Barnwell Industries, Inc. (Barnwell) operates through four principal business segments: oil and natural gas segment, which engages in oil and natural gas exploration, development, production and sales in Canada; land investment segment, which invests in leasehold land and other real estate interests in Hawaii; residential real estate segment, through which Barnwell acquires house lots for investment and development of homes for sale in Hawaii, and contract drilling segment, through which Barnwell provides well drilling services and water pumping system installation and repairs in Hawaii. Barnwell’s oil and natural gas activities comprise its largest business segment. Approximately 75% of Barnwell’s revenues during the fiscal year ended September 30, 2008, was attributable to its oil and natural gas activities.