Philip F. Patman, Jr. to Succeed Russell M. Gifford as Chief Financial Officer of Barnwell
Barnwell (NYSE American: BRN) announced that Russell M. Gifford will retire as Executive Vice President, Chief Financial Officer and Treasurer effective December 31, 2025.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Barnwell (NYSE American: BRN) announced that Russell M. Gifford will retire as Executive Vice President, Chief Financial Officer and Treasurer effective December 31, 2025. The company appointed Philip F. Patman, Jr., currently Executive Vice President - Finance, to succeed Gifford as Chief Financial Officer, Treasurer and principal financial officer effective December 31, 2025. The board and management thanked Gifford for his service; Gifford joined Barnwell in 1982 and had served as CFO since 1985.
Positive
- Internal promotion preserves financial leadership continuity
- Philip F. Patman has experience as Executive Vice President - Finance
- Succession effective December 31, 2025 ensures immediate coverage
Negative
- Loss of long-tenured CFO who joined in 1982 and served since 1985
Key Figures
- CFO retirement effective date
- December 31, 2025
- Russell M. Gifford retirement as EVP, CFO and Treasurer
- Gifford tenure start
- 1985
- Year he became Chief Financial Officer
Historical Context
-
Reported wider FY 2025 losses and asset sales yet shares rose modestly.
-
Closed $2.4M private placement, strengthening balance sheet and liquidity.
-
Announced $2.4M equity financing with warrants and new board appointment.
-
Named new EVP Finance and outlined retirements and cost-reduction steps.
-
Added directors with capital markets and operating experience to board.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HONOLULU, HI / ACCESS Newswire / December 30, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) ("Barnwell" or the "Company") today announced the retirement of Russell M. Gifford as Executive Vice President, Chief Financial Officer and Treasurer of the Company effective December 31, 2025, as well as the appointment of Philip F. Patman, Jr., Barnwell's current Executive Vice President - Finance, as Chief Financial Officer, Treasurer and principal financial officer of the Company as of December 31, 2025.
The Board of Directors and management of the Company wish to thank Mr. Gifford for his many years of service. Mr. Gifford joined Barnwell in 1982 and has served as CFO since 1985.
About Barnwell Industries, Inc.
Barnwell Industries, Inc. (NYSE American:BRN) has been publicly traded since 1956 and has a long history of diversified operations across energy, water well drilling, and real estate. Today, Barnwell is strategically focused on expanding its oil and gas operations in the Twining Field near Calgary, Alberta, Canada. The Company remains committed to disciplined capital allocation, operational excellence, and driving long-term value for shareholders.
Forward-Looking Statements
Certain 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. These forward-looking statements are based on current beliefs and expectations of our board and management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives. Forward-looking statements include phrases such as "expects," "anticipates," "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. Any or all of the forward-looking statements may turn out to be incorrect or be affected by inaccurate assumptions Barnwell might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to our ability to execute on our strategy and business plan and the other risks forth in the "Forward-Looking Statements," "Risk Factors" and other sections of Barnwell's Annual Report on Form 10-K for the fiscal year ended September 30, 2025 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.
COMPANY:
Barnwell Industries, Inc.
1100 Alakea Street, Suite 500
Honolulu, HI 96813
Telephone: (808) 531-8400
Fax: (808) 531-7181
Website: www.brninc.com
CONTACT:
Kenneth S. Grossman
Chairman of the Board of Directors
Email: kensgrossman@gmail.com
SOURCE: Barnwell Industries
View the original press release on ACCESS Newswire
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.