Barnwell Industries, Inc. announced that it has entered into a cooperation and support agreement with its two largest stockholders, Alexander C. Kinzler, who beneficially owns approximately 9.3% of the Company's outstanding common stock, and MRMP-Managers LLC, Ned L. Sherwood Revocable Trust, and Ned L. Sherwood, who beneficially own approximately 19.6% of the Company's outstanding common stock. The Agreement extends for two years the standstill terms of the previous agreement entered into with the MRMP Stockholders in 2021, ending the potential of a proxy contest at the 2023 annual meeting of stockholders. Pursuant to the terms of the Agreement, among other things, the Barnwell Industries, Inc. has agreed to promptly appoint Joshua S. Horowitz and Laurance Narbut to serve on its Board of Directors, subject to certain customary board procedures.

The Board has determined that each of Mr. Horowitz and Narbut are independent under applicable NYSE rules and regulations. Mr. Horowitz is a Portfolio Manager at Palm Management (US) LLC. He has held senior positions at Inverlochy Capital, an asset management firm, and Berggruen Holdings, the family office of Nicolas Berggruen.

He began his career at Crossway Partners, a value strategy investment partnership. Mr. Horowitz holds a BS in Management, magna cum laude, from Binghamton University and also studied at the Bath School of Management in the United Kingdom. Mr. Horowitz previously served as a Director of The Lincoln General Insurance Company (private), as well as 1347 Capital Corp, and is currently a Director and Chair of the Finance Committee of Limbach Holdings, a $500 million mechanical engineering concern.

He was formerly on the Board of 1347 Property Insurance Holdings, Inc. and Minim, Inc., and Interim Chairman of the Board of Birner Dental Management Services, Inc., where he led the Company's sale to Mid Atlantic Dental Partners. Mr. Horowitz also was a Board Observer at Biomerica, Inc. Mr. Narbut is the founder and Managing Partner of Acceleration Resources. Mr. Narbut has held senior positions at Passport Capital, Richmond Financial, SUN Capital Partners, Credit Suisse First Boston, and Parthenon Group.

At Passport Capital, Mr. Narbut was a portfolio manager for the energy strategy, investing across multiplefunds and focused on upstream oil & gas and energy service investments. Mr. Narbut attended Harvard Business School and the University of Pennsylvania.