ENRJ ops update
Posted: Thu Jan 23, 2014 3:41 pm
ENERJEX RESOURCES ANNOUNCES ADENA FIELD OPERATIONS UPDATE
San Antonio, Texas / Denver, Colorado / Kansas City, Missouri (January 23, 2014) – EnerJex Resources, Inc. (OTCMarkets: ENRJ) (“EnerJex” or the “Company”) announced today an update on its operating activities in Morgan County, Colorado, where the Company owns a 100% working interest in approximately 19,000 acres covering the majority of Adena Field.
EnerJex has successfully initiated production from the previously announced J-Sand well at a rate of more than 30 barrels of oil per day, which is consistent with the rate observed during testing operations. This production rate far exceeds management’s expectations of approximately 10 barrels of oil per day for high-ranked J-Sand wells.
The Company has successfully re-entered and tested an additional J-Sand well which is expected to be tied into production during the coming weeks. In addition, EnerJex is evaluating the potential to begin selling a significant amount of natural gas from idle J-Sand and D-Sand wells during the first quarter. The Company plans to continue aggressively reactivating and recompleting oil wells in Adena Field throughout 2014.
According to the Colorado Oil and Gas Conservation Commission, Adena is the third largest oil field in the history of Colorado behind Rangely and Wattenberg, having produced 75 million barrels of oil and 125 billion cubic feet of natural gas. Nearly all of the producing wells in Adena Field were temporarily abandoned or shut-in during the secondary recovery phase in the mid-1980s when oil prices collapsed, and only a small number of wells have been produced since that time. Approximately 130 wells are currently shut-in or temporarily abandoned, of which the Company has initially identified approximately 75 wells to be reactivated in the J-Sand formation or recompleted in the D-Sand formation.
Management Comments
EnerJex’s CEO, Robert Watson, Jr., commented, “I am excited to announce these results for our shareholders. I am pleased with our initial results at Adena Field and look forward to continued growth throughout the year.”
San Antonio, Texas / Denver, Colorado / Kansas City, Missouri (January 23, 2014) – EnerJex Resources, Inc. (OTCMarkets: ENRJ) (“EnerJex” or the “Company”) announced today an update on its operating activities in Morgan County, Colorado, where the Company owns a 100% working interest in approximately 19,000 acres covering the majority of Adena Field.
EnerJex has successfully initiated production from the previously announced J-Sand well at a rate of more than 30 barrels of oil per day, which is consistent with the rate observed during testing operations. This production rate far exceeds management’s expectations of approximately 10 barrels of oil per day for high-ranked J-Sand wells.
The Company has successfully re-entered and tested an additional J-Sand well which is expected to be tied into production during the coming weeks. In addition, EnerJex is evaluating the potential to begin selling a significant amount of natural gas from idle J-Sand and D-Sand wells during the first quarter. The Company plans to continue aggressively reactivating and recompleting oil wells in Adena Field throughout 2014.
According to the Colorado Oil and Gas Conservation Commission, Adena is the third largest oil field in the history of Colorado behