Amen Properties Reports Results for Second Quarter of 2011

RICHARDSON, Texas--(BUSINESS WIRE)--Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended June 30, 2011. The Company posted quarterly revenue of $1.0 million and net income of $283 thousand, or $5.51 per diluted share. These results compare to revenue of $632 thousand and a net loss of $(1.3) million, or $(25.67) per diluted share, for the year ago quarter.

The increase in revenue versus last year was driven primarily by an increase in commodity prices, as well as an increase in production. The increase in net income versus last year was driven by $1.3 million in goodwill impairment recognized in 2010 related to the sale of Priority Power.

The Company reported that it received $783 thousand in cash distributions from its oil and gas properties during the quarter.

The Company’s 2011 second 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.