BARNWELL INDUSTRIES Business Summary

Barnwell Industries Inc. (BRN) operates a diversified business model primarily generating revenue through the exploration, development, and production of oil and natural gas, alongside strategic investments in Hawaiian real estate. The company’s primary revenue driver is its Oil and Natural Gas segment, which focuses on high-quality assets in the Twining area of Alberta, Canada, following the divestiture of its non-core U.S. oil interests in late 2025. Its second pillar, the Land Investment segment, holds minority interests in luxury residential developments on the Kona Coast of Hawaii. As of early 2026, Barnwell has completed a major strategic pivot, relocating its headquarters from Honolulu to Houston to align with its energy-focused growth strategy and exploring diversification into new industries to leverage its debt-free balance sheet. Direct competitors include micro-cap E&P firms such as Epsilon Energy (EPSN), US Energy Corp (USEG), and Mexco Energy (MXC). Barnwell distinguishes itself from these peers by pairing its commodity exposure with a legacy real estate portfolio that provides unique non-correlated cash flow potential. Founded in 1956 by Morton Kinzler, Barnwell is currently led by a management team with deep expertise in energy operations and capital markets. Craig D. Hopkins serves as President and CEO, bringing over 30 years of Western Canadian E&P experience to the role after previously leading the company’s Canadian subsidiary. He is supported by Executive Chairman Alexander C. Kinzler, who transitioned from the CEO role in 2024 and serves as General Counsel. In January 2026, Philip F. Patman, Jr. assumed the role of CFO and Treasurer, bringing a pedigree in global M&A and finance from previous executive roles at Pantheon Resources and VAALCO Energy. The company’s strategic direction is heavily influenced by notable activist investor Bradley Radoff, who led a significant private placement in late 2025, and a board that includes seasoned governance experts such as Joshua Horowitz of Palm Management and Joshua Schechter.