It is rare for a micro-cap to do this. I agree with Robert, the stock is undervalued. You can find my Fair Value Estimate in the last newsletter. - Dan
San Antonio, Texas (November 8, 2012) – EnerJex Resources, Inc. (OTCMarkets: ENRJ) (“EnerJex” or the “Company”), a domestic onshore oil company, announced today that its Board of Directors has authorized the Company to repurchase up to $2.0 million of its shares of common stock. This program is effective immediately and will expire on December 31, 2013.
Share repurchases under this program may be made through open market or privately negotiated transactions, at such times and in such amounts as management deems appropriate. EnerJex has received approval from its lender, Texas Capital Bank, N.A., to complete the full amount of this repurchase program, subject to certain conditions which the Company expects to meet.
Management Comments
EnerJex’s CEO, Robert Watson, Jr., commented, “Our Board of Directors believes that the Company’s stock is significantly undervalued, and that our financial position is now strong enough to afford an opportunistic share repurchase program while EnerJex continues to grow at a rapid pace. We remain intensely focused on per-share value creation for our stockholders.”
EnerJex
Re: EnerJex
..EnerJex Resources Announces Record Revenue For The Third Quarter Ended September 30, 2012, Including An 88% Increase In Adjusted Oil Production And A 95% Increase In Adjusted EBITDA
Press Release: EnerJex Resources, Inc. – 51 minutes ago....Email
Share0Print.....RELATED QUOTES.
.Symbol Price Change
ENRJ 0.65 +0.18
......
SAN ANTONIO, Texas, Nov. 16, 2012 /PRNewswire/ -- EnerJex Resources, Inc. (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, 2012. A copy of this document is available through the Company's website at www.enerjex.com.
Highlights for the third quarter include the following:
•Production of 26,038 barrels of oil, an 88% increase adjusted for asset sales.
•Record revenue of $2.3 million, an 88% increase adjusted for asset sales.
•Operating expenses of $31.03 per net barrel of oil produced, a 22% decrease.
•Adjusted earnings before interest, income tax, depreciation and amortization ("EBITDA") of $813,815, a 95% increase.
•Completion of drilling 4 new oil development wells and 1 new secondary recovery water injection wells in EnerJex's Mississippian Project located in Southeast Kansas with a 100% success rate.
•Completion of drilling 17 new oil development wells and 12 new secondary recovery water injection wells in the Company's Cherokee Project located in Eastern Kansas with a 100% success rate.
Production volumes during the three months ended September 30, 2012 were 26,038 barrels of oil compared to 19,724 barrels of oil during the three months ended September 30, 2011. Excluding production from properties that were sold in December 2011, production was 13,855 barrels of oil during the three months ended September 30, 2011.
Revenues were $2,252,681 for the third quarter of 2012 compared to $1,673,857 for the third quarter of 2011. Excluding revenue from properties that were sold in December 2011, revenue was $1,197,838 for the third quarter of 2011. The Company realized an average oil price of $86.52 during the third quarter of 2012 compared to $84.87 during the third quarter of 2011.
Lease operating expenses were $807,887 or $31.03 per net barrel of oil produced during the three months ended September 30, 2012 compared to $787,994 or $39.95 per net barrel of oil produced during the three months ended September 30, 2011.
Operating income was $355,973 for the third quarter of 2012 compared to operating income of $28,709 for the third quarter of 2011.
EBITDA was a loss of $715,312 during the three months ended September 30, 2012 compared to positive EBITDA of $3,606,018 during the three months ended September 30, 2011. Adjusted to exclude the effect of derivative contracts (oil hedges), EBITDA was $813,815 during the three months ended September 30, 2012 compared to $417,741 in the same period last year.
A net loss of $1,296,049 was incurred in the third quarter of 2012 compared to net income of $3,119,371 for the third quarter of 2011. Adjusted to exclude the effect of derivative contracts (oil hedges), net income was $233,078 for the third quarter of 2012 compared to a loss of $68,906 in the same period last year.
Gains or losses from derivative contracts are primarily related to the non-cash mark to market of the hedge portfolio as required by GAAP.
