UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d)

Of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):May 12, 2008

BARNWELL INDUSTRIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-5103

(Commission File Number)

72-0496921

(IRS Employer

Identification No.)

1100 Alakea Street, Suite 2900

Honolulu, Hawaii 96813

(Address of Principal Executive Offices) (Zip Code)

(808) 531-8400

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 12, 2008, Barnwell Industries, Inc. issued a press release announcing its financial results for the six months ended March 31, 2008. A copy of such press release is furnished as Exhibit 99.1 to this Current Report.

Item 9.01 Financial Statements and Exhibits.

(c)

Exhibits

Exhibit No.	Description
99.1	Press release dated May 12, 2008

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 12, 2008

BARNWELL INDUSTRIES, INC.

By: /s/ Russell M. Gifford
Name: Russell M. Gifford

Title: Executive Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	Press release dated May 12, 2008

CONTACT:

Alexander C. Kinzler

President and Chief Operating Officer

Russell M. Gifford

Executive Vice President and Chief Financial Officer

Tel: (808) 531-8400

BARNWELL INDUSTRIES, INC. REPORTS RESULTS

FOR THE SECOND QUARTER AND SIX MONTHS ENDED MARCH 31, 2008 AND

DECLARES CASH DIVIDEND

HONOLULU, HAWAII, May 12, 2008 -- Barnwell Industries, Inc., (AMEX: BRN) today reported net earnings of $1,685,000 ($0.20 per share - diluted) and $5,004,000 ($0.59 per share –diluted) for the three and six months ended March 31, 2008, respectively, as compared to net earnings of $1,258,000 ($0.15 per share - diluted) and $2,372,000 ($0.27 per share – diluted) for the three and six months ended March 31, 2007, respectively.

Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, “Net earnings for the three and six months ended March 31, 2008 increased due to a $2,843,000, 33% and $4,565,000, 27% respectively, increase in oil and natural gas revenues as a result of higher oil, natural gas and natural gas liquids prices. For the three months ended March 31, 2008 oil and natural gas liquids prices increased 78% and 62%, respectively, and natural gas prices increased 21%. Net earnings for the six months ended March 31, 2008 include deferred tax benefits of $909,000 due to reductions in Canadian Federal corporate income tax rates. There were no such benefits in last year’s six month period. These increased oil and natural gas segment revenues were partially offset by reduced revenues in our real estate segment due to the timing of real estate closings.

“Our oil and natural gas segment invested $5,624,000 and $9,365,000 in oil and gas exploration and development during the three and six months ended March 31, 2008, respectively, participating in the drilling of 5 gross (1.1 net) wells during the three months ended March 31, 2008. Of these wells, 4 gross (1.0 net) wells are considered to be successful.

Barnwell Industries also announced today that its Board of Directors has declared a cash dividend of $0.05 per share, payable June 16, 2008, to stockholders of record on June 2, 2008.

The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,”

Continued From Page One

May 12, 2008

Page Two

“intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the year ended September 30, 2007 and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

COMPARATIVE OPERATING RESULTS

(Unaudited)

	Three months ended March 31,					Six months ended March 31,
	2008			2007		2008		2007
Revenues	$	14,307,000	$	11,163,000	$	29,967,000	$	24,431,000
Net earnings	$	1,685,000	$	1,258,000	$	5,004,000	$	2,372,000
Earnings per share — basic	$	0.20	$	0.15	$	0.61	$	0.29
Earnings per share — diluted	$	0.20	$	0.15	$	0.59	$	0.27
Weighted average common shares outstanding:
Basic		8,245,086		8,194,707		8,228,811		8,181,742
Diluted		8,424,153		8,613,439		8,462,332		8,642,402