Featuring: publicly traded & venture capital companies on the U.S. (NYSE, NASDAQ, AMEX & OTC: BB) and Canadian (TSX & TSX-V) stock exchanges, Investment & Money Management Ideas. |
|||||||||||||||||||||||||||||||||||||||||||||
Press Release - EnerJex Resources, Inc. (EJXR-OTC: BB) |
|||||||||||||||||||||||||||||||||||||||||||||
|
“As of a couple years ago, the state of Kansas was the fifth largest oil producer in the country, yet there are 23,000 independent producers of which 5,000 account for 30% of the production. It is a very fragmented business and in the instance of this part of the country, you had folks who have 500 to 10,000 acres, and have only drilled a few wells. Therefore, it is primarily the local landowners who have made money over the years... - Steve Cochennet (EJXR) (Interview published October 26, 2007) |
||||||||||||||||||||||||||||||||||||||||||||
The Most Powerful Name In Corporate News and Information. |
|||||||||||||||||||||||||||||||||||||||||||||
CURRENT ISSUE | COVER ARCHIVES | INDEX | CONTACT | FINANCIALS | MARKETING SERVICES | HOME PAGE |
|||||||||||||||||||||||||||||||||||||||||||||
FOR IMMEDIATE RELEASE ENERJEX ANNOUNCES UPDATED RESERVES AS OF DECEMBER 31, 2007 Proved PV 10 value of reserves increases over 25 percent in the quarter to in excess of $30.9 million
The estimated PV10 of the 1.2 million
BOE – using a 10% discount rate of the future net cash flows before
income taxes – was based on an oil price of $84.25 per barrel and
$5.657 per Mcf for natural gas as of December 31, 2007. The report,
prepared by McCune Engineering, an independent licensed petroleum
engineering firm based in Summary of Oil and Gas Reserves as of December 31, 2007
*BOE = barrels of oil equivalent (with 6mcf = 1 barrel)
*STB = stock tank barrels
EnerJex began its capital raising and drilling program in April 2007 with zero reserves. Steve Cochennet, EnerJex’s Chairman and CEO, stated, "This reserve report confirms that our aggressive developmental program, combined with our growth strategy is working. EnerJex has added over $30.9 million in proved PV 10 values and $17.2 million in Probable Reserves in just nine months. We are now cash flow positive, and – with approximately 22.2 million shares outstanding and $11.7 million in total debt – we have materially increased value for our shareholders in a relatively short period of time. That makes us well positioned to execute on our plans for 2008.” Cochennet continued, “Since April 2007, we have closed four acquisitions, drilled 90 new wells with a 98% success rate, and we continue to improve our operational efficiencies. With our existing leases there are also over 400 additional drillable locations. We will focus on the development of these core assets and, at the same time, plan to evaluate additional acquisition opportunities.” About EnerJex Resources, Inc.
EnerJex is an oil and natural gas
acquisition, exploration and development company. Operations,
conducted solely through EnerJex Forward Looking Statements: The statements in this press release regarding any implied or perceived benefits from existing oil and gas field properties, actual proven and probable reserves and revenues to be derived from the reserves, plans to drill additional oil and gas wells, anticipated revenues, the acquisition of additional oil or gas leases, maintaining mineral lease rights, 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, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, estimates made in evaluating proven or probable reserves, 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. The reserve values stated in the McCune report are estimates and should not be interpreted as being exact quantities. They may or may not be actually recovered and the revenues stated in the report may be more or less than what will ultimately be recovered. While the reserve estimates presented in the report were believed reasonable at December 31, 2007, several factors may lead to a future revision of the reserve estimates presented in the report, including general economics, EnerJex’s operations and reservoir performance. 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 EnerJex makes in this news release include market conditions and those set forth in reports or documents it files from time to time 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. Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves as defined in Rule 4-10(a) of Regulation S-X. EnerJex uses certain terms herein, such as probable reserves, which the SEC’s guidelines strictly prohibit EnerJex from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-KSB, File No. 000-30234, available from EnerJex at 7300 W. 110th, 7th Floor, Overland Park, Kansas 66210. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website at www.sec.gov. ###
For further
information contact:
|
ceocfointerviews.com does not purchase or
make
recommendation on stocks based on the interviews published.