Patman Expected to Assume role of CFO by Year End

Actions Confirm Strategic Transformation

HONOLULU, HI / ACCESS Newswire / October 28, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) ("Barnwell" or the "Company") today announced the appointment of Philip F. Patman, Jr. as Executive Vice President, Finance. The Company also announced the planned retirements of Russell Gifford, Chief Financial Officer and Alex Kinzler, General Counsel and Secretary. Mr. Gifford will assist in ensuring an orderly transition, which is expected to be completed by year-end 2025. Following Mr. Gifford's retirement, it is anticipated that Mr. Patman will become Chief Financial Officer of the Company.

In connection with his appointment as Executive Vice President, Finance, Mr. Patman also has been appointed to Barnwell's Board of Directors.

"Today marks the beginning of a comprehensive transformation of Barnwell's operations and strategy," said Philip F. Patman, Jr., Executive Vice President of Finance. "We are simplifying and refocusing the Company to concentrate on our highest-return opportunities. As part of this process, we are taking steps to reduce overhead and streamline operations, including the wind-down of our Hawaii office by the end of March 2026 and establishment of our Calgary office as the Company's primary base of operations for the foreseeable future. This decision was made thoughtfully and with deep appreciation for our Hawaii team's long service and contributions to Barnwell's history, as we position the Company for long-term growth."

About Philip F. Patman Jr.

Philip F. Patman Jr. brings more than two decades of global finance, operations, and capital markets leadership across oil and gas, power and renewables, industrial technology, and digital infrastructure. His background includes public and private-
company CFO roles, board-level advisory work, execution of equity and debt financings, restructurings, asset sales, joint ventures, and cross-border M&A. He has built and led finance organizations, overseen FP&A, treasury, investor relations, risk management,
and multi-jurisdictional reporting, and has partnered with operating teams to drive cost discipline and cash-flow generation. Mr. Patman's background includes senior roles at Pantheon Resources plc, MacroFab, Soluna Holdings, VAALCO Energy, PTT Exploration & Production, Ameresco, earlier work in independent power and project finance, and private equity/infrastructure investing. Mr. Patman holds a B.A. from the University of Texas at Austin Plan II Honors program, and a Juris Doctor from the University of Houston Law Center. He is a licensed attorney in the State of Texas.

Company Bolsters Leadership in Canada and Reaffirms Twining Development

The Company also announced the appointment of Alyson Bilinski as Vice President of Finance.

Alyson Bilinski is a Chartered Accountant who brings over 20 years of finance leadership experience spanning financial reporting, accounting, treasury, tax, risk management, insurance, and operations finance. She has held senior roles in both public and private companies, including more than a decade with a mid-cap exploration and production company dual listed on the TSX and NYSE.

Alyson will oversee the Company's day-to-day finance and risk management operations while also serving as a key contributor to the executive team and Board. Her mandate includes supporting acquisition and divestiture activities, strengthening capital allocation discipline, and driving performance across Barnwell's businesses. Alyson is recognized for her ability to build high-performing teams, enable transformational change, and balance the dual imperatives of protecting downside risk and creating upside opportunities.

Barnwell reaffirmed that Chief Executive Officer Craig Hopkins and the Company's Calgary-based operating team remain squarely focused on the development of the Twining field, an asset the Company believes offers compelling, long-term cash-flow potential. Mr. Patman will work closely with Mr. Hopkins to align capital allocation, hedging, and operating cadence.

Planned Executive Transitions

As part of the Company's succession plan, CFO Russell Gifford will transition from his role with a target retirement date of December 31, 2025. Mr. Kinzler will transition from his role as General Counsel and Secretary after assisting with the closure of the Company's Honolulu office. The Company expresses its sincere gratitude to Mr. Gifford and Mr. Kinzler for their combined 80 plus years of dedicated service and exemplary leadership.

Expanding the Aperture Beyond Energy

While Barnwell's near-term focus remains on disciplined execution in energy development, the Board has asked Mr. Patman to evaluate a broader range of opportunities across multiple industries where the Company's experienced and multidisciplinary management team and Board can create value. Barnwell's debt-free balance sheet, long history as a publicly listed company, U.S. net operating loss carryforwards, and attractive Canadian oil and gas assets together provide a solid foundation for pursuing these initiatives.

Patman continued, "Barnwell is embarking on a redesign of its strategy and cost structure. We will tighten the belt on SG&A, rationalize non-core activities-particularly in Hawaii-and put every dollar to work where it can compound. With Craig and the Calgary team advancing Twining, and a Board unified around returns on invested capital, we see a clear path to creating durable value for shareholders."

About Barnwell Industries, Inc.

Barnwell Industries, Inc. (NYSE American:BRN) has been publicly traded since 1956 and has a long history of diversified operations across energy, water well drilling, and real estate. Today, Barnwell is strategically focused on expanding its oil and gas operations in the Twining Field near Calgary, Alberta, Canada. The Company remains committed to disciplined capital allocation, operational excellence, and driving long-term value for shareholders.

Forward-Looking Statements

Certain 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. These forward-looking statements are based on current beliefs and expectations of our board and management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives. 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. Any or all of the forward-looking statements may turn out to be incorrect or be affected by inaccurate assumptions Barnwell might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to our ability to execute on our strategy and business plan and the other risks forth in the "Forward-Looking Statements," "Risk Factors" and other sections of Barnwell's Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (as amended on Form-10-K/A filed on January 27, 2025) 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.

COMPANY: Barnwell Industries, Inc.
1100 Alakea Street, Suite 500
Honolulu, HI 96813
Telephone: (808) 531-8400
Fax: (808) 531-7181
Website: www.brninc.com

CONTACT: Kenneth S. Grossman
Chairman of the Board of Directors
Email: kensgrossman@gmail.com

SOURCE: Barnwell Industries