Oil exploration firm Barnwell sees earnings rise

Advertiser Staff

Barnwell Industries Inc., a Honolulu-based oil exploration firm, said yesterday it had net earnings of $500,000, or 36 cents per share, in the three months ended Sept. 30, compared with $320,000, or 24 cents per share, a year earlier.

Morton Kinzler, chairman and CEO, said in a statement that earnings increased because of higher oil and natural gas prices and new natural gas production.

Kinzler also said Kaupulehu Developments, 77.6 percent owned by Barnwell, is negotiating with a third party interested in developing Kaupulehu's 870 leasehold acres adjacent to the Four Season Resort on the Big Island. That land is zoned resort/residential. Kaupulehu and the third party have "made significant progress" in negotiating to buy the lease on the land, Kinzler said.

Barnwell also said it will pay a 20 cents per share dividend on Jan. 6 to stockholders as of Dec. 22. Barnwell paid no dividend this year and paid 15 cents per share in 2002.