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EnerJex Resources Inc. (ENRJ)

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Last Post: 10/22/2017 12:21:41 PM - Followers: 31 - Board type: Free - Posts Today: 2

Company Web Site

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." 

ENRJ Chart

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#341   CORECCION 6.000.000 : 10.000.000 = 0,60 DOLARES ~ toro bravo 10/22/17 12:21:41 PM
#340   VALUE OF ENRJ AFRTER MERGER 0,60 / SHARE ~ toro bravo 10/22/17 12:17:16 PM
#339   * * $ENRJ Video Chart 10-20-17 * * ClayTrader 10/20/17 04:11:22 PM
#338   Should I ask 'how low can this go?' Lone Wolf 10/20/17 03:52:23 PM
#337   What you should do is buy ENRJP - petermic 10/20/17 03:28:17 PM
#336   65 cents on ENRG implies a $120mm market petermic 10/20/17 03:25:20 PM
#335 PSAORN 10/20/17 03:23:34 PM
#334   I bot because the idea intrigues me. gapole 10/20/17 03:21:55 PM
#333   .21 CarlCarlMcB 10/20/17 03:07:26 PM
#332   expecting strong close to .65 area Schabblestone 10/20/17 02:18:35 PM
#331   look at weekly chart. just another pump & nokomis 10/20/17 12:40:38 PM
#330   found support at .45 Schabblestone 10/20/17 12:34:21 PM
#329   yikes, hope this rebounds Schabblestone 10/20/17 12:24:10 PM
#328   G&T so far [SMART MONEY] 10/20/17 12:16:38 PM
#327   Preferred [SMART MONEY] 10/20/17 12:14:01 PM
#326   in @ .49 let's go Schabblestone 10/20/17 11:42:06 AM
#325   Still holding? airahim 10/20/17 11:10:20 AM
#324   .48 start, I think an algorithm vied. swampboots 10/20/17 10:27:59 AM
#323   •In a 2016 report, Goldman Sachs labeled AgEagle crudeoil24 10/20/17 10:22:02 AM
#322   Now that was unexpected. Added .545. Lone Wolf 10/20/17 10:20:04 AM
#321   .54's now thats a big dip from .85's [SMART MONEY] 10/20/17 10:11:33 AM
#320   Picked up some .59's > intra-session consolidation! crudeoil24 10/20/17 10:10:40 AM
#319   here comes the flush. Wonder if this billymack 10/20/17 09:59:45 AM
#318   nice dip @ .61's [SMART MONEY] 10/20/17 09:55:49 AM
#317   Current market cap: 6.75 I think I'll Lone Wolf 10/20/17 09:55:14 AM
#316   Yes, NEOT burnt the hell out of them cash_cow1 10/20/17 09:53:29 AM
#315   Sorry...almost double. Lone Wolf 10/20/17 09:48:06 AM
#314   Upon completion of the Merger transaction, EnerJex’s Common [SMART MONEY] 10/20/17 09:47:41 AM
#313   Smokin!! Double the float trading already if Lone Wolf 10/20/17 09:47:11 AM
#312   Next waiting to merge is Monster Digital (MSDI) cash_cow1 10/20/17 09:47:05 AM
#311   certainly looking GOOD so far!!! QuidRunner 10/20/17 09:41:17 AM
#310   Exactly! ENRJ is a super low floater. crudeoil24 10/20/17 09:40:42 AM
#309   Welcome aboard Crude! Nice mini-dip here. Lone Wolf 10/20/17 09:39:35 AM
#308   Got a few .72's crudeoil24 10/20/17 09:36:23 AM
#307   All the dumb shorts going to town in Lone Wolf 10/20/17 09:35:42 AM
#306   Loving it!! Lone Wolf 10/20/17 09:34:34 AM
#305   UP 128% crudeoil24 10/20/17 09:31:07 AM
#304   I've been holding ENRJ for weeks waiting on cash_cow1 10/20/17 09:24:42 AM
#303   Agree...also rather interesting that we have so many Lone Wolf 10/20/17 09:22:01 AM
#302   And the drone market is huge right now. QuidRunner 10/20/17 08:54:38 AM
#301   Could get wicked heading into that 9:30 bell. Lone Wolf 10/20/17 08:52:16 AM
#300   RM with commercial drone company. Interesting choice Lone Wolf 10/20/17 08:50:04 AM
#299   Yeah, this should get real interesting.... QuidRunner 10/20/17 08:49:34 AM
#298   Wait for that block volume to come in Awl416 10/20/17 08:39:51 AM
#297   Another small float reverse merger. Lone Wolf 10/20/17 08:23:01 AM
#296   News out! CarlCarlMcB 10/20/17 07:09:29 AM
#295   They're preparing to merge or BO. EnerJex CFO cash_cow1 09/23/17 01:55:44 PM
#294   Yeah what's going on with this? Will it SteezePleeze 09/22/17 10:05:42 AM
#293   Come on Longs let's knock out this 46K cash_cow1 09/22/17 09:30:29 AM
#292   U see that blocker move his 46k down cash_cow1 09/22/17 09:23:00 AM