N@N

RICHARDSON, Texas--([ BUSINESS WIRE ])--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended September 30, 2011. The Company posted quarterly revenue of $985 thousand and net income of $85 thousand, or $1.65 per diluted share. These results compare to revenue of $755 thousand and a net loss of $(667) thousand, or $(13.02) per diluted share, for the quarter ended September 30, 2010.

"and similar terms. AMEN Properties, Inc. "

The increase in revenue over the same period last year was driven primarily by an increase in oil and gas commodity prices as well as an increase in production. The increase in net income over the same period last year was driven by this revenue increase as well as a $963 thousand goodwill impairment charge that was recognized in the third quarter of 2010 related to the sale of Priority Power. The Company reported that it received $991 thousand in cash payments from its oil and gas properties during the quarter.

Amen reported that it redeemed the remaining outstanding shares of its Series D Preferred stock at the end of the quarter. The Company anticipates the conversion of all of its outstanding shares of Series E Preferred stock into the Companyas common stock. It is expected that the conversion will occur in the first half of December 2011 and will be achieved via the issuance of 9,157 shares of the Companyas common stock to the Series E Preferred Stock holders.

Additionally, the Companyas Board of Directors approved the payment of a quarterly dividend of $20 per share to the Companyas common shareholders. The dividend will be paid on December 30, 2011 to shareholders of record as of December 20, 2011. The Company expects to pay quarterly dividends in the future, the amount of which will be based on fluctuations in oil and gas prices and the Companyas free cash flow.

The Companyas 2011 third quarter report is available for viewing or download from the companyas web site a" [ www.amenproperties.com ].

About Amen Properties:

Amen is a Christian corporation with a strategic asset a" a net operating loss accumulated during the Companyas adot coma 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 Companyas NOL.

Cautionary Statement:

This document contains forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements can be identified by use of the words "expect," "project," "may," "might," potential," and similar terms. AMEN Properties, Inc. ("Amen", "we" or the "Company") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Amen's control. These factors include, but are not limited to, our ability to implement our strategic initiatives, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition and other factors. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.