For the full fiscal year, Barnwell reported net earnings of $6 million, or 70 cents per share, compared to net earnings of $8.8 million, or $1.03 per chare a year earlier. All per share prices are diluted and split-adjusted.

It was Barnwell's third best year of net earnings in its 49 year history, according to Morton H. Kinzler, Barnwell's chairman and chief executive officer.

"This was due to record earnings in our oil and natural gas segment and positive results in our two other divisions, land investment and contract drilling," Kinzler said. Oil and natural gas revenues increased $8.9 million or 37 percent from a year earlier.

Net earnings in fiscal 2005 were less than in fiscal 2004 because fiscal 2004 net earnings included the receipt of an $11.6 million closing payment from the sale of an interest in leasehold land and deferred income tax benefits of $1.7 million due to the enactment of reductions in Canadian income tax rates. Net earnings for fiscal 2005 also were pressured because of an increase in stock appreciation rights expense, after income taxes, of $1.6 million in fiscal 2005 as compared to fiscal 2004 resulting from an increase in the market price of Barnwell's stock.