Record Annual Performance - Report on EnerJex Resources

Jul 15, 2015, 09:15 ET from

NEW YORK, July 15, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on EnerJex Resources, Inc. (NYSEMKT: ENRJ). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL:

Highlights from our ENRJ Report include:

  • Top-line Growth - On April 1, 2015, EnerJex Resources, Inc. announced its results for Q4 2014 and for the full year ended 2014. Demonstrating strong financial performance in 2014, the Company witnessed a growth of 31% YoY to reach record revenues of $14.3 million, primarily on account of a healthy increase in oil production, which was up 75% YoY to achieve a new record of 211,405 barrels of oil equivalent. On a quarterly basis, despite a notable increase in production, the Company witnessed a 28% YoY decline in revenue to $2.7 million (excluding the positive impact of oil hedges). The Company produced 44,307 net barrels of oil equivalent during the quarter, up 16% YoY.

  • New Operational Records - During the year, EnerJex Resources witnessed a massive triple-digit growth of 141% YoY to achieve a record EBITDA of $9.4 million. After adjusting to exclude the effect of oil hedges and non-recurring items, the adjusted EBITDA for the year stood at $5.1 million as compared to $4.8 million in the same period previous year. Likewise, on a quarterly basis, the Company registered a huge rise in EBITDA by 145% YoY to $5.0 million. Adjusted EBITDA stood at $0.2 million for the quarter as against $1.3 million in the year-ago period. As per the release, EnerJex Resources reported a gain of approximately $5 million in the value of EnerJex Resources' oil hedges during the quarter.

  • Bottom-line Performance - Showcasing a gigantic growth in net income, up 254% YoY, the Company recorded a net income of $4.6 million in 2014 as against $1.3 million in the year-ago period. The adjusted net income, however, reduced to $0.3 million as compared to $2.1 million in the prior year. In the quarter, net income grew 214% YoY to $3.7 million from $1.2 million in the corresponding period previous year. After adjustments, the Company reported a net loss of $1.2 million in Q4 2014 as against an income of $0.4 million in Q4 2013.

  • Reserves Report - The Company informed that it has total proved reserves of 3.0 million barrels of oil (Mmbl) and 8.2 billion cubic feet of natural gas (Bcf). Further, the Company has total 3P (proved, probable, and possible) PV-10 (present value of future net cash flow discounted at 10% per annum) reserve of value $149.1 million, of which proved reserves accounted for 43%, probable reserves accounted for 15%, and possible reserves accounted for 42%.

  • Strategic Update - Going forward, the Company's Board of Directors would continue to evaluate a number of strategic initiatives related to potential asset acquisitions, mergers, sales of non-core assets, amongst other things. Additionally, EnerJex Resources holds a minority interest in a corporation that is expected to close on a sale of its principal asset this month, which is likely to generate approximately $1.5 million to EnerJex during 2015.

To find out how this influences our rating on EnerJex Resources, Inc., read the full report entirety here:

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