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EnerJex Resources Inc. (ENRJ)

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Last Post: 4/18/2017 10:12:24 AM - Followers: 20 - Board type: Free - Posts Today: 0

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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Current Price
Bid Ask Day's Range
#250   big merger here soon? ;) Prince Goro 04/18/17 10:12:24 AM
#249   ENRJ bullish 0.50 stocktrademan 04/16/17 03:51:53 PM
#248   Huh??? AnG5640 04/11/17 12:21:19 AM
#247   Jealous and Cheap because can't afford Stocks!! percival77 04/10/17 02:50:01 PM
#246   Jealous of a falling stock? scoobie420 04/10/17 02:47:23 PM
#245   Jealous and Cheap pockets kind of Question!! percival77 04/10/17 02:39:38 PM
#244   Why is this up so big today? scoobie420 04/10/17 02:13:49 PM
#243   How high we expecting to go this week Stacking goods 04/10/17 12:58:49 PM
#242   pretty quiet here considering what this is doing today. madras50 04/10/17 12:33:24 PM
#241   Any news? rightothesky 04/10/17 12:27:47 PM
#240   This should pop again over $1.00 and close Oger 04/10/17 11:15:31 AM
#239   ok. thanks back at you. madras50 04/07/17 08:37:01 PM
#238   Don't know the reason why it goes up. etzetrade 04/07/17 08:35:14 PM
#237   that was actually a question. madras50 04/07/17 08:30:12 PM
#236   Thanks etzetrade 04/07/17 08:27:33 PM
#235   donèt know much about this one but you madras50 04/07/17 08:26:44 PM
#234   What's going up after filed 8-k? Preferreds fell down. etzetrade 04/07/17 07:13:49 PM
#233   so wth just happened to this... AH crazy madras50 04/07/17 06:17:45 PM
#232   madras50 04/07/17 06:17:40 PM
#231   Congrats Awl416 04/07/17 06:12:13 PM
#230   Lookie here ENRJ, Grabbed some stockdawg44 04/07/17 05:21:13 PM
#229   Oil went up today. FPGAVerilog 02/23/17 03:41:29 PM
#228   Oil moved up today. Good for ENRJ. FPGAVerilog 02/21/17 01:35:38 PM
#227   We should break $60 for crude oil. FPGAVerilog 02/17/17 08:00:51 PM
#226   Oil is going up! FPGAVerilog 02/17/17 08:00:08 PM
#225   We are back to 0.46-0.47 FPGAVerilog 02/17/17 03:24:40 PM
#224   Looks like this stock has potential, especially when FPGAVerilog 02/17/17 02:08:25 PM
#223   anybody think ENRJP will do as GST-pa just shotgun 02/01/17 04:49:04 PM
#222   Got ya! Thanks for the clarification. Lone Wolf 01/31/17 08:20:35 AM
#221   Correction: ENRJP etzetrade 01/30/17 09:32:48 PM
#220   I think that he means ENJRP. etzetrade 01/30/17 09:31:40 PM
#219   Are we looking at the same stock? Lone Wolf 01/30/17 06:43:49 PM
#218   Anyone have any thoughts on the $2.37 close frdmlover 01/27/17 06:03:59 AM
#217   Probably not until they can regain profitability. Otherwise TheParagonian 12/13/16 04:39:31 PM
#216   I don't think the bank wants it. Any Arizzle 12/06/16 02:43:45 PM
#215   Starting to wonder the same thing. Will Cadillac Man 11/22/16 03:06:02 PM
#214   Is BK coming?? Arizzle 10/26/16 11:03:36 AM
#213   Yes, ENRJ Preferred Shares delisted from the NYSE Renee 10/17/16 04:51:52 PM
#212   Have the preferred shares been delisted?? Arizzle 10/17/16 12:20:35 PM
#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