SAN ANTONIO, Nov. 22, 2011 /PRNewswire/ -- EnerJex Resources, Inc. (OTCMarkets:ENRJ) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today that it has filed its SEC Form 10-Q for the quarter ended September 30, 2011. A copy of this document is available through the Company's website at www.enerjexresources.com.
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EnerJex reported a 37% increase in oil production for the third quarter of 2011 compared to the third quarter of 2010. Production was 19,724 barrels of oil for the three months ended September 30, 2011 compared to 14,442 barrels of oil for the three months ended September 30, 2010. The increase in oil production was driven by the Company's successful drilling program launched at the beginning of 2011 coupled with its acquisition of producing oil properties at the end of 2010.
Revenue increased 87% during the third quarter of 2011 to $1,673,857 compared to $897,219 in the third quarter of 2010. The increase in revenue is attributed to the Company's significant increase in oil production and higher realized prices. Excluding the impact of hedges, EnerJex realized an average oil price of $84.87 per barrel during the three months ended September 30, 2011 compared to $62.13 per barrel during the three months ended September 30, 2010.
Management Comments
EnerJex's CEO, Robert Watson, Jr., commented, "We have made tremendous progress during 2011 and I believe that there will be a strong opportunity for the Company's growth to accelerate in 2012 as our drilling activities increase. The Company is diligently pursuing multiple strategic transactions and our Board of Directors remains intensely focused on per-share value creation. If we are able to complete one or more of these transactions then it should result in a meaningfully higher drilling budget for 2012 without any dilution to 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.enerjexresources.com.
Forward-Looking Statements
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 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 the above, are forward-looking statements. Such statements involve risks and uncertainties, including but not limited to: whether acquired properties will produce at levels consistent with management's expectations; market conditions; the ability of EnerJex to obtain financing for continued drilling; the costs of operations; delays, and any other difficulties related to producing oil; the ability of EnerJex to integrate the newly purchased assets and any newly acquired employees; 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.
Contact |
|
Brad Holmes, Investor Relations |
Robert Watson, Jr. CEO |
(713) 654-4009 |
(210) 451-5545 |
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SOURCE EnerJex Resources, Inc.
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