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EnerJex Resources Inc. (ENRJ)

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Last Post: 12/8/2017 4:50:55 PM - Followers: 32 - Board type: Free - Posts Today: 0

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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." 

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#432   Weird it didn’t seem like most saw the news Awl416 12/08/17 04:50:55 PM
#431 I guess it is nathanial 12/08/17 01:04:17 PM
#430   Can you post it? Awl416 12/08/17 01:02:22 PM
#429   8K out. nathanial 12/08/17 12:55:23 PM
#428   Oil 15 dollar a barrel !!!! CarlCarlMcB 12/06/17 01:38:02 PM
#427   Going lower .21 is expensive $ .08 CarlCarlMcB 12/01/17 04:35:41 PM
#426   Volume way heavier than usual this morning. nathanial 11/30/17 09:41:31 AM
#425   Ok autocorrecting no longer adding the useless U. swampboots 11/28/17 04:47:13 PM
#424   Any idea what's going on here reb329 11/27/17 01:28:05 PM
#423   No clue. Got a reponse from the IR nathanial 11/27/17 11:57:07 AM
#422   Why ENRJ called enruj when I put swampboots 11/27/17 11:54:44 AM
#421   .21 before .85 CarlCarlMcB 11/21/17 07:27:24 PM
#420   Does anyone have any clue if this plan nathanial 11/21/17 07:46:24 AM
#419   might be interesting tomorrow. nathanial 11/19/17 07:50:17 PM
#418   Now that the filing is out of the nathanial 11/16/17 07:17:16 AM
#417   Link to 10Q. On time. nathanial 11/15/17 06:42:44 AM
#416   Works fine BHug -- thanks ! news sniffer outer 11/15/17 05:32:50 AM
#415   I have never posted a link here so BHug1047 11/14/17 10:24:40 PM
#414   Seeking alpha has posted a release of ENRJ BHug1047 11/14/17 10:23:09 PM
#413   .001 CarlCarlMcB 11/14/17 09:19:16 AM
#412   ENRJP was the ticket, waited too long as swampboots 11/13/17 04:35:16 PM
#411   The mm's certainly tricked us into buying on Marilynt 11/13/17 04:16:45 PM
#410   Looks like my pennystream news feed was wrong news sniffer outer 11/13/17 02:33:42 PM
#409   Few trades going by pre market nathanial 11/13/17 08:45:33 AM
#408   Exactly, it could very well have no impact BHug1047 11/13/17 07:09:49 AM
#407   Supply and demand . Anything potentially disrupting oil news sniffer outer 11/13/17 07:04:22 AM
#406   What does the earthquake have to do with anything? nathanial 11/13/17 06:59:22 AM
#405   Since they have to submit a plan for nathanial 11/13/17 06:58:09 AM
#404   Between upcoming ER and earthquake in the Middle BHug1047 11/13/17 06:57:34 AM
#403   No pre market trades yet. nathanial 11/13/17 06:54:11 AM
#402   Earnings report suppose to be November 15, however nathanial 11/13/17 06:53:20 AM
#401   Yep , thinking that was the reason . news sniffer outer 11/13/17 06:53:16 AM
#400   Kind of hoping it is Fri so I news sniffer outer 11/13/17 06:49:10 AM
#399   So that's the reason we had a surge nathanial 11/13/17 06:47:35 AM
#398   I have read it was moved to Friday. BHug1047 11/13/17 06:46:27 AM
#397   earnings report due this am before the bell~ news sniffer outer 11/13/17 06:43:17 AM
#396   Any reason to think that they would delay it? l_winthorpe 11/12/17 03:02:10 PM
#395   Someone wanted in before the weekend for some nathanial 11/10/17 05:08:24 PM
#394   I think so. I wasn't able to find l_winthorpe 11/10/17 05:06:19 PM
#393   Volume and price continue up after hours. nathanial 11/10/17 04:30:07 PM
#392   Breaking out. Solid close here could finally send SteezePleeze 11/10/17 03:57:15 PM
#391   Huge volume last few minutes. Any ideas? nathanial 11/10/17 03:47:02 PM
#390   Not sure. Is that what we are waiting nathanial 11/10/17 06:37:48 AM
#389   Heard the 17th, but no idea if that’s TheDroids19 11/09/17 08:59:17 PM
#388   Any news on the merger deal with AgEagle? l_winthorpe 11/09/17 08:35:36 PM
#387   .12 CarlCarlMcB 11/09/17 05:47:52 PM
#386   Agree now back to TOPS gapole 11/09/17 09:45:35 AM
#385   Might need to get in on this. Don’t SteezePleeze 11/09/17 09:42:09 AM
#384   Run coming? gapole 11/09/17 09:29:41 AM
#383   Where's the bottom? nathanial 11/08/17 03:05:15 PM