well Association for site closure amounted to $975,000, with $462,000 spent on closure activities as of September 30, 2025[67]. Competition and Market Position - Barnwell competes in the oil and natural gas market against major companies and independent operators, highlighting its position as a minor participant in the industry[69]. - The competition in Barnwell's land investment segment is intense, with numerous independent companies and factors such as project location and pricing affecting market dynamics[79]. Land Development - Increment I consisted of 80 single-family lots, all sold between 2006 and 2024, while Increment II encompasses approximately 870 acres, with 420 developable acres entitled for up to 350 homesites[74]. - Kaupulehu Developments is entitled to 15% of the distributions from KD II, with a priority payout of 10% of KDK's cumulative net profits from Increment II sales, capped at $3,000,000[77]. - Barnwell holds a 19.6% interest in KDK, which agreed to sell its interests in Increment II for $2,109,000, subject to due diligence and no certainty of closing[73]. - The last two remaining single-family lots in Increment I were sold in fiscal 2024, marking the completion of sales in that segment[75]. - Barnwell has a 10.8% indirect non-controlling ownership interest in KD II through KDK, which is accounted for using the equity method[76]. - The company has not made definitive development plans for the remaining areas of Increment II, and there is uncertainty regarding future sales from this segment[74]. Employment - As of December 1, 2025, Barnwell employed 18 individuals, with 16 full-time and 2 part-time[81].

Financial Performance - Revenue from continuing operations for Q4 2025 was $3,022,000, with a net loss of $2,429,000 or $0.24 per share[3] - For the fiscal year ended September 30, 2025, revenue from continuing operations was $13,697,000, resulting in a net loss of $7,103,000 or $0.71 per share[3] - The increase in net loss for the year was primarily due to higher general and administrative expenses, lower commodity prices, and reduced production[4] - The weighted-average shares outstanding for the year were 10,056,479, with a basic and diluted net loss per share of $0.71 for the fiscal year[17] Asset Management - The company sold its U.S. oil and natural gas assets, resulting in no longer owning any such assets in the U.S.[5] - The sale of U.S. oil and natural gas properties allows the company to concentrate resources on workover and optimization initiatives at the Twining field[10] Capital Raising - A private placement offering in November 2025 raised approximately $2,443,000 through the issuance of 2,221,141 shares of common stock and warrants[6][7] - The company plans to use the proceeds from the private placement for general corporate purposes and to focus on high-return-on-invested-capital opportunities[7] Operational Strategy - Barnwell is relocating its corporate headquarters to Houston, Texas, and Calgary, Alberta, to streamline operations and reduce expenses[9] - The company anticipates maintaining flexibility to consider opportunities that may strengthen the value of the Twining asset and overall company potential[10]

Core Viewpoint - Barnwell Industries, Inc. reported a significant net loss for the fiscal year ended September 30, 2025, primarily due to increased expenses and lower revenues, while also announcing a private placement to raise capital for future operations [1][2][5]. Financial Performance - For the fourth quarter, the company reported revenues of $3,022,000 and a net loss of $2,429,000, translating to a loss of $0.24 per share [1]. - For the fiscal year, revenues were $13,697,000, with a net loss of $7,103,000, or $0.71 per share, compared to $18,075,000 in revenues and a net loss of $4,105,000, or $0.41 per share in the previous year [1][13]. Factors Contributing to Financial Results - The increase in net loss was attributed to higher general and administrative expenses, one-time costs related to shareholder consent solicitation, a loss from the sale of U.S. oil and natural gas interests, lower commodity prices, and reduced production [2]. - The company no longer owns any oil and natural gas assets in the U.S. following the sale of its assets in Texas and Oklahoma [3]. Capital Raise and Strategic Initiatives - In November 2025, Barnwell entered a securities purchase agreement to issue 2,221,141 shares of common stock and warrants for an aggregate gross proceeds of approximately $2,443,000 [4][5]. - The proceeds from the private placement will be utilized for general corporate purposes and are part of the company's strategy to focus on high-return opportunities and streamline operations [5]. Operational Changes - The company plans to close its Hawaii office and relocate its corporate headquarters to Houston, Texas, and Calgary, Alberta, to reduce administrative expenses and improve operational efficiency [7]. - The closure is expected to occur in early 2026, aligning with the management team's presence in Calgary [7]. Future Outlook - The CEO emphasized that the sale of U.S. oil and natural gas properties allows the company to concentrate on workover and optimization initiatives at the Twining field, aiming for long-term production stability [8].

