Amen Properties Reports Results for First Quarter of 2013 and Announces Quarterly Dividend

Amen Properties Reports Results for First Quarter of 2013 and Announces Quarterly Dividend

RICHARDSON, Texas--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended March 31, 2013. The Company posted quarterly revenue of $680 thousand and a net profit of $494 thousand, or $9.61 per diluted share. These results compare to revenue of $713 thousand and a net loss of $(198) thousand, or $(3.84) per diluted share, for the same quarter last year. The decline in operating revenue was caused by reductions in commodity prices for oil and natural gas. The increase in profitability was driven by a reduction in oil and gas operating expenses and increased equity income recognized in connection with the Company's investment in SFF Royalty, LLC.

Amen also announced that the Company's Board of Directors has approved the payment of a quarterly dividend of $14 per share to the Company's common shareholders. The dividend will be paid on June 28, 2013 to shareholders of record as of June 21, 2013. The Company reminded shareholders that future dividend levels will be largely determined by commodity prices for oil and gas.

Finally, Amen reiterated that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. "Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk," said Kris Oliver, Amen's Chief Executive Officer.

The Company's 2013 first quarter report is available for viewing or download from the company's web site -

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.

Amen Properties, Inc.
Kris Oliver, 972-999-0494

KEYWORDS:   United States  North America  Texas


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