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Barnwell buys its headquarters

Barnwell Industries Inc. said yesterday it has purchased the office space that houses its corporate headquarters in Honolulu.

The company has leased the 4,700-square-foot space at the Alakea Corporate Tower for the past nine years.

Barnwell acquires, explores and develops oil and natural gas properties principally in Alberta, Canada. The company also drills water wells, as well as installs and repairs water pumping systems in Hawaii.

Last year was a good year for the company, whose net earnings increased due to increases in oil and natural gas prices as compared to the prior year. For the year ended Sept. 30, 2003, Barnwell reported net earnings of $2.32 million, as compared to net earnings of $40,000 a year ago.