Barnwell Industries Inc. posted a $2.2 million profit in its fiscal fourth quarter to boost itself into the black for the year.

The Honolulu-based company, which generates the majority of its revenue from its Canadian oil and natural gas operations, closed its fiscal year that ended Sept. 30 with a profit of $672,000 compared with a loss of $8.6 million in fiscal 2013.

Barnwell said Monday its 2014 gain was fueled by higher prices received for oil and natural gas products, increased land sales payments received on Hawaii island, and an increase in water drilling contracts.

The company said a reduction of $4.5 million in the carrying value of oil and natural gas contributed to the company’s $8.6 million loss last year. There was no similar reduction this year, and Barnwell gained $2.7 million from the sale of its 1.2 percent minority interest in Hualalai Resort on Hawaii island.

Last quarter, Barnwell earned 26 cents a share compared with the year-earlier quarter when it lost $1.6 million, or 20 cents a share.

The company said it plans to pursue acquisitions of oil and natural gas properties in 2015.