Barnwell Industries Inc.’s revenue soared 37.7% in its fiscal first quarter on the strength of its oil and natural gas operations.

The Honolulu-based company reported Friday before the market opened that revenue rose to $7.5 million in the three months that ended Dec. 31, from $5.5 million in the year-earlier period.

Barnwell, which also is involved in a development partnership on Hawaii island and conducts water drilling statewide, said its oil, natural gas and natural gas liquids segment all experienced price increases to boost revenue by over $1.3 million, or 33%, from the same time a year ago.

Net oil production increased 23%, and net natural gas production increased 46%.

“We continue to refresh our oil and gas production through new drilling programs,” Barnwell President and CEO Alex Kinzler said. “The increases in production were primarily due to additional working interests acquired and wells drilled in the Twining area (in Alberta) in fiscal 2022 and were partially offset by a decrease in production from wells in Oklahoma.”

The company’s net income was virtually flat at $1.09 million, compared with $1.07 million in the year-earlier quarter.

Barnwell, whose primary revenue generator is oil and natural gas development, production, acquisition and sales in Alberta and Oklahoma, recently expanded its oil and gas operations with an investment in Texas into a Permian Basin drilling opportunity.

The company’s stock closed up 9 cents at $2.54 Friday.