SAN ANTONIO, TX and KANSAS CITY, MO -- (Marketwired) -- 07/12/13 -- EnerJex Resources, Inc. (OTCQB: ENRJ) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today the following updates:
Recognition by The Independent Oil & Gas Service, Inc.
EnerJex was ranked as one of the most active operators in the state of Kansas during 2012 by The Independent Oil & Gas Service, Inc. The Company's operating subsidiary, EnerJex Kansas, was ranked #21 with total footage of 130,758 for wells spudded during the year. Including the company's majority owned non-operated assets; EnerJex believes it would have ranked approximately #10 in the state of Kansas with combined total footage of approximately 220,000 for wells spudded during the year.
The Company's drilling pace accelerated in the second quarter during which it drilled 16 new oil wells and 16 new secondary recovery water injection wells in Kansas. EnerJex's drilling activities continue to increase, and it is actively drilling new wells in its Mississippian and Cherokee projects. The Company believes it has further de-risked and added to its drilling inventory in both projects, where recent results appear to be exceptional.
EnerJex's Board of Directors believes the Company's stock price is undervalued, and it is currently evaluating multiple opportunities to both unlock value and accelerate growth in an accretive manner on behalf of shareholders. EnerJex will provide additional information if and when one or more transactions have been consumated. There can be no assurance of the results or timing associated with this process and the Company's development plan for 2013 may change as a result.
EnerJex's CEO, Robert Watson, Jr., commented, "I believe that EnerJex has created a significant amount of value during the past few years which is not currently being recognized in the Company's stock price, and the Board is working diligently in an effort to unlock value for shareholders."
About EnerJex Resources, Inc.
EnerJex is a domestic onshore oil company with assets located in Eastern Kansas and South Texas. The Company's primary business is to acquire, develop, explore and produce oil properties onshore in the United States. Additional information is available on the Company's web site at www.enerjex.com.
This press release and the materials referenced herein include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give EnerJex's current expectations or forecasts of future events. The statements in this press release regarding the completion of drilling for and commencement of operations at new wells, successful production at newly drilled wells, expected increases in overall production, the acquisition of operating assets and related agreements, any implied or perceived benefits from any current or future transaction, and any other effects resulting from any of those matters, are forward-looking statements. Such statements involve material risks and uncertainties, including but not limited to: whether newly drilled or newly acquired properties will produce at levels consistent with management's expectations; market conditions; whether we will experience equipment failures and, if they materialize, whether we will be able to fund repair work without materially impairing planned production levels or the availability of capital for further production increases; the ability of EnerJex to meet its loan covenants under the debt facility that is expected to fund the costs of the new wells and to obtain financing from other sources for continued drilling; the costs of operations; delays, and any other difficulties related to producing oil; the ability of EnerJex to integrate the newly producing assets; the ability to retain necessary skilled workers to operate the new producing wells; the price of oil; EnerJex's ability to market and sell produced minerals; the risks and effects of legal and administrative proceedings and governmental regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements are set forth in our Form 10-K filed with the United States Securities and Exchange Commission and our Form 10-Q. EnerJex undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. EnerJex's production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Although EnerJex believes the expectations and forecasts reflected in these and other forward-looking statements are reasonable, it can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.
EnerJex Resources, Inc.
Robert Watson, Jr.
Phone: (210) 451-5545
Equity Market Advisors, LLC
Phone: (405) 230-1124
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