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RICHARDSON, Texas--([ BUSINESS WIRE ])--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended March 31, 2012. The Company posted quarterly revenue of $713 thousand and a net loss of $(485) thousand, or $(9.43) per diluted share. These results compare to revenue of $811 thousand and a net loss of $(217) thousand, or $(4.24) per diluted share, for the quarter ended March 31, 2011. The reduction in revenue versus the same period last year was driven primarily by decreases in commodity prices, particularly natural gas. The decrease in net income was driven by the decrease in oil and gas revenue described above as well as increases in depletion expense and the recognition of losses associated with the Companyas oil and gas hedging activities.

"Shareholders that hold Amen stock need to understand that, moving forward, they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk"

Amen also announced that the Companyas Board of Directors has approved the payment of a quarterly dividend of $18 per share to the Companyas common shareholders. The dividend will be paid on June 29, 2012 to shareholders of record as of June 19, 2012. The Company reminded shareholders that future dividend levels will be largely determined by commodity prices for oil and gas.

Finally, Amen announced that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. The Board reached this decision based on reduced cash flow risk associated with the retirement of the Companyas debt in 2011. aShareholders that hold Amen stock need to understand that, moving forward, they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk,a said Kris Oliver, Amenas Chief Executive Officer.

The Companyas 2012 first 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.