ENERJEX RESOURCES COMPLETES $50 MILLION SENIOR CREDIT FACILITY

 EnerJex also amends its remaining debentures, reduces debt costs, extends production hedges for an additional 18 months and announces the effective date for a 1-for-5 reverse stock split

OVERLAND PARK, KAN. (July 8, 2008) – EnerJex Resources, Inc. (OTCBB: EJXR)  (“EnerJex” or the “Company”) announced today the closing of a new three-year $50 million senior secured revolving credit facility with Texas Capital Bank, N.A.

Borrowings under the new credit facility will be subject to an initial borrowing base limitation of $10.75 million. The initial interest rate on the new facility will be prime plus .5%, or 5.5%.  The borrowing base will be subject to semi-annual redeterminations with the first redetermination to be October 1, 2008. The facility will be secured by a lien on substantially all assets of EnerJex and its subsidiaries. The credit facility has a term of three years, and all principal amounts, together with all accrued and unpaid interest, will be due and payable in full on July 3, 2011.  The facility also provides for up to an additional $2.25 million limit that is not subject to the borrowing base to support the Company’s hedging program.

Proceeds from the initial extensions of credit under the facility will be used for: (1) redemption of an aggregate principal amount of $6.3 million of the outstanding 10% Senior Secured Debentures; (2) pay off of  $2.0 million in indebtedness to Cornerstone Bank; (3) a complete repayment of approximately $1.0 million in promissory notes issued to the sellers in connection with EnerJex’s purchase of the DD Energy project; (4) transaction costs, fees and expenses related to the new facility; and (5) expansion of current development projects including completion of 31 new oil wells that have been drilled since May of 2008.

Future borrowings will be used primarily for the acquisition, development and exploration of oil and gas properties, capital expenditures, and general corporate purposes subject to availability based on borrowing base limitations. 

The $2.7 million remaining of 10% Senior Secured Debentures were subordinated to the new credit facility and were also amended to remove certain covenants requiring the Company to meet certain oil production thresholds going forward.

Contemporaneously with the new credit facility, EnerJex entered into a costless collar with BP Corporation North America Inc. on 130 barrels of oil per day with a price floor of $132.50 per barrel and a ceiling price of $155.70 per barrel for NYMEX West Texas Intermediate over 18

months from October 1, 2009 through March 31, 2011. The Company’s current production as of May 30, 2008 approximates 270 barrels a day.

EnerJex CEO Steve Cochennet stated, “We couldn’t be more pleased about the new credit facility with Texas Capital Bank. This agreement is a major milestone for the Company as it establishes our relationship with a major energy bank and puts us in a position to better execute our strategy long term. Finally, this new structure will represent a material reduction in our debt cost by reducing interest expense by approximately 450 basis points on the $6.3 million of redeemed debentures replaced by the credit facility.”  

In addition, EnerJex will be effectuating a 1-for-5 reverse stock split that was approved by shareholders at a Special Meeting of Shareholders on May 27, 2008.  The reverse stock split will be effective on or about July 25, 2008.  As a result of the reverse stock split, each five shares of common stock will be combined and reclassified into one share of common stock and the total number of shares outstanding will be reduced to approximately 4.4 million shares from approximately 22.2 million shares. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. Upon notification and approval of the OTC:BB, EnerJex’s trading symbol will also change. Shareholders will not be required to tender any certificates as a result of this reverse stock split with all adjustments being made by EnerJex’s transfer agent. 

About EnerJex Resources, Inc.:

EnerJex is an oil and natural gas acquisition, exploration and development company. EnerJex’s principal strategy is to focus on the acquisition of oil and natural gas mineral leases that have existing production and cash flow. Once such leases are acquired, EnerJex implements an accelerated development program utilizing capital resources, a regional operating focus, an experienced management and technical team, and enhanced recovery technologies to attempt to increase production and increase returns for its stockholders. EnerJex’s oil and natural gas acquisition and development activities are currently focused in Eastern Kansas .

More information on EnerJex and its operations can be found on its website: www.EnerJexResources.com.

Forward-Looking Statement:

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 oil and gas revenues, number of potential drillable locations, 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 oil and 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, the ability to manage and continue growth, lack of performance by counterparties, the inability to deliver quantities under swaps at times when market prices are above our fixed price  and the inability to fund a margin account and margin calls with respect to hedge agreements.

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.

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For further information contact:
Dede Jones, Director of Finance

913-693-4600 or djones@enerjexresources.com

or

Debbie Hagen, Investor Relations
913-652-6547 or dhagen@hagenandpartners.com