BRN Overview

Financial Performance: Barnwell Industries reported a significant decline in Q3 2025, with revenue dropping 29.2% to $3.19 million and a net loss of $1.55 million due to increased legal and administrative expenses.

Strategic Shift: The company has sold all U.S. oil and gas assets for $2.3 million, marking a complete retreat from the U.S. market and focusing future operations on Canadian energy activities, while facing ongoing liquidity risks and uncertainty about its financial viability.

Financial Performance: Barnwell Industries Inc. reported a third-quarter loss of -$1.550 million, or -$0.15 per share, compared to a loss of -$1.246 million, or -$0.12 per share, in the previous year, with revenue declining by 29.2% to $3.192 million.

CEO's Statement: CEO Craig D. Hopkins highlighted the sale of U.S. oil and natural gas properties as a means to fund well workovers and address production declines, while also indicating the need for additional capital to develop assets at Twining and manage ongoing shareholder disputes.

Annual Meeting Adjournment: Barnwell Industries has adjourned its 2025 Annual Meeting of Shareholders to June 17, 2025, due to the Sherwood Group's refusal to vote their solicited proxies, which is affecting the quorum needed for the meeting.

Board Resignation and Voting Instructions: Heather Isidoro has resigned from the Board, and shareholders are encouraged to vote on the WHITE proxy card to support Barnwell nominees, as only the latest card voted will count.

Annual Meeting Adjournment: Barnwell Industries has adjourned its 2025 Annual Meeting of Shareholders to June 2, 2025, due to the Sherwood Group's refusal to submit solicited proxies, which prevented a quorum for the first time in the company's history.

Legal Action Consideration: The company is consulting with legal counsel regarding potential violations of federal securities laws by the Sherwood Group and intends to pursue remedies to ensure fair shareholder voting at the reconvened meeting.

Court Ruling: The Delaware Court of Chancery ruled in favor of Barnwell Industries, confirming that the director nominations submitted by Ned Sherwood and his affiliates were non-compliant with company bylaws, leading to their disqualification for the upcoming 2025 Annual Meeting.

Board Changes: Alexander C. Kinzler announced he will not stand for election at the 2025 Annual Meeting, while Heather Isidoro is welcomed to the Board, bringing her industry expertise and new perspectives.