SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
June 25, 2008
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Date of Earliest Reported Event
AMEN PROPERTIES, INC.
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(Exact name of registrant as specified in its Charter)
Delaware
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(State or other jurisdiction of incorporation)
000-22847
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(Commission File Number)
54-1831588
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(IRS Employer Identification No.)
303 W. Wall Street, Suite 2300
Midland, Texas 79701
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(Address of principal executive offices) (Zip Code)
(432) 684-3821
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(Registrant's telephone number, including area code)
NA
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(Former Name or Former Address, if Changed Since Last Report)
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
FORM 8-K
Item 2.05 - Costs Associated with Exit or Disposal Activities
On June 25, 2008 the Board of Directors of Amen Properties (the "Company")
authorized a plan to discontinue the operations of W Power and Light ("W
Power"), the Company's retail electricity provider business. Management
recommended this plan to the Board based on the unfavorable conditions in the
Texas retail electricity market which have been exacerbated by heightened
volatility in recent months. Management is working to settle W Power's existing
supply contracts and transfer its customer contracts to another retail
electricity provider and expects to complete these activities by the end of
August.
Management expects the costs associated with discontinuing W Power's operations
to fall within the following ranges:
Description Estimated Cost
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Mark to market payment on transfer of customer
agreements to another retail electricity provider $250 - 300 thousand
Costs to settle supply contracts $500 - 700 thousand
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Total $750 thousand - $1 million
In addition to the costs shown above, management expects additional costs
typical of winding down operations but does not expect these costs to be
material. Management plans to record a charge to earnings for these projected
shut down costs in the Company's second quarter 2008 financial statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMEN Properties, Inc.
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(Registrant)
By: /s/ Jon M Morgan
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Date: July 10, 2008 Jon M Morgan, Chief Executive Officer
(Signature)