On February 9, 2023, the Board of Directors of Barnwell Industries, Inc. expanded the size of the Board from seven to nine and appointed Mr. Joshua S. Horowitz and Mr. Laurance E. Narbut to serve as directors of the company, effective immediately. The Board has determined that each of Messrs. Horowitz and Narbut is independent for the purposes of Section 803A of the NYSE American Company Guide.

Mr. Horowitz is the Portfolio Manager at Palm Management (US) LLC. Mr. Horowitz 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. Horowitz's background in management and the investment community gives him significant insight into corporate operations, investment opportunities, commodities and business issues facing the company and his experience on numerous boards will bring significant strategic, consensus-building and management skills to the company. Mr. Narbut is the founder and Managing Partner of Acceleration Resources LLC, a private equity firm focusing on lower/middle market upstream energy sector since 2013. Mr. Narbut has held senior positions at Passport Capital, Richmond Financial, SUN Capital Partners, Credit Suisse First Boston, and the Parthenon Group.

At Passport Capital, Mr. Narbut was a portfolio manager for the energy strategy, investing across multiple funds and focused on upstream oil & gas and energy service investments. Mr. Narbut attended Harvard Business School and the University of Pennsylvania. Mr. Narbut's strong background in business, finance, energy strategy and energy investing brings to the Board deep insight into the company's primary upstream oil and gas business as well as the evaluation and financing of a variety of businesses and business opportunities.