Amen Properties Reports Results for Third Quarter of 2010

RICHARDSON, Texas--(BUSINESS WIRE)--Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended September 30, 2010. The Company posted quarterly revenue of $755 thousand and a net loss of $(667) thousand, or $(13.02) per diluted share. These results compare to revenue of $614 thousand and net income of $73 thousand, or $1.41 per diluted share, for the year ago quarter. This decrease in earnings is attributable primarily to goodwill impairment expense of $963 thousand recognized during the quarter.

The operating results of Priority Power are shown as discontinued operations in the Company’s third quarter financial statements as a result of the sale of Priority to its management team on October 1, 2010. Income from discontinued operations was $389 thousand for the quarter.

The Company’s Oil & Gas Interests generated a net loss of $(79) thousand and cash distributions to Amen totaling over $469 thousand during the quarter. During the same quarter in 2009, the Company reported a loss related to its oil and gas properties of $(369) thousand. This improvement in earnings in 2010 was driven by increases in oil and gas commodity prices.

The Company’s 2010 third 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.