This is a good thing. - dan
San Antonio, Texas (May 22, 2013) – EnerJex Resources, Inc. (OTCMarkets: ENRJ) (“EnerJex” or the “Company”), a domestic onshore oil company, announced today that it has sold two non-core oil leases in Eastern Kansas to a third-party for total net proceeds of approximately $450,000. These properties are located outside of EnerJex’s core operating areas, and this divestiture is expected to lower the Company’s unit operating expenses. No value was attributed to these assets in EnerJex’s borrowing availability under its credit facility with Texas Capital Bank.
Management Comments
EnerJex’s CEO, Robert Watson, Jr., commented, “I am pleased to announce this non-core asset sale, which will further streamline the Company’s operations and allow management to focus more attention on growth opportunities.”