Honolulu-based real estate, drilling and energy company Barnwell Industries Inc. today said higher oil and natural gas prices helped boost its profit by 34 percent to $1.69 million during the first three months of the year compared with the same period a year earlier.

Net income divided by the number of stock shares in the company was 20 cents per diluted share, up 33 percent from 15 cents, in the same comparable period.

Barnwell reported that higher oil and natural gas prices resulted in a $2.8 million increase, or 33 percent, in company oil and natural gas revenue for the quarter compared with the year-ago quarter.

The company said the energy-related revenue increase was partially offset by reduced revenue in its real estate business due to the timing of property sales.

Total first-quarter revenue was $14.3 million, up 28 percent from $11.2 million a year earlier.

Barnwell said that during the quarter it invested $5.6 million in oil and gas exploration and development that included drilling five wells in Alberta, Canada, with partners. Barnwell said four wells were considered successful and that its ownership interest in the four wells is the equivalent of owning one well outright.

Barnwell also announced that it will pay a dividend of 5 cents per share on June 16 to stockholders of record on June 2.

Shares of Barnwell stock in late afternoon trading on the American Stock Exchange was up 13 cents to $11.53 per share.