Cautionary Statement Relevant to Forward-Looking Information

Critical Accounting Policies and Estimates

Impact of Recently Issued Accounting Standards on Future Filings

Oil and Natural Gas Segment

Through Barnwell's 77.6% interest in Kaupulehu Developments, 75% interest in KD Kona, and 34.45% non-controlling interest in KKM Makai, the Company's land investment interests include the following:

areas were sold in the prior year, and Canadian net production also decreased as a result of higher royalty rates due to higher prices in the current year periods.

Sale of Interest in Leasehold Land

Kaupulehu Developments is entitled to receive a percentage of the gross receipts from the sales of lots and/or residential units in Increment I by KD I.

The following table summarizes the revenues received from KD I and the amount of fees directly related to such revenues:

1,253,000 $ 1,295,000 $ 1,738,000 Fees - included in general and administrative expenses

Changes in the mandated 12-month historical rolling average first-day-of-the-month prices for oil, natural gas and natural gas liquids prices, the value of reserve additions as compared to the amount of capital expenditures to obtain them, and changes in production rates and estimated levels of reserves,

Gain on Termination of Post-retirement Medical Plan

Equity in Income of Affiliates

Net Earnings Attributable to Non-controlling Interests

In August 2022, the Company's Board of Directors declared a cash dividend of $0.015 per share payable on September 6, 2022 to stockholders of record on August 23, 2022.

Canada Emergency Business Account Loan

In August 2022, the Company's Board of Directors suspended the sales of our common stock under the ATM until further notice.

Oil and Natural Gas Capital Expenditures

Oil and Natural Gas Property Acquisitions

There were no significant oil and natural gas property dispositions during the nine months ended June 30, 2022.

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