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EnerJex Resources Inc. (ENRJ)

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Last Post: 1/12/2018 5:14:40 PM - Followers: 36 - 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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#458   No pop until they raise some $$ and Thomas Magnum 01/12/18 05:14:40 PM
#457   100 million shares out at least when fully Thomas Magnum 01/12/18 05:12:38 PM
#456   I’m in... when will this thing pop? Maurice King Solomon 01/10/18 11:48:03 PM
#455   EnerJex pricing AgEagle @ $20,000,000.00 Cheeky 01/09/18 03:23:57 PM
#454   AgEagle Aerial Systems had IPO @ $4.25 PPS...this Cheeky 01/09/18 03:21:37 PM
#453   Merger Agreement  On October 19, 2017, EnerJex entered into Cheeky 01/09/18 02:52:17 PM
#452   12.3m OS as of November 2017... Cheeky 01/09/18 01:41:07 PM
#451   Upon completion of the Merger transaction, EnerJex’s Common Cheeky 01/09/18 01:26:43 PM
#450   EnerJex Resources, Inc. Receives Listing Plan Acceptance by Cheeky 01/09/18 01:13:10 PM
#449   EnerJex Resources Signs Definitive Merger Agreement with Commercial Cheeky 01/09/18 01:12:15 PM
#448   I got out yesterday agreed!!!! ozzz 01/05/18 09:22:13 AM
#447   I got a bad price and I'm at Radrich44 01/05/18 07:03:24 AM
#446   Today was pefect day of shaking out the ozzz 01/04/18 10:14:53 PM
#445   In at $0.25 $ENRJ Blade$dream 01/04/18 07:12:05 AM
#444   Same question. nathanial 01/03/18 08:23:57 PM
#443   REAL VOLUME COMING $$$$ LOW O/S $$$$$$ Share Structure: Outstanding Shares 12,32 ozzz 01/03/18 07:39:33 PM
#442   So with the huge volume at the end nathanial 01/03/18 07:22:31 PM
#441   MERGER GOING THROUGH $$$2.00$$ EnerJex Resources, Inc. Acceptance by ozzz 01/03/18 06:03:59 PM
#440   Huge volume last hour. nathanial 01/03/18 03:54:02 PM
#439   .001 CarlCarlMcB 01/02/18 10:29:24 AM
#438   ENRJ (Enerjex) is done IMO. PR about 500K CashCowMoo 12/30/17 01:19:49 AM
#437   Lower CarlCarlMcB 12/28/17 01:20:17 PM
#436   This morning PM. shanak10 12/27/17 05:07:43 PM
#435   That's great. Do you know when (time) that nathanial 12/27/17 05:05:47 PM
#434   Zero . Round to bottom $ CarlCarlMcB 12/27/17 09:02:44 AM
#433   San Antonio, TX, Dec. 27, 2017 (GLOBE NEWSWIRE) shanak10 12/27/17 08:34:11 AM
#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