Group 1 - Barnwell Industries, Inc. has successfully closed a private placement of common stock and warrants, raising approximately $2.4 million from accredited investors [1] - The company issued a total of 2.2 million shares of common stock at a price of $1.10 per share as part of the transaction [1]

Core Insights - Premarket trading is showing notable activity with early price movements indicating potential opportunities before the market opens [1] Premarket Gainers - Mawson Infrastructure Group Inc. (MIGI) is up 10% at $5.65 [3] - Mingteng International Corporation Inc. (MTEN) is up 9% at $1.88 [3] - Barnwell Industries, Inc. (BRN) is up 9% at $1.20 [3] - Amentum Holdings, Inc. (AMTM) is up 8% at $27.57 [3] - Antelope Enterprise Holdings Limited (AEHL) is up 8% at $2.75 [3] - Protagenic Therapeutics, Inc. (PTIX) is up 8% at $2.43 [3] - Envirotech Vehicles, Inc. (EVTV) is up 8% at $1.18 [3] - Vir Biotechnology, Inc. (VIR) is up 6% at $6.49 [3] - Zoom Communications Inc. (ZM) is up 5% at $82.73 [3] - Core AI Holdings (CHAI) is up 5% at $2.68 [3] Premarket Losers - Foxx Development Holdings Inc. (FOXX) is down 13% at $4.00 [4] - Jaguar Health, Inc. (JAGX) is down 11% at $1.13 [4] - AlphaTON Capital Corp. (ATON) is down 7% at $2.54 [4] - Semtech Corporation (SMTC) is down 6% at $65.81 [4] - Cypherpunk Technologies Inc. (CYPH) is down 5% at $1.73 [4] - SunPower Inc. (SPWR) is down 5% at $1.59 [4] - Visionary Holdings Inc. (GV) is down 4% at $1.23 [4] - Gelteq Limited (GELS) is down 4% at $1.01 [4] - Capricor Therapeutics, Inc. (CAPR) is down 3% at $4.47 [4] - Mobile-Network Solutions (MNDR) is down 3% at $2.82 [4]

Core Insights - Barnwell Industries, Inc. has announced a private placement (PIPE) for approximately 2.2 million shares of common stock at a price of $1.10 per share, aiming for gross proceeds of about $2.4 million [1] Group 1 - The PIPE transaction includes participation from lead investor Bradley Radoff and other accredited investors, including certain members of the Company's Board of Directors [1]

Core Insights - Barnwell Industries, Inc. has announced the appointment of Philip F. Patman, Jr. as Executive Vice President, Finance, with expectations for him to assume the role of CFO by the end of the year [1] Group 1 - The appointment of Philip F. Patman, Jr. is part of a strategic transformation within Barnwell Industries [1]

Core Points - Barnwell Industries, Inc. has announced the election of Philip J. McPherson and Craig D. Hopkins to its Board of Directors [1] Group 1 - The election of new board members is part of Barnwell's strategy to enhance its governance and oversight [1] - Philip J. McPherson and Craig D. Hopkins bring extensive experience and expertise to the board, which may benefit the company's future direction [1] - This announcement reflects Barnwell's commitment to strengthening its leadership team [1]

Core Points - Barnwell Industries, Inc. convened and then adjourned the 2025 Annual Meeting of Stockholders without transacting any business [1] - The adjourned meeting is scheduled to be held on September 19, 2025, at 9:00 a.m. [1]