BARNWELL INDUSTRIES INC — Director's Dealing 2007

Jan 9, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BARNWELL INDUSTRIES INC (BRN)
CIK: 0000010048
Period of Report: 2007-01-05

Reporting Person: Gifford Russell M (Director, EVP,CFO,Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-05	Common Stock	M	24000	$8.8	Acquired	64000	Direct
2007-01-05	Common Stock	D	24000	$23.5	Disposed	40800	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-05	Stock Appreciation Right	$8.8	M	24000	Disposed	2014-12-03	Common Stock (24000)	Direct

Footnotes

F1: Fifty percent of the Stock Appreciation Rights became exercisable on 12/03/2005 and the remaining fifty percent became exercisable on 12/03/2006.