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RICHARDSON, Texas--([ BUSINESS WIRE ])--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended December 31, 2011. The Company posted quarterly revenue of $767 thousand and a net loss of $(94) thousand, or $(1.83) per diluted share. These results compare to revenue of $904 thousand and a net loss of $(2.3) million, or $(44.71) per diluted share, for the quarter ended December 31, 2010. The reduction in revenue versus the same period last year was driven primarily by decreases in commodity prices, particularly natural gas. The increase in net income was driven by a $(1.5) million loss on sale of Priority Power recorded in the fourth quarter of 2010. The Company reported that it received $750 thousand in cash distributions from its oil and gas properties during the quarter.

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For the full year 2011, Amen reported revenue of $3.6 million and net income of $56 thousand versus revenue of $3.3 million and a net loss of $(4.5) million for 2010. The improvement in net income was caused by $(4.3) million in write-downs and losses recorded in 2010 in connection with the sale of Priority Power. The Company reported that it received $3.0 million in cash distributions from its oil and gas operations during the year.

Amen reported that it converted all of the outstanding shares of Series E Preferred Stock (face value of $4.3 million) during the quarter into 9,157 shares of common stock. With the conversion of the Preferred E stock, the Company has no more debt or preferred stock outstanding and ended the year with 51,333 shares of common stock outstanding.

Additionally, the Companyas Board of Directors approved the payment of a quarterly dividend of $18 per share to the Companyas common shareholders. The dividend will be paid on April 3, 2012 to shareholders of record as of March 27, 2012. The reduction in dividend per share versus the fourth quarter of 2011 was caused by decreases in commodity prices, particularly natural gas.

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

About Amen Properties:

Amen Properties owns a diverse portfolio of cash-producing properties including real estate and oil and gas interests.

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.