FOR IMMEDIATE RELEASE
ENERJEX RESOURCES ANNOUNCES RECORD RESULTS FOR 2012
San Antonio, Texas (April 11, 2013) – EnerJex Resources, Inc. (OTCMarkets: ENRJ) (“EnerJex” or the “Company”), a domestic onshore oil company, announced today that it has filed its SEC Form 10-K detailing the Company’s results of operations for 2012.
Reserve Report Highlights:
A summary of EnerJex’s 2012 reserve report is included in its 10-K filing which reflects the following:
§ Record total proved reserves of 2.93 million barrels of oil (“MMbbl”), an 8% increase compared to the prior year.
§ Record proved developed producing reserves of 1.55 MMbbl, a 164% increase compared to the prior year.
§ Record total proved PV-10 value (present value of pre-tax future net cash flow discounted at 10% per annum) of $60.8 million, a 14% increase compared to the prior year.
§ Record proved developed producing PV-10 value of $34.7 million, a 123% increase compared to the prior year.
§ 220% of 2012 oil production was replaced by proved reserve additions.
Financial and Operational Highlights:
Among the milestones reached by EnerJex during 2012, the Company achieved:
§ Record revenue of $8.5 million, a 30% increase compared to the prior year.
§ Record net income of $0.7 million compared to a loss of $2.0 million in the prior year.
§ Record earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of $2.7 million compared to a loss of $0.4 million in the prior year.
§ Record operating cash flow of $2.3 million compared to a loss of $0.8 million in the prior year.
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§ Record production of 96,842 barrels of oil, a 35% increase compared to the prior year.
§ Operating expenses of $32.03 per net barrel of oil produced, a 37% improvement compared to the prior year.
Management Comments
EnerJex’s CEO, Robert Watson, Jr., commented, “2012 was an outstanding year for the Company, and I am proud of our team’s accomplishments and thankful for their hard work. EnerJex has an opportunity to rapidly grow in 2013, and management will be focused on increasing the Company’s total proved reserves while maximizing value for stockholders on a per-share basis.”
Commenting further, Mr. Watson stated, “EnerJex is on schedule to achieve during the next month a milestone which will enable the Company to increase the size of its Mississippian Project by approximately 1,000 acres and expose it to a significant amount of new reserve potential in 2013. In addition, the Company has identified approximately 400 drilling locations in its Cherokee Project which are not currently booked as reserves. These locations offset or are in close proximity to established oil wells, and I am optimistic that the development of these assets will add a significant amount of new reserves during 2013.”
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 EnerJex’s web site at www.enerjexresources.com.