Barnwell Appoints Philip F. Patman, Jr. as Executive Vice President of Finance; Announces Planned Transitions of Long-Serving Executives

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.