Amen Properties (NASDAQ:AMEN) today announced financial results for its fiscal 2008 first quarter ended March 31, 2008. The Company posted revenue of $3.7 million and a net quarterly profit of $977 thousand, or $0.26 per diluted share. These results compare to revenue of $3.1 million and net quarterly profit of $509 thousand, or $0.14 per diluted share, in the year-ago quarter. Priority Power, the Company�s energy aggregation, brokering and consulting business, continued to deliver strong revenue and earnings growth in the first quarter of 2008. Priority Power�s revenue and earnings increased 82% and 75%, respectively, in the first quarter versus the year-ago quarter, primarily due to new customer acquisition and receipt of a $300 thousand payment earned as part of a power plant development engagement. Amen recorded a gain of $535 thousand on the liquidation of its investment in Santa Fe Energy Trust and recorded $279 thousand in income related to its one-third ownership of SFF Royalty, LLC and SFF Production, LLC (the �SFF Group�). The Company does not expect its investment in the SFF Group to generate significant accounting income due to the depletion expense that will be incurred by the SFF Group. However, Amen reported that it received $500 thousand in cash distributions from the SFF Group during the first quarter of 2008 and expects to receive $500-800 thousand per quarter in distributions for the remainder of this year. Increased commodity and delivery prices resulted in decreased earnings for the company�s retail electricity unit, W Power & Light. W Power generated revenue of $2.3 million and income of $89 thousand for the quarter, compared to revenue of $2.3 million and income of $389 thousand in the same quarter last year. �We are extremely concerned about the structural market changes we are witnessing in the Texas retail electricity market,� said Kevin Yung, Amen�s Chief Operating Officer. �We expect the increased volatility that we have seen in recent months to continue for the remainder of this year, making it difficult for any retail electricity provider to be profitable. We are seriously evaluating whether this is a market that Amen wants to participate in long term.� Amen Properties is engaged in the acquisition and management of strong, profitable energy-related businesses. W Power & Light, a wholly�owned subsidiary, is a Retail Electricity Provider in Texas, the largest electricity marketplace in the United States. Priority Power, a wholly-owned subsidiary acquired in April 2006, is an energy management and consulting services firm. The Company has other energy�related holdings through its other subsidiaries, Amen Minerals and Amen Delaware. Certain information in this document may contain "forward-looking statements" within the meaning of Section 21e of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are "forward-looking statements" for purposes of these provisions, including, but not limited to, any projections of earnings, revenues or other financial items, any statements of the plans and objectives of management for future operations, any statements concerning proposed new products or services, any statements regarding future economic conditions or performance, and any statement of assumptions underlying any of the foregoing. In some cases, "forward-looking statements" can be identified by the use of terminology such as "may," "will," "expects," "believes," "plans," "anticipates," "estimates," "potential," or "continue," or the negative thereof or other comparable terminology. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its "forward-looking statements" will prove to be correct, and actual results could differ materially from those projected or assumed in the Company's "forward-looking statements." Our financial condition and results, as well as any other "forward-looking statements," are subject to inherent risks and uncertainties, including but not limited to those risk factors discussed in our 10-KSB for the fiscal year ended December 31, 2007.