Notice of Extension of Closing Date under Securities Purchase Agreement between Amen Properties, Inc., NEMA Properties, LLC, and Priority Power Management Entities

Summary

Amen Properties, Inc. and NEMA Properties, LLC notify Priority Power Management I, L.L.C. and Priority Power Management Dallas, LLC that they are exercising their right to extend the closing date of a previously agreed Securities Purchase Agreement from May 19, 2006 to May 25, 2006. The extension is made in accordance with the terms of the original agreement, and the buyers retain the right to further extend the closing date if needed. The parties acknowledge and confirm the extension by signing this notice.

EX-10.2 3 a5156628ex102.txt EXHIBIT 10.2 Exhibit 10.2 AMEN PROPERTIES, INC. 303 W. Wall Street, Suite 2300 Midland, Texas 79701 May 19, 2006 Priority Power Management I, L.L.C. 303 West Wall Street, Suite 2300 Midland, Texas 79701 Priority Power Management Dallas, LLC 303 West Wall Street, Suite 2300 Midland, Texas 79701 Re: Securities Purchase Agreement by and among the Partners of Priority Power Management, Ltd. and PPM Dallas, Ltd., as Sellers, and Amen Properties, Inc. and NEMA Properties, LLC, as Buyers, dated as of May 18, 2006 (the "Agreement") Gentlemen: Pursuant to Section 3.1 of the Agreement, Amen Properties, Inc. and NEMA Properties, LLC, as Buyers under the Agreement, hereby notify you, as the General Partners, that the Buyers have exercised their right to extend the Closing Date under the Agreement from May 19, 2006 to May 25, 2006, subject to the Buyers' right to further extend the Closing Date pursuant to the terms of the Agreement. Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Agreement. Please acknowledge your receipt of this notice and the extension of the Closing Date set forth herein by executing this letter where indicated below and promptly returning the same to Amen Properties, Inc. Very truly yours, AMEN PROPERTIES, INC. By: -------------------------------------------------- Name: ------------------------------------------------ Title: ----------------------------------------------- NEMA PROPERTIES, LLC By: -------------------------------------------------- Name: ------------------------------------------------ Title: ----------------------------------------------- [Additional Signatures on Following Page] Priority Power Management I, L.L.C. Priority Power Management Dallas, LLC May 19, 2006 Page 2 ACKNOWLEDGED, CONFIRMED AND AGREED as of the date set forth above: PRIORITY POWER MANAGEMENT I, L.L.C. By: -------------------------------------------------- Name: ------------------------------------------------ Title: ----------------------------------------------- PRIORITY POWER MANAGEMENT DALLAS, LLC By: -------------------------------------------------- Name: ------------------------------------------------ Title: -----------------------------------------------