Amen Properties Reports Results for First Quarter of 2009

MIDLAND, Texas--(BUSINESS WIRE)--Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended March 31, 2009. The Company posted quarterly revenue of $1.9 million and a net loss of $488 thousand, or $(0.09) per diluted share. These results compare to revenue of $1.4 million and net income of $977 thousand, or $0.26 per diluted share, for the year ago quarter. The decrease in earnings during Q109 was a result of decreased oil and gas commodity prices, increased sales expenses at Priority Power and other one-time items as described below.

Priority Power received a one-time payment of $300 thousand in the first quarter of 2008 related to a power plant development project. Recurring revenue for Priority was down 12% versus last year due to reduced energy demand caused by economic factors, particularly among Priority’s oil and gas customers. Priority’s general and administrative expenses were 43% higher than the same quarter in 2008 due to increases in sales staff. Management has recently let go a number of sales staff and believes that these expenses will be reduced in future quarters.

The Company recognized a gain of $535 thousand in the first quarter of 2008 on the liquidation of its ownership in the Santa Fe Energy Trust. The first quarter of 2009 is the first period that the financial results of SFF Production, LLC are consolidated with the Company’s financial statements. The Company’s Oil & Gas Interests generated a loss of $101 thousand for the quarter due to reduced commodity prices during the quarter. Despite these disappointing accounting earnings, the Company received over $700 thousand in cash distributions related to its oil and gas holdings during the quarter.

The Company’s 2009 first quarter report is available for viewing or download from the company’s web site – www.amenproperties.com.

About Amen Properties:

Amen is a Christian corporation with a strategic asset – a net operating loss accumulated during the Company’s “dot com” past totaling $28 million which can be used to offset tax liabilities arising from future earnings. Amen seeks to own strong energy-related assets and businesses with earnings which can be shielded from taxes via the Company’s NOL. Currently, Amen owns business and assets which fall into two categories: Energy Services and Energy Resources.

Energy Services: Priority Power (www.prioritypower.net)

Priority Power is an independent energy management and consulting services firm whose sole purpose is to act as an extension of our clients’ staff to mitigate the risk and overcome the challenges associated with energy supply, information, and demand management. Priority Power has 1,200 clients representing over 7.1 billion kilowatt hours and $650 million in annual energy consumption.

Energy Resources: Oil and Gas Interests

Amen owns royalty and working interests in over 1,200 properties in twelve states through its ownership of SFF Royalty, LLC (33.3% ownership) and SFF Production, LLC (79.1% owner), the entities which own the interests formerly held by Santa Fe Energy Trust. Additionally, the Company owns a 5% working interest and 4% net revenue interest in producing wells located on the 30,000 acres of the Permian Basin known as the Yarborough and Allen Field.