Honolulu-based real estate, drilling and energy company Barnwell Industries Inc. yesterday reported that higher oil and natural gas prices helped boost its profit by 34 percent to $1.69 million during the three months ending March 31 compared with the same period a year earlier.

Net income divided by the number of stock shares in the company was 20 cents per diluted share, up 33 percent from 15 cents, in the year-earlier period.

Barnwell said higher oil and natural gas prices resulted in a $2.8 million increase, or 33 percent, in company oil and natural gas revenue for the quarter compared with the year-ago quarter.

The energy-related revenue increase was partially offset by reduced revenue in its real estate business due to the timing of property sales, Barnwell said.

Total first-quarter revenue was $14.3 million, up 28 percent from $11.2 million a year earlier.

Barnwell said that during the quarter it invested $5.6 million in oil and gas exploration and development that included drilling five wells in Alberta, Canada, with partners. Barnwell said four wells were considered successful and that its ownership interest in the four wells is the equivalent of owning one well outright.

Barnwell also announced that it will pay a dividend of 5 cents per share on June 16 to stockholders of record on June 2.

Shares of Barnwell stock trading on the American Stock Exchange closed yesterday up 13 cents to $11.53 per share.