Management Comments
EnerJex's CEO, Robert Watson, Jr., commented, "I am pleased with our third quarter results and I have never been more excited about the Company's prospects. EnerJex is currently running two drilling rigs in its Mississippian Project and three drilling rigs in its Cherokee Project. As a result of our accelerated development pace and continued drilling success, I expect the Company's oil production and cash flow to rapidly increase for the foreseeable future."
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.enerjex.com.
Press Release: EnerJex Resources, Inc. – 51 minutes ago....Email
Share0Print.....RELATED QUOTES.
.Symbol Price Change
ENRJ 0.65 +0.18
......
SAN ANTONIO, Texas, Nov. 16, 2012 /PRNewswire/ -- EnerJex Resources, Inc. (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, 2012. A copy of this document is available through the Company's website at www.enerjex.com.
Highlights for the third quarter include the following:
•Production of 26,038 barrels of oil, an 88% increase adjusted for asset sales.
•Record revenue of $2.3 million, an 88% increase adjusted for asset sales.
•Operating expenses of $31.03 per net barrel of oil produced, a 22% decrease.
•Adjusted earnings before interest, income tax, depreciation and amortization ("EBITDA") of $813,815, a 95% increase.
•Completion of drilling 4 new oil development wells and 1 new secondary recovery water injection wells in EnerJex's Mississippian Project located in Southeast Kansas with a 100% success rate.
•Completion of drilling 17 new oil development wells and 12 new secondary recovery water injection wells in the Company's Cherokee Project located in Eastern Kansas with a 100% success rate.
Production volumes during the three months ended September 30, 2012 were 26,038 barrels of oil compared to 19,724 barrels of oil during the three months ended September 30, 2011. Excluding production from properties that were sold in December 2011, production was 13,855 barrels of oil during the three months ended September 30, 2011.
Revenues were $2,252,681 for the third quarter of 2012 compared to $1,673,857 for the third quarter of 2011. Excluding revenue from properties that were sold in December 2011, revenue was $1,197,838 for the third quarter of 2011. The Company realized an average oil price of $86.52 during the third quarter of 2012 compared to $84.87 during the third quarter of 2011.
Lease operating expenses were $807,887 or $31.03 per net barrel of oil produced during the three months ended September 30, 2012 compared to $787,994 or $39.95 per net barrel of oil produced during the three months ended September 30, 2011.
Operating income was $355,973 for the third quarter of 2012 compared to operating income of $28,709 for the third quarter of 2011.
EBITDA was a loss of $715,312 during the three months ended September 30, 2012 compared to positive EBITDA of $3,606,018 during the three months ended September 30, 2011. Adjusted to exclude the effect of derivative contracts (oil hedges), EBITDA was $813,815 during the three months ended September 30, 2012 compared to $417,741 in the same period last year.
A net loss of $1,296,049 was incurred in the third quarter of 2012 compared to net income of $3,119,371 for the third quarter of 2011. Adjusted to exclude the effect of derivative contracts (oil hedges), net income was $233,078 for the third quarter of 2012 compared to a loss of $68,906 in the same period last year.
Gains or losses from derivative contracts are primarily related to the non-cash mark to market of the hedge portfolio as required by GAAP.
Management Comments
EnerJex's CEO, Robert Watson, Jr., commented, "I am pleased with our third quarter results and I have never been more excited about the Company's prospects. EnerJex is currently running two drilling rigs in its Mississippian Project and three drilling rigs in its Cherokee Project. As a result of our accelerated development pace and continued drilling success, I expect the Company's oil production and cash flow to rapidly increase for the foreseeable future."
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.enerjex.com.
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wilmawatts
- Posts: 685
- Joined: Fri Apr 01, 2011 10:12 am
Re: EnerJex
* running two drilling rigs in its Mississippian Project *
Will be an interesting luncheon presentation today, looking forward to it
Will be an interesting luncheon presentation today, looking forward to it
Re: EnerJex
The presentation EnerJex made in Dallas on Wednesday will be on the website Dec 6.
Based on what I heard today, the stock price should be an easy double in a year.
Based on what I heard today, the stock price should be an easy double in a year.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EnerJex
An updated Net Income & Cash Flow Forecast model for EnerJex is now available under the Watch List Tab. My Fair Value Estimate is at the bottom of the spreadsheet.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group