EnerJex Announces Drilling Success and Increased Oil Production From Its Rantoul Project

SAN ANTONIO, Texas, March 29, 2012 /PRNewswire/ -- EnerJex Resources, Inc. (OTCMarkets: ENRJ) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today that it has completed drilling 5 new wells in its Rantoul Project with a 100% success rate. These wells were funded by the Company's recently formed general partnership, which is expected to fund approximately 100 additional wells over the next 12 months.

Production from this project is now in excess of 150 barrels of oil per day (BOPD), up 400% from approximately 30 BOPD at this time last year, and 15 recently completed wells remain to be brought online. EnerJex presently owns 88.25% of the general partnership that was formed to develop this project, and it will own 75% if the remaining $2.65 million is funded by its partners over the next 12 months as scheduled.

Management Comments

EnerJex's CEO, Robert Watson, Jr., commented, "I am very pleased with these results, and I am also happy to report that the Company's cost reduction efforts have resulted in significantly lower operating expenses and higher profits per barrel of oil produced in this project."

About EnerJex Resources, Inc.

EnerJex is a domestic onshore oil company with assets located in Eastern Kansas and South Texas. The Company's primary business is to acquire, develop, explore and produce oil properties onshore in the United States. Additional information is available on the Company's web site at www.enerjexresources.com.

Forward-Looking Statements

This press release and the materials referenced herein include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give EnerJex's current expectations or forecasts of future events. The statements in this press release regarding the acquisition of operating assets and related agreements; any implied or perceived benefits from any current or future transaction, and any other effects resulting from any of the above, are forward-looking statements. Such statements involve risks and uncertainties, including but not limited to: whether acquired properties will produce at levels consistent with that of other nearby properties and with management's expectations; market conditions; the ability of EnerJex to obtain financing for continued drilling; the costs of operations; delays, and any other difficulties related to producing oil; the ability of EnerJex to integrate the newly purchased assets and any newly acquired employees; the price of oil; EnerJex's ability to market and sell produced minerals; the risks and effects of legal and administrative proceedings and governmental regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements are set forth in our Form 10-K filed with the United States Securities and Exchange Commission and our Form 10-Q.  EnerJex undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. EnerJex's production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Although EnerJex believes the expectations and forecasts reflected in these and other forward-looking statements are reasonable, it can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.

Contact

 

Brad Holmes, Investor Relations      

Robert Watson, Jr. CEO

(713) 654-4009                        

(210) 451-5545

B_Holmes@att.net 

 

SOURCE EnerJex Resources, Inc.



RELATED LINKS
http://www.enerjexresources.com

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