Amen Properties Announces New Employment Agreements for Priority Power Executives

MIDLAND, Texas--(BUSINESS WIRE)--Amen Properties (Pink Sheets: AMEN) today announced that it has signed new employment agreements for John Bick and Pat Ennis, the executives responsible for managing Priority Power Management, LLC (“Priority Power”), the company’s energy management and consulting subsidiary. The agreements are effective December 1, 2009 with a term of five years.

“Pat (Ennis) and I are extremely pleased with Priority Power’s success to date”

In connection with these new employment agreements, the Company also issued a warrant to Bick and Ennis entitling them collectively to purchase 80% of the equity of Priority Power for a price of $10. The warrant has an expiration date of December 1, 2014 and vests only upon the delivery of $1.9 million in cash earnings by Priority Power to Amen. Additionally, the company issued an option to Bick and Ennis entitling them to purchase Amen’s retained 20% ownership in Priority for the price of $480,000. This purchase option has an expiration date of December 1, 2012.

Under the leadership of Bick and Ennis, Priority Power continues to distinguish itself as a leader in comprehensive energy management and consulting services to end users of power and natural gas.

Most recently, a large municipality in north Texas engaged Priority Power to assist them with developing an electricity supply management strategy and sourcing initiative, which includes market analysis, supplier solicitation and proposal analysis, contract negotiations and incorporation of renewable energy goals for over 750 million kilowatt-hours per year.

Expanding beyond energy supply management services, Priority Power recently completed a $900,000 energy efficiency improvement project for a north Texas hospital that included modernization of a chilled water plant, replacement of a large air handler serving an operating room and retrofitting the hospital’s lighting systems, all of which will reduce the hospital’s energy costs by 16%. The project was recognized by the North Texas Clean Air Coalition for leadership in energy conservation and reduction of carbon emissions.

“Pat (Ennis) and I are extremely pleased with Priority Power’s success to date,” commented John Bick, Managing Principal of Priority Power. “We have built Priority Power with the customer as our single focus, providing energy expertise as an extension of their staff and positioning ourselves as their trusted energy advisor.”

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 Management, LLC (www.prioritypower.net)

Priority Power Management, LLC 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 Management provides services to over 1,200 clients representing approximately $1 billion in annual energy spend.

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.