Barnwell Industries, Inc. Announces Mr. Colin O’Farrell’s Resignation as a Director

HONOLULU, March 07, 2022 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE: American: BRN) (the “Company”) today announced that Mr. Colin R. O’Farrell has decided to resign from its Board of Directors (the “Board”), effective immediately to pursue other opportunities.

“On behalf of our Board and Barnwell’s management team, we thank Colin for his service to the Company,” stated Mr. Peter J. O’Malley, Chairman of the Board. “We greatly appreciate the insight and expertise that Colin provided to Barnwell’s oil and gas business, which has helped Barnwell focus and stabilize its Canadian oil and gas operations, and the assistance Colin provided with Barnwell’s multi-well Oklahoma program.”

The Company and entire Board would like to thank Mr. O’Farrell for his services and contributions and wish him well in his future endeavors.

Mr. O’Farrell stated, “It has been a privilege to serve on the Board at this critical time for Barnwell’s trajectory. I am glad to have contributed to Barnwell’s transformation plan over the last year and look forward to seeing the Company continue to execute on its plan.” Mr. O’Farrell went on to say, “I want to thank my fellow directors and wish the Company success in its future endeavors.”

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. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. 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.

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