EX-99.1
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a5161038ex99_1.txt
EXHIBIT 99.1 PRESS RELEASE
Exhibit 99.1
Amen Properties, Inc. Completes Acquisition of Priority Power Management;
Leading Energy Management Consulting Firm Added to Portfolio of Value-Based
Businesses
MIDLAND, Texas--(BUSINESS WIRE)--June 1, 2006--Amen Properties, Inc.
("Amen") (NASDAQ:AMEN), with headquarters in Midland, TX, today
announced that it has completed its acquisition of all of the
outstanding partnership interests in Priority Power Management, Ltd.
and PPM Dallas, Ltd. (collectively, "Priority Power Management")
pursuant to a Securities Purchase Agreement by and between the Company
and its subsidiary, NEMA Properties LLC, and the partners of Priority
Power Management dated May 18, 2006.
Priority Power Management is a leading Texas-based independent
energy management and consulting services firm to large commercial and
industrial clients. The firm provides unbiased and objective energy
management services in the areas of energy information, supply and
risk management and demand-side management in 22 states, primarily
Texas. Its client base includes oil and gas companies, industrial
manufacturing, healthcare, commercial real estate, governmental,
education, food service, retail and financial services firms. Since
its establishment in 2001, Priority Power Management has procured and
managed in excess of $800 million of power and natural gas on behalf
of others from its offices in Midland/Odessa, Dallas/Fort Worth and
Houston.
Priority Power Management business highlights:
-- Management staff has over 150 years of combined experience in
regulated and deregulated energy markets;
-- Approximately 800 clients representing approximately 6,500
utility accounts;
-- Over 750MW of peak power demand under management;
-- Over 3.5 TWh of power managed annually; enough to power
200,000 residential homes a year;
-- Managing power requirements for 32 of the top 100 independent
oil and gas producers in Texas, which represents estimated
annual production of 600 Bcf/yr of natural gas and 75 MMb/yr
of oil;
-- An estimated 13.6 Bcf of natural gas financial positions
managed annually;
-- An estimated 8.6 Bcf of natural physical natural gas managed
annually;
-- Endorsed by industry associations such as the Texas Chemical
Council, Association of Chemical Industry of Texas, the Texas
Hospital Association, the Dallas Forth Worth Hospital Council,
the Texas Bankers Association and the Independent Bankers
Association of Texas.
The Company believes that Priority Power Management's business
will be complimentary to its retail electricity provider business
conducted by the Company's subsidiary, W Power and Light, LP.
"We are extremely pleased to have completed this acquisition of
Priority Power Management", said Mr. Eric Oliver, CEO and Chairman of
the Company. "As last year proved, the retail electricity provider
business is challenged in a rising and volatile energy market. During
that same period, Priority Power Management experienced growth as more
end users sought out expert advice on how to manage their price and
minimize budget impacts from a rising market. The addition of Priority
Power Management will add a value-based organization that is
complementary to other businesses of the Company".
Priority Power Management will continue to be led by its existing
management team, including principals Mr. Pat Ennis of Midland, Texas
and Mr. John Bick of Arlington, Texas. Mr. Bick and Mr. Ennis bring
extensive energy expertise into the Company.
Mr. Ennis, the first employee of Priority Power Management, worked
20 years with TXU Energy in various roles, all involving customers,
and prior to leaving TXU, he was the Key Account Executive responsible
for large oil and gas producers. In January 2001, Mr. Jon M. Morgan,
along with a close group of limited partners, founded Priority Power
Management to focus on helping customers navigate through the onset of
electricity deregulation in Texas.
Mr. Bick was formerly Director of Strategic Business Development
at TXU Energy, where he developed comprehensive energy outsourcing
engagements across North America for Fortune 500 companies. After 15
years at TXU Energy, he joined Priority Power Management in August
2003 and has since been responsible for business development and
leading the strategic direction of the firm.
"Today's energy markets present end use customers with difficult
challenges, both operationally and financially. Companies are looking
for expert assistance in obtaining the lowest cost energy supply for
their operations and keeping it low over long periods of time, not to
mention solutions for lowering energy consumption all together", said
Mr. Bick. "Most end users do not have the internal resources required
to manage energy. We act as an extension of our client's staff,
bringing experienced energy professionals and access to valuable
market information. By developing sound energy management strategies
and deploying proven processes, Priority Power Management is able to
deliver significant value to our clients in energy savings and future
cost avoidance".
Priority Power Management will continue to operate as an
independent and objective organization representing its clients' best
interests. To maintain this independence and complete objectivity,
Amen's retail electricity provider subsidiary, W Power & Light, will
not participate in the competitive bids of any of Priority Power
Management's aggregation pools.
About Amen Properties, Inc.
AMEN Properties, Inc., a real estate and energy company, engages
in the ownership and management of real estate and energy related
business ventures. As of March 31, 2006, the company has a commercial
real estate portfolio consisting of majority ownership in two
commercial office properties located in Midland, Texas comprising over
428,000 square feet of leasable area. In 2004, the Company commenced
commercial retail electricity provider operations with the formation
of W Power & Light, LP. W Power's primary business is providing retail
electricity across Texas. W Power is very active in wholesale natural
gas and electricity markets, and manages all of its own wholesale
energy requirements.
CONTACT: Amen Properties, Inc.
John M. James, 432-684-3821
jjames@amenproperties.com
or
Priority Power Management
John Bick, 817-261-5100
jbick@prioritypower.net

EX - 99 . 1 4 a5161038ex99 _ 1 . txt EXHIBIT 99 . 1 PRESS RELEASE Exhibit 99 . 1 Amen Properties , Inc . Completes Acquisition of Priority Power Management ; Leading Energy Management Consulting Firm Added to Portfolio of Value - Based Businesses MIDLAND , Texas -- ( BUSINESS WIRE ) -- June 1 , 2006 -- Amen Properties , Inc . ( " Amen " ) ( NASDAQ : AMEN ) , with headquarters in Midland , TX , today announced that it has completed its acquisition of all of the outstanding partnership interests in Priority Power Management , Ltd . and PPM Dallas , Ltd . ( collectively , " Priority Power Management " ) pursuant to a Securities Purchase Agreement by and between the Company and its subsidiary , NEMA Properties LLC , and the partners of Priority Power Management dated May 18 , 2006 . Priority Power Management is a leading Texas - based independent energy management and consulting services firm to large commercial and industrial clients . The firm provides unbiased and objective energy management services in the areas of energy information , supply and risk management and demand - side management in 22 states , primarily Texas . Its client base includes oil and gas companies , industrial manufacturing , healthcare , commercial real estate , governmental , education , food service , retail and financial services firms . Since its establishment in 2001 , Priority Power Management has procured and managed in excess of $ 800 million of power and natural gas on behalf of others from its offices in Midland / Odessa , Dallas / Fort Worth and Houston . Priority Power Management business highlights : -- Management staff has over 150 years of combined experience in regulated and deregulated energy markets ; -- Approximately 800 clients representing approximately 6,500 utility accounts ; -- Over 750MW of peak power demand under management ; -- Over 3 . 5 TWh of power managed annually ; enough to power 200,000 residential homes a year ; -- Managing power requirements for 32 of the top 100 independent oil and gas producers in Texas , which represents estimated annual production of 600 Bcf / yr of natural gas and 75 MMb / yr of oil ; -- An estimated 13.6 Bcf of natural gas financial positions managed annually ; -- An estimated 8.6 Bcf of natural physical natural gas managed annually ; -- Endorsed by industry associations such as the Texas Chemical Council , Association of Chemical Industry of Texas , the Texas Hospital Association , the Dallas Forth Worth Hospital Council , the Texas Bankers Association and the Independent Bankers Association of Texas . The Company believes that Priority Power Management 's business will be complimentary to its retail electricity provider business conducted by the Company 's subsidiary , W Power and Light , LP . " We are extremely pleased to have completed this acquisition of Priority Power Management " , said Mr . Eric Oliver , CEO and Chairman of the Company . " As last year proved , the retail electricity provider business is challenged in a rising and volatile energy market . During that same period , Priority Power Management experienced growth as more end users sought out expert advice on how to manage their price and minimize budget impacts from a rising market . The addition of Priority Power Management will add a value - based organization that is complementary to other businesses of the Company " . Priority Power Management will continue to be led by its existing management team , including principals Mr . Pat Ennis of Midland , Texas and Mr . John Bick of Arlington , Texas . Mr . Bick and Mr . Ennis bring extensive energy expertise into the Company . Mr . Ennis , the first employee of Priority Power Management , worked 20 years with TXU Energy in various roles , all involving customers , and prior to leaving TXU , he was the Key Account Executive responsible for large oil and gas producers . In January 2001 , Mr . Jon M. Morgan , along with a close group of limited partners , founded Priority Power Management to focus on helping customers navigate through the onset of electricity deregulation in Texas . Mr . Bick was formerly Director of Strategic Business Development at TXU Energy , where he developed comprehensive energy outsourcing engagements across North America for Fortune 500 companies . After 15 years at TXU Energy , he joined Priority Power Management in August 2003 and has since been responsible for business development and leading the strategic direction of the firm . " Today ' s energy markets present end use customers with difficult challenges , both operationally and financially . Companies are looking for expert assistance in obtaining the lowest cost energy supply for their operations and keeping it low over long periods of time , not to mention solutions for lowering energy consumption all together " , said Mr . Bick . " Most end users do not have the internal resources required to manage energy . We act as an extension of our client 's staff , bringing experienced energy professionals and access to valuable market information . By developing sound energy management strategies and deploying proven processes , Priority Power Management is able to deliver significant value to our clients in energy savings and future cost avoidance " . Priority Power Management will continue to operate as an independent and objective organization representing its clients ' best interests . To maintain this independence and complete objectivity , Amen 's retail electricity provider subsidiary , W Power & Light , will not participate in the competitive bids of any of Priority Power Management 's aggregation pools . About Amen Properties , Inc . AMEN Properties , Inc . , a real estate and energy company , engages in the ownership and management of real estate and energy related business ventures . As of March 31 , 2006 , the company has a commercial real estate portfolio consisting of majority ownership in two commercial office properties located in Midland , Texas comprising over 428,000 square feet of leasable area . In 2004 , the Company commenced commercial retail electricity provider operations with the formation of W Power & Light , LP . W Power 's primary business is providing retail electricity across Texas . W Power is very active in wholesale natural gas and electricity markets , and manages all of its own wholesale energy requirements . CONTACT : Amen Properties , Inc . John M . James , 432 - 684 - 3821 jjames@amenproperties.com or Priority Power Management John Bick , 817 - 261 - 5100 jbick@prioritypower.net
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