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EnerJex Resources Inc. (ENRJ)
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10/17/2016 4:51:52 PM
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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.
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 Detailed Quote
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My Stocks (9)
Yes, ENRJ Preferred Shares delisted from the NYSE
10/17/16 04:51:52 PM
Have the preferred shares been delisted??
10/17/16 12:20:35 PM
ENRJ bullish 0.3988
09/14/16 11:57:10 AM
ENRJ bullish 0.40
09/04/16 02:10:59 PM
quite a bit down from HOD. Where do
08/18/16 07:34:51 PM
Come on down, we waiting!
08/18/16 01:46:20 PM
Easy profits here.
08/18/16 01:36:06 PM
If oil continues to rally this could get
08/18/16 01:31:06 PM
Almost 4m volume or half the OS
08/18/16 01:25:49 PM
Nice oil low floater finally getting some volume!
08/18/16 01:13:32 PM
Holy shit! She is thin today!!!
08/18/16 12:17:01 PM
Wow -- liking what I'm seeing here today!
08/18/16 12:09:03 PM
ENRJ bullish 0.3301
08/18/16 09:48:39 AM
Another extension. I really think enrg will survive,
08/01/16 09:05:16 PM
Yeah, saw that spike, too. No idea
07/20/16 10:08:57 AM
I am thinking the same. What was the
07/19/16 10:08:45 PM
Looks like a good time to grab a
07/19/16 03:09:43 PM
Still fighting to stave off BK with the
06/06/16 12:09:54 PM
It's been over 6 months since the dividends
06/02/16 11:21:42 AM
Hope I see a PR today stating that
05/31/16 02:49:50 PM
With WTI continuing to rise and this dropping
05/20/16 09:46:54 AM
Are they getting ready to file BK? The
05/18/16 12:58:22 PM
They don't need anything impressive, just to stave
04/28/16 03:38:45 PM
They dont have anything too impressive going on
04/28/16 02:54:08 PM
With WTI back at $45 these mfers better
04/27/16 07:07:34 PM
WTI at $44 can I get my mfing dividend?!
04/26/16 01:49:55 PM
Oil back to $40-$45 so wtf are my dividends!?!
04/22/16 02:02:16 PM
Why is this selling off today?
03/17/16 11:47:13 AM
At > $40 a barrel oil will we
03/07/16 03:44:08 PM
> 26x normal volume on the preferreds today
03/07/16 02:53:59 PM
Preferreds are on fire
03/07/16 01:24:34 PM
03/04/16 12:41:34 PM
$ENRJ on a tare today. Oil steadily grinding
03/04/16 12:40:59 PM
I dont either, but you never know.
02/29/16 05:18:09 PM
I don't think BK is in the cards
02/29/16 04:15:16 PM
IMO the only divy would be a divy
02/29/16 03:39:38 PM
Any chance we get a divvy announced for
02/29/16 12:02:49 PM
well maybe they have money left over from
02/04/16 06:09:59 PM
I believe they have to pay $2.50 a
02/04/16 06:04:39 PM
Not sure where they will get the money.
02/04/16 05:31:19 PM
3 months with no pr divvy...can ENRJ survive
02/01/16 11:01:59 AM
Last day of tax loss selling...Pr's back to
12/31/15 03:38:32 PM
Congress may lift export ban on oil
12/15/15 12:21:32 PM
Preferred shares up 42% today
11/17/15 01:22:00 PM
Are the P's going to go to $0???
11/13/15 11:30:14 AM
It's just on Preferred A stock and not
11/05/15 03:02:45 PM
No divvy for November?
11/02/15 06:32:19 PM
October divvy declared. Pr's going back to $9-$10
09/30/15 05:30:39 PM
This has been steadily going down since Jul13!
09/03/15 10:31:16 PM
ENRJ oil floor hedges
($2.5 mill a month)
08/19/15 09:21:07 AM
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My Stocks (9)
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