Amen Properties Reports Results for Second Quarter of 2009

September 24, 2009 1:02 PM EDT

MIDLAND, Texas--(BUSINESS WIRE)-- Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended June 30, 2009. The Company posted quarterly revenue of $2.1 million and a net loss from continuing operations of $44 thousand, or $(0.05) per diluted share. These results compare to revenue of $967 thousand and net income from continuing operations of $431 thousand, or $0.09 per diluted share, for the year ago quarter. The decrease in earnings from continuing operations during Q209 was primarily a result of decreased oil and gas commodity prices. The Company reported that, despite a net loss of $741 thousand thus far in 2009, it has increased its cash holdings by almost $2 million.

Priority Power, the Company's energy management and consulting business, generated a 48% increase in revenue and a 57% increase in net income versus the same quarter last year as a result of a large power reengineering project and reductions in general and administrative expenses.

The Company's Oil & Gas Interests generated a loss of $440 thousand for the quarter due to reduced commodity prices. Despite these disappointing accounting earnings driven by depletion expense, the Company received over $470 thousand in cash distributions related to its oil and gas holdings during the quarter. Additionally, the Company received $1.6 million in cash during the quarter from the sale of its working interests in the Allen Field of the Permian Basin.

The Company experienced a sharp decline in corporate general and administrative expenses as a result of delisting earlier this year. Overhead expenses declined 45% versus the same quarter in 2008.

The Company's 2009 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. 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.

    Source: Amen Properties

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