Amen Properties Announces Plans to Shut Down Retail Electricity Operations.

MIDLAND, Texas -- Amen Properties (NASDAQ:AMEN) today announced that its Board of Directors has approved a plan to discontinue operations of the company's retail electricity provider, W Power and Light. Management recommended the shut-down of W Power to the Board based on the unfavorable conditions in the Texas electricity market which have been exacerbated by heightened volatility in recent months.

Management is currently working to transfer W Power's customers to another retail electricity provider and settle its supply contracts and expects all of these activities to be completed by the end of August. The costs associated with the transfer of existing customers and settling outstanding supply contracts are expected to be $750 thousand - $1 million. The Company will record a charge to earnings for these costs in its second quarter 2008 financial statements.

"We believe that the increased complexity and volatility in the Texas electricity market that led to our decision to shut down W Power will create opportunities for our energy management and consulting business, Priority Power," said Kris Oliver, the Company's Chief Financial Officer. "We believe we can add the most value to our customers through the expertise that Priority brings to the table, without the risk and capital requirements associated with the retail electricity business."

Amen Properties is engaged in the acquisition and management of strong, profitable energy-related businesses. Amen's primary businesses are ownership of oil and gas interests and Priority Power Management, an energy management and consulting services firm. Additionally, Amen owns a non-controlling interest in certain real estate properties in Midland, Texas.