Amen Properties Announces New Employment Agreements For Priority Power Executives

Amen Properties (Pink Sheets: AMEN) today announced that it has signed new employment agreements for John Bick and Pat Ennis, the executives responsible for managing Priority Power Management, LLC (“Priority Power”), the company’s energy management and consulting subsidiary. The agreements are effective December 1, 2009 with a term of five years.

In connection with these new employment agreements, the Company also issued a warrant to Bick and Ennis entitling them collectively to purchase 80% of the equity of Priority Power for a price of $10. The warrant has an expiration date of December 1, 2014 and vests only upon the delivery of $1.9 million in cash earnings by Priority Power to Amen. Additionally, the company issued an option to Bick and Ennis entitling them to purchase Amen’s retained 20% ownership in Priority for the price of $480,000. This purchase option has an expiration date of December 1, 2012.

Under the leadership of Bick and Ennis, Priority Power continues to distinguish itself as a leader in comprehensive energy management and consulting services to end users of power and natural gas.

Most recently, a large municipality in north Texas engaged Priority Power to assist them with developing an electricity supply management strategy and sourcing initiative, which includes market analysis, supplier solicitation and proposal analysis, contract negotiations and incorporation of renewable energy goals for over 750 million kilowatt-hours per year.

Expanding beyond energy supply management services, Priority Power recently completed a $900,000 energy efficiency improvement project for a north Texas hospital that included modernization of a chilled water plant, replacement of a large air handler serving an operating room and retrofitting the hospital’s lighting systems, all of which will reduce the hospital’s energy costs by 16%. The project was recognized by the North Texas Clean Air Coalition for leadership in energy conservation and reduction of carbon emissions.