EnerJex Resources Announces Successful Completion of Merger With Black Raven Energy and Expansion of Credit Facility to $100

EnerJex Resources Announces Successful Completion of Merger With Black Raven 
Energy and Expansion of Credit Facility to $100 Million 
SAN ANTONIO, TX and DENVER, CO -- (Marketwired) -- 10/01/13 -- 
EnerJex Resources, Inc. (OTCQB: ENRJ) ("EnerJex" or the "Company")
announced today that it has successfully completed its previously
announced merger with Black Raven Energy, Inc. ("Black Raven"), which
is now a wholly-owned subsidiary of the Company.  
EnerJex also annouced today that its senior secured revolving line of
credit with Texas Capital Bank, N.A. ("TCB") has been expanded from
$50 million to $100 million. Pursuant to the terms of the expanded
credit facility, the Company's borrowing base increased by nearly
100% to $38 million and its current interest rate decreased to 3.30%.
EnerJex has approximately $8 million of immediate liquidity which
will allow the Company to aggressively develop its assets beginning
immediately.  
As a result of the merger, EnerJex now owns oil and gas leases
covering more than 100,000 acres in multiple prolific hydrocarbon
basins located in four states including Colorado, Kansas, Nebraska,
and Texas. Gross production from the Company's five distinct
projects, which include both conventional and unconventional resource
plays, currently totals approximately 750 barrels of oil equivalent
("BOE") per day. Within these projects, EnerJex has identified more
than 500 low-risk drilling opportunities and has exposure to more
than 10 million BOE of reserves, including proved, probable, and
possible categories. 
In addition to EnerJex's active projects, the majority of its acreage
is now located on trend with emerging unconventional oil resource
plays in the Denver-Julesburg ("DJ") Basin of Eastern Colorado and
Western Nebraska that are reportedly being pursued by a number of
competitors including Southwestern Energy, Devon Energy, Apache Corp,
Wiepking-Fullerton Energy, Cascade Petroleum, Nighthawk Energy,
Synergy Resources, Vecta Oil & Gas, Omimex Petroleum, and Recovery
Energy.  
Multiple wells have recently been permitted, drilled, and tested in
these plays targeting unconventional oil production from Paleozoic
(Permian and Pennsylvanian) carbonates and shales. Primary oil
targets being pursued include the Marmaton, Cherokee, Atoka, Morrow,
Virgil, and Admire formations. Unconventional oil production is also
being targeted in the Cretaceous Greenhorn formation. These plays are
in the early stages of exploration and there can be no certainty that
they will prove to be successful or that the Company will be able to
establish commercial oil production from them on its existing
acreage.  
EnerJex recently entered into a number of fixed price swaps to hedge
a significant amount of additional oil volumes through 2015. A
detailed summary of its existing hedge portfolio is provided below. 


 
                                                     
                      -------------------------------
                              Monthly      Average   
                      Year Volume (Bbl) Price ($/Bbl)
                      -------------------------------
                      2013    10,750        $88.4    
                      -------------------------------
                      2014    10,720        $88.5    
                      -------------------------------
                      2015     9,800        $85.9    
                      -------------------------------

 
Management Comments 
EnerJex's CEO, Robert Watson, Jr., commented, "I am thrilled to
announce the completion of this merger and the expansion of EnerJex's
credit facility with TCB. I extend gratitude to everyone at EnerJex
and Black Raven for their hard work and dedication, and I thank TCB
for being a great partner. I have never been more excited about
EnerJex's future. The Company is currently running multiple rigs and
I look forward to updating investors on our progress."  
About EnerJex Resources, Inc.  
EnerJex Resources, Inc. is an exploration and production company
focused on the acquisition, development, exploration, and production
of oil and natural gas from properties located in the mid-continent
region of the United States. EnerJex's headquarters are located in
San Antonio, Texas and additional information is available on the
company's website at www.enerjex.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 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; the ability to manage and continue
growth; and the ability of management to successfully integrate Black
Raven. 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 SEC. 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 
EnerJex Resources, Inc.
Robert Watson, Jr.
CEO
Phone: (210) 451-5545 
 
 
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