Arizona Tribune - Barnwell Completes Monetization of WRI Sale and Continues Strategic Repositioning

HOUSTON, TX / ACCESS Newswire / June 18, 2026 / Barnwell Industries, Inc. (NYSE American:BRN) ("Barnwell" or the "Company") today announced that it has received full repayment of the seller financing provided in connection with its previously announced sale of Water Resources International, Inc. ("WRI").

WRI was Barnwell's Hawaii-based water well drilling and pump installation business. As previously announced, on March 14, 2025, the Company sold WRI for gross proceeds of $1,050,000, including seller financing. The repayment of the final installment of that financing in full, together with all accrued interest, completes the monetization of the asset, and marks the successful conclusion of the transaction.

The repayment follows Barnwell's announcement on March 23, 2026 that it had received a cash distribution of approximately $290,000 from its retained Hawaii resort development interests, including its KD Kona and KKM Makai investments. Together, these transactions demonstrate Barnwell's continued ability to generate value from its Hawaii operations through both strategic asset monetization and ongoing ownership interests.

"The completion of the WRI transaction and the recent Hawaii distributions reflect our disciplined approach to capital allocation and the continued execution of Barnwell's strategic repositioning plan," said Philip Patman, Jr., Chief Financial Officer of Barnwell Industries. "We remain focused on unlocking value from our portfolio, strengthening our balance sheet, improving liquidity, and positioning the Company for long-term shareholder value creation."

Mr. Patman continued, "The full repayment of the WRI seller financing represents another tangible milestone in our ongoing efforts to simplify Barnwell's asset base and redeploy capital toward opportunities that we believe will enhance shareholder returns. In parallel, we continue to pursue the potential sale of our Canadian oil and gas assets while evaluating a broad range of strategic alternatives, including a merger, business combination, acquisition, and other transactions."

Barnwell also noted that oil commodity prices remain significantly higher than levels prevailing approximately six months ago, supporting the economics of the Company's Canadian oil and natural gas liquids assets and the market backdrop in which those assets are being evaluated.

The Company further confirmed that it continues to actively evaluate strategic alternatives with respect to its Canadian oil and gas assets, including a potential sale. As previously disclosed in its Current Report on Form 8-K filed with the Securities and Exchange Commission on March 13, 2026, Barnwell has commenced a process to solicit and evaluate indications of interest from potential counterparties with the objective of realizing fair value for those assets in light of current market conditions.

There can be no assurance that the Canadian asset sale process, the evaluation of strategic alternatives, or any related initiative will result in any transaction, or that any transaction ultimately consummated will occur on favorable terms or at all.

About Barnwell Industries, Inc.

Barnwell Industries, Inc. is a diversified company with operations and interests in energy and related assets. The Company is focused on disciplined capital allocation, operational improvement, strategic repositioning, and maximizing shareholder value.

Forward-Looking Statements

The information contained in this press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives, and other similar statements. Forward-looking statements include phrases such as "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates," "assumes," "projects," "may," "will," "will be," "should," or similar expressions. Forward-looking statements in this press release include statements regarding Barnwell's strategy, strategic repositioning, liquidity, capital allocation, business prospects, commodity prices, oil and gas asset values, potential future distributions, the potential sale of assets, the Company's strategic alternatives process, potential merger candidates, possible business combinations or other transactions, and opportunities to generate returns for shareholders.

These forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Important factors that could cause actual results to differ materially include risks related to commodity price volatility, the timing and outcome of any asset sale process, the Company's ability to complete any strategic transaction, the availability and terms of potential merger or business combination opportunities, general economic and market conditions, and the other risks described in Barnwell's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.

Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein. except as may be required by law.

Company Contact:
Barnwell Industries, Inc.
24 Greenway Plaza, Suite 1800Q
Houston, Texas 77046
Telephone: (713) 730-7026
Website: www.brninc.com

SOURCE: Barnwell Industries

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P.A.Mendoza--AT