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EnerJex Resources Inc. (ENRJ)

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Last Post: 9/14/2016 11:57:10 AM - Followers: 20 - Board type: Free - Posts Today: 0


Company Web Site
http://www.enerjexresources.com/



EnerJex is a domestic onshore oil company with assets located in Eastern Kansas and South Texas. The Company's primary business is to explore, develop, produce and acquire oil properties onshore in the United States. Enerjex presently owns a majority interest in approximately 500 producing oil wells and has the potential to drill thousands of additional wells on its existing leaseholds.

EnerJex Announces Formation of General Partnership to Drill Up to 150 New Wells 

SAN ANTONIO, Dec. 19, 2011 /PRNewswire/ -- EnerJex Resources, Inc. (OTCMarkets: ENRJ) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today that it has formed a general partnership named "Rantoul Partners" in order to develop the Company's Rantoul Project assets located in Eastern Kansas. 

EnerJex contributed its existing Rantoul Project assets to the partnership at an agreed upon value of $15 million, and two investors are scheduled to contribute a total of $5 million, which would enable the partnership to drill approximately 150 new wells. Management expects the additional wells funded by this transaction to more than double production from the Rantoul Project to in excess of 200 barrels of oil per day. 

Upon closing of this transaction, the investors immediately funded $2.35 million in return for an 11.75% ownership interest in the partnership, and they are scheduled to fund an additional $2.65 million in multiple tranches over the next 14 months. EnerJex currently owns 88.25% of the partnership and will own 75% if the full $5 million is funded as scheduled.

Rantoul Partners was structured in a manner which is expected to provide the investors with certain tax benefits as well as the opportunity to participate in the future cash flow of the partnership's assets. At the end of 2010, EnerJex had a net operating loss carry forward of approximately $10 million, which has increased significantly during 2011 as a result of the Company's aggressive capital expenditures program. Therefore, EnerJex does not expect to pay income taxes in the foreseeable future. As a result, EnerJex is in a position to make special tax allocations to investors under the general partnership structure, which meaningfully enhances the potential return from their investment. The Company is considering the formation of additional general partnerships to further the development of its assets in an accretive manner for shareholders. 

Management Comments 

EnerJex's CEO, Robert Watson, Jr., commented, "I would like to thank Texas Capital Bank and the investors for working with the Company to complete this transaction, which is expected to result in significantly higher net production, cash flow, and proved reserve value for EnerJex with no dilution to shareholders. The formation of Rantoul Partners is a creative solution that I truly believe is a win-win for both the Company and the partnership's investors." 

http://ih.advfn.com/p.php?pid=nmona&article=50472918 

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#211   ENRJ bullish 0.3988 stocktrademan 09/14/16 11:57:10 AM
#210   ENRJ bullish 0.40 stocktrademan 09/04/16 02:10:59 PM
#209   quite a bit down from HOD. Where do madras50 08/18/16 07:34:51 PM
#208   Come on down, we waiting! UP Trend 08/18/16 01:46:20 PM
#207   Easy profits here. Grifter 08/18/16 01:36:06 PM
#206   If oil continues to rally this could get UP Trend 08/18/16 01:31:06 PM
#205   Almost 4m volume or half the OS PROPHETABLE 08/18/16 01:25:49 PM
#204   Nice oil low floater finally getting some volume! UP Trend 08/18/16 01:13:32 PM
#203   Holy shit! She is thin today!!! Grifter 08/18/16 12:17:01 PM
#202   Wow -- liking what I'm seeing here today! Grifter 08/18/16 12:09:03 PM
#201   ENRJ bullish 0.3301 stocktrademan 08/18/16 09:48:39 AM
#200   Another extension. I really think enrg will survive, Arizzle 08/01/16 09:05:16 PM
#199   Yeah, saw that spike, too. No idea Grifter 07/20/16 10:08:57 AM
#198   I am thinking the same. What was the Samgot7 07/19/16 10:08:45 PM
#197   Looks like a good time to grab a Grifter 07/19/16 03:09:43 PM
#196   Still fighting to stave off BK with the Arizzle 06/06/16 12:09:54 PM
#195   It's been over 6 months since the dividends Arizzle 06/02/16 11:21:42 AM
#194   Hope I see a PR today stating that Arizzle 05/31/16 02:49:50 PM
#193   With WTI continuing to rise and this dropping Arizzle 05/20/16 09:46:54 AM
#192   Are they getting ready to file BK? The Arizzle 05/18/16 12:58:22 PM
#191   They don't need anything impressive, just to stave Arizzle 04/28/16 03:38:45 PM
#190   They dont have anything too impressive going on CashCowMoo 04/28/16 02:54:08 PM
#189   With WTI back at $45 these mfers better Arizzle 04/27/16 07:07:34 PM
#188   WTI at $44 can I get my mfing dividend?! Arizzle 04/26/16 01:49:55 PM
#187   Oil back to $40-$45 so wtf are my dividends!?! Arizzle 04/22/16 02:02:16 PM
#186   Why is this selling off today? Arizzle 03/17/16 11:47:13 AM
#185   At > $40 a barrel oil will we Arizzle 03/07/16 03:44:08 PM
#184   > 26x normal volume on the preferreds today Arizzle 03/07/16 02:53:59 PM
#183   Preferreds are on fire Arizzle 03/07/16 01:24:34 PM
#182   *tear Arizzle 03/04/16 12:41:34 PM
#181   $ENRJ on a tare today. Oil steadily grinding Arizzle 03/04/16 12:40:59 PM
#180   I dont either, but you never know. CashCowMoo 02/29/16 05:18:09 PM
#179   I don't think BK is in the cards Arizzle 02/29/16 04:15:16 PM
#178   IMO the only divy would be a divy CashCowMoo 02/29/16 03:39:38 PM
#177   Any chance we get a divvy announced for Arizzle 02/29/16 12:02:49 PM
#176   well maybe they have money left over from CashCowMoo 02/04/16 06:09:59 PM
#175   I believe they have to pay $2.50 a Arizzle 02/04/16 06:04:39 PM
#174   Not sure where they will get the money. CashCowMoo 02/04/16 05:31:19 PM
#173   3 months with no pr divvy...can ENRJ survive Arizzle 02/01/16 11:01:59 AM
#172   Last day of tax loss selling...Pr's back to Arizzle 12/31/15 03:38:32 PM
#171   Congress may lift export ban on oil sweet crude 12/15/15 12:21:32 PM
#170   Preferred shares up 42% today sweet crude 11/17/15 01:22:00 PM
#169   Are the P's going to go to $0??? Arizzle 11/13/15 11:30:14 AM
#168   It's just on Preferred A stock and not Dixieprinter 11/05/15 03:02:45 PM
#167   No divvy for November? Arizzle 11/02/15 06:32:19 PM
#166   October divvy declared. Pr's going back to $9-$10 Arizzle 09/30/15 05:30:39 PM
#165   This has been steadily going down since Jul13! Jonas3 09/03/15 10:31:16 PM
#164   ENRJ oil floor hedges ($2.5 mill a month) sweet crude 08/19/15 09:21:07 AM
#163   I am starting to doubt they will. These Timothy Smith 08/17/15 05:31:26 PM
#162   At this rate I wonder if they are CashCowMoo 08/17/15 04:50:01 PM
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