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EnerJex Resources Inc. (ENRJ)

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Last Post: 9/22/2017 9:30:29 AM - Followers: 24 - 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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#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
#291   An early Winter is coming. Energy stocks imo cash_cow1 09/21/17 10:08:38 AM
#290   WHOOAAA...1.75M volume before the bell. What's going ryanhoward1331 09/21/17 09:47:11 AM
#289   Haha yeah seems dead. But there is a SteezePleeze 09/06/17 04:40:26 PM
#288   Since this seems like a dead board, anyone ryanhoward1331 08/09/17 01:49:35 PM
#287   The race will very soon start up toro bravo 07/19/17 11:40:10 AM
#286   They sold very soon..This go up. toro bravo 07/19/17 10:08:13 AM
#285   VERY BAD ENRJ,VERY BAD TODAY toro bravo 07/18/17 04:01:26 PM
#284   Get ready.Today more than 0,50 toro bravo 07/18/17 10:22:25 AM
#283   Breakout today.More up toro bravo 07/18/17 09:25:30 AM
#282   Pivot point 0,37.HOLD and strong buy toro bravo 07/18/17 06:51:45 AM
#281   closed 0,38... Tomorrow if the volume is at toro bravo 07/17/17 04:10:02 PM
#280   Much lower first! CarlCarlMcB 07/17/17 03:31:24 PM
#279   Close 0.37-0,39.Buyyyyyyyyyyy toro bravo 07/17/17 03:23:54 PM
#278   Breakout imminent.STRONG BUY toro bravo 07/17/17 03:19:14 PM
#277   bye, bye to one big block! lets get FollowTheProfits 07/17/17 12:46:30 PM
#276   yeah sold half at 41 this morning on FollowTheProfits 07/17/17 12:41:51 PM
#275   You do well.Cei can close today more than 0,40 toro bravo 07/17/17 12:40:34 PM
#274   thats my thought. Once i see some chomping FollowTheProfits 07/17/17 12:36:43 PM
#273   If it play 0,33 it will go up toro bravo 07/17/17 12:34:58 PM
#272   Not sure what the deal is with the FollowTheProfits 07/17/17 12:32:24 PM
#271   Patience.Soon boom boom up toro bravo 07/17/17 12:22:20 PM
#270   Why is it so dead around here...this thing FollowTheProfits 07/17/17 12:08:02 PM
#269   Breakout soon. toro bravo 07/17/17 11:51:42 AM
#268   Going green right now would make the charts SteezePleeze 06/14/17 02:47:10 PM
#267   Haha is somebody short here? Don't lose your SteezePleeze 06/14/17 10:33:24 AM
#266   Lower CarlCarlMcB 06/14/17 10:22:31 AM
#265   Haha but why! Volume hitting again. Could be the SteezePleeze 06/13/17 11:56:30 AM
#264   .0001 CarlCarlMcB 06/12/17 11:58:46 AM
#263   Volume is in. Sub .3 going fast people. SteezePleeze 06/12/17 10:18:55 AM
#262   There ya go. 1 min 50/200SMA Crossover happening SteezePleeze 06/12/17 09:59:50 AM
#261   Get out* SteezePleeze 06/12/17 09:57:18 AM
#260   Load .27. She's about to blow. Shorts get SteezePleeze 06/12/17 09:56:58 AM
#259   LOLOLOL!! Up in premarket. Golden cross coming in SteezePleeze 06/12/17 09:03:52 AM
#258   Falling nipples! Lol ! CarlCarlMcB 06/11/17 08:13:21 PM
#257   Confused? Looks like it may open .28+ tomorrow. SteezePleeze 06/11/17 12:42:32 PM
#256   Timber CarlCarlMcB 06/10/17 05:48:32 AM
#255   Nice W formed on the intraday charts there. SteezePleeze 06/09/17 12:31:07 PM
#254   .28 falls and I think we'll have a SteezePleeze 06/09/17 11:07:56 AM
#253   Thank you to the gap and trappers, can Walenty 06/08/17 05:05:09 PM
#252   * * $ENRJ Video Chart 06-08-17 * * ClayTrader 06/08/17 04:49:58 PM
#251   Lets see$:) CarlCarlMcB 05/13/17 11:22:43 AM
#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