Barnwell Industries, Inc. Announces Closing of Real Estate Transaction

HONOLULU, June 24, 2009 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc., (NYSE
Amex:BRN) ("Barnwell" or the "Company") announced today that Kaupulehu
Developments, Barnwell's 78% owned real estate partnership, has closed a real
estate transaction with WB KD Acquisition 2, LLC ("WBKD"), an affiliate of
Westbrook Partners, LLC, developers of Kuki'o Resort in Hawaii and other
mainland projects, modifying their 2006 agreement for the development of the
Increment 2 portion of the approximately 870 leasehold acre Lot 4A area located
adjacent to Kona Village Resort and Hualalai Resort at Kaupulehu, North Kona,
Hawaii. Also, WBKD has now entered into a development lease with Kamehameha
Schools, fee owner of the area. Increment 2 of Lot 4A is currently planned for
approximately 400 residential units.

Kaupulehu Developments will receive future payments from WBKD based on a
percentage of the sales prices of the residential lots, ranging from 8% to 10%
depending upon several factors, and in addition will be entitled to receive up
to $8,000,000 in additional payments once the members of WBKD have received
distributions equal to the capital they invested in the project.

Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell,
commented, "This real estate transaction, together with their new development
lease, will enable WBKD to move forward with the Increment 2 project which
encompasses the remainder of Lot 4A, and we believe will enhance sales from the
Increment I portion of Lot 4A which are currently underway. Increment 1's Beach
Club and Interpretive Center are complete and project infrastructure is
substantially complete. Kaupulehu Developments will continue to have long term
interests in the project and the area."

The information contained in this press release contains "forward-looking
statements," within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. A forward-looking statement
is one which is based on current expectations of future events or conditions and
does not relate to historical or current facts. These statements include various
estimates, forecasts, projections of Barnwell's future performance, statements
of Barnwell's plans and objectives, and other similar statements.
Forward-looking statements include phrases such as "expects," "anticipates,"
"intends," "plans," "believes," "predicts," "estimates," "assumes," "projects,"
"may," "will," "will be," "should," or similar expressions. Although Barnwell
believes that its current expectations are based on reasonable assumptions, it
cannot assure that the expectations contained in such forward-looking statements
will be achieved. Forward-looking statements involve risks, uncertainties and
assumptions which could cause actual results to differ materially from those
contained in such statements. The risks, uncertainties and other factors that
might cause actual results to differ materially from Barnwell's expectations are
set forth in the "Forward-Looking Statements," "Risk Factors" and other sections
of Barnwell's annual report on Form 10-K for the year ended September 30, 2008
and Barnwell's other filings with the Securities and Exchange Commission.
Investors should not place undue reliance on the forward-looking statements
contained in this press release, as they speak only as of the date of this press
release, and Barnwell expressly disclaims any obligation or undertaking to
publicly release any updates or revisions to any forward-looking statements
contained herein.

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CONTACT: Barnwell Industries, Inc.
Alexander C. Kinzler, President and Chief Operating Officer
Russell M. Gifford, Executive Vice President and Chief
Financial Officer
(808) 531-8400
Fax: (808) 531-7181
www.brninc.com
1100 Alakea Street, Suite 2900
Honolulu, Hawaii 96813

Ron Como & Associates, Inc.
Investor Relations Contact
212-557-4140
330 East 46th Street, Suite 7C
New York, New York, 10017