EnerJex Resources, Inc. issued an operational and financial update on the company’s recent oil and gas exploration and development activities in the United States.
EnerJex Resources reported that the company has closed on the sale of oil and gas properties in Kansas for $4 million. The company considers the acreage to be noncore to the company’s operations.
EnerJex Resources said that the proceeds from the sale will be used to advance the development of the company’s Mississippian Project in Kansas. The company owns a 90% working interest in a 2,820 acre leasehold and holds an option to purchase an additional 90% working interest in a 1,280 acre lease nearby.
EnerJex Resources estimates that the Mississippian Project in Kansas holds hundreds of drilling locations and an estimated 3 million barrels of oil. The company is moving aggressively to develop the company’s inventory of oil and gas properties in 2012, and recently formed Rantoul Partners, a general partnership, to help finance the development of properties in Kansas.
EnerJex Resources expects Rantoul Partners to receive $5 million from several investors and estimates that production from the Rantoul Project will double to 200 barrels of oil per day due to these additional funds.
For more information on the company, go to www.enerjexresources.com
Let us hear your thoughts below:
