History
Barnwell sold off its Hawaii land and Canadian oil and gas, was reshaped by activist investors, tried US oil in Texas, and by 2026 agreed to exit Hawaii real estate.
2004-2015: Selling the land and the gas
Barnwell's story began with long-held land on Hawaii's Big Island. In February 2004, its 77.6%-owned Kaupulehu Developments partnership agreed to transfer its roughly 870-acre leasehold to WB KD Acquisition, LLC in two increments. "Increment I" covered about 80 lots. In June 2006 it sold the remaining "Increment II" interest to Westbrook Partners affiliates for $10 million upfront (about $7.2 million net to Barnwell) plus 3.25% to 14% of future residential lot sale prices.
The record is then quiet until December 2013, when Barnwell paid $5.14 million, mostly funded by a bank loan, for passive 19.6% stakes in three Westbrook-affiliated entities at Kukio Resort. That made Westbrook a co-investor rather than just a buyer of land.
In September 2015, Barnwell of Canada sold its Dunvegan and Belloy, Alberta gas and oil interests to Canadian Natural Resources Limited for about US$14.8 million (about US$14.2 million net). The money cut its Royal Bank of Canada credit line from C$6.5 million to C$1 million and repaid debt, a major step in winding down its Canadian oil and gas business.
2016-2021: Losses and activists
The share count stayed at 8,277,160 through 2020. In January 2020, after three years of losses left stockholders' equity at $1.2 million, below the $2-4 million NYSE American minimum, Barnwell was put on notice, its stock was tagged ".BC", and it had to submit a plan to regain compliance by July 2021.
In February 2021 Barnwell settled a threatened proxy contest (a shareholder fight over board seats) with activist investors MRMP-Managers, Ned Sherwood and Bradley Tirpak. The board agreed to nominate a seven-person slate including Tirpak. The activists withdrew their own nominees and accepted a standstill, conditioned on Barnwell making a profit in fiscal 2021. Shares on issue rose to 9,445,625 by the end of 2021; the beats do not explain the increase.
2022-2026: Texas, a second settlement and an exit from Hawaii
In December 2022 a new subsidiary, Barnwell Texas, bought a 22.3% non-operated working interest in Permian Basin leasehold, plus 15.4% in two planned wells, from Alchemist Energy LeaseCo for $805,651. It prepaid about $4.29 million toward drilling costs, a new US push after years focused on Canada and Hawaii.
In January 2023 a second, broader settlement with the same activist group added independent directors Horowitz and Narbut and extended the standstill through the 2025 annual meeting cycle. Alexander Kinzler, originally an activist nominee, is now CEO and President.
On 24 November 2025 Barnwell agreed to sell 2,221,141 new shares at $1.10 (about $2.44 million gross) in a private placement led by investor Bradley Radoff, with some directors also buying. Most non-director buyers also receive warrants for 1,029,104 more shares at $1.65, exercisable from 180 days after closing, so existing holders face possible dilution. Radoff gained the right to appoint a director, with Joshua Schechter expected to join after the expected 28 November closing. Proceeds were for general corporate purposes. The company also described its exit from water well drilling, the planned closing of its Hawaii headquarters, and the retirement of its two longest-serving executives.
On 4 August 2026 Barnwell agreed to sell its remaining Hawaii real estate interests to David Johnston, son of director Terry Johnston, for $1.77 million gross (about $1.5 million net). Closing was expected by 15 September 2026 and would end the Kaupulehu story that began in 2004.
Written from the 10 story beats below (2004 to 4 Aug 2026), which come from the company's own announcements and filings.