EnerJex Spuds First Well in New Mississippian Drilling Program

SAN ANTONIO, Feb. 6, 2012 /PRNewswire/ -- EnerJex Resources, Inc. (OTCMarkets: ENRJ) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today that it has begun drilling the first well on its recently acquired acreage in its Mississippian Project located in Southeast Kansas. The Company plans to drill 10 new wells on this acreage in the near term and evaluate the results prior to launching an expanded drilling program.

EnerJex intends to space these new wells evenly across the acreage in order to delineate the oil reservoir and gather important data. The Company believes this approach is likely to provide valuable information that may enable EnerJex to book a significant amount of proved oil reserves associated with this property. Additionally, EnerJex expects the results from this initial drilling program to provide a valuable basis for guiding its future development plans.

The Company's Mississippian Project consists of a 90% working interest in approximately 2,940 acres. EnerJex also has an agreement in place to acquire a 90% working interest in 1,280 adjacent acres upon fulfilling certain drilling milestones related to its existing acreage. This project is currently producing at a stabilized rate of approximately 100 barrels of oil per day (BOPD), and it has the potential to produce at a stabilized rate of more than 1,000 BOPD once it is fully developed.

According to the Kansas Geological Survey, the Mississippian formation has cumulatively produced more than 1 billion barrels of oil in Kansas, and it represents more than 50% of the state's 35 million barrels of annual oil production.

EnerJex expects to report initial results from this drilling program in the coming weeks.

Management Comments

EnerJex's CEO, Robert Watson, Jr.,commented, "I couldn't be more excited to kick off this drilling program. EnerJex has made tremendous progress on a number of fronts since its transformation at the beginning of 2011, and I expect 2012 to be even better. The Company's management team and board of directors are intensely focused on creating per-share value for stockholders by developing our extensive asset base with minimal dilution. EnerJex has identified more than 500 low-risk development drilling locations on its existing oil projects, and I believe that our progress to date has only scratched the surface."

About EnerJex Resources, Inc.

EnerJex is a domestic onshore oil company with producing 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 website 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 that of other nearby properties and 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.

SOURCE EnerJex Resources, Inc.

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