Barnwell is a small, independent energy and land investment company with two core businesses. The primary business is oil and gas production in Alberta, Canada, where Barnwell produces oil, natural gas, and NGLs — predominantly from the Twining field, which represents the vast majority of production. Barnwell operates some assets directly and participates as a non-operator alongside Pine Cliff Energy on others. The Twining assets are conventional oil wells with low annual decline rates, reducing the capital needed to sustain production. Barnwell recently sold its U.S. interests in Oklahoma and Texas, making Alberta its entire oil and gas business. Barnwell's oil and gas revenue is driven by commodity prices and production volumes — the company is a price-taker, selling oil at WTI-linked prices with a Canadian differential and natural gas at AECO hub prices. Barnwell drills new horizontal development wells opportunistically when prices are favorable, and uses short-term fixed-price contracts selectively to reduce near-term price risk. Barnwell's second business is a passive land investment in Hawaii, where Barnwell holds a 77.6% interest in Kaupulehu Developments, a partnership with rights to receive proceeds from residential lot and unit sales within the Kaupulehu Lot 4A development on the Big Island. The land investment generates episodic distributions tied to lot sales that Barnwell does not control. Barnwell recently agreed to sell its remaining Increment II rights for $2M, which would effectively exit this business.