Amen Properties Announces Asset Purchase Agreement Between W Power & Light and Green Mountain Energy Company
Posted on: Monday, 21 July 2008, 18:00 CDT
MIDLAND, Texas, July 21, 2008 (PRIME NEWSWIRE) -- Amen Properties (Nasdaq:AMEN) today announced that its wholly owned subsidiary, W Power and Light, LLC ("W Power") has entered into an agreement with Green Mountain Energy Company, Inc. ("Green Mountain") whereby Green Mountain will take over most of the retail electricity customer agreements of W Power. Under the terms of the agreement, residential and commercial customers of W Power will begin being transferred to Green Mountain within five business days from the July 16, 2008 closing date. The Company's decision to exit the retail electricity business was announced earlier this month, and driven largely by the increased complexity and volatility of the Texas electricity market.
"We are pleased with how quickly we were able to negotiate terms for our agreement with Green Mountain, and believe our customers will be well cared for by them. Green Mountain is a great retailer with substantial resources and a strong commitment to the retail electricity market," said Kevin Yung, the Company's Chief Operating Officer and President of W Power. "We've received a number of positive comments regarding the structured way we approached exiting the retail electricity business in Texas. In particular, our focus was to find a strong retailer who could provide reliable service and reasonable competitive pricing for our customers. I believe we have succeeded in that effort."
About Amen Properties
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.
About Green Mountain Energy Company
Green Mountain, the nation's leading provider of cleaner energy and carbon offset solutions, was founded in 1997 "to change the way power is made." Today, the company is the longest serving green power marketer in the U.S. Green Mountain offers consumers and businesses the choice of cleaner electricity products from renewable sources such as wind and water and carbon offset products through its (www.begreennow.com) division. Green Mountain customers have collectively helped avoid over 4.1 million tons of C02 emissions. For more information, visit www.greenmountain.com.
This news release was distributed by PrimeNewswire, www.primenewswire.com
CONTACT: Amen Properties Press and Investor Relations Contact: Kris Oliver (972) 999-0494 koliver@amenproperties.com Green Mountain Press Contact: Marci Grossman (480) 502-8100 marci.grossman@greenmountain.com
Source: PrimeNewswire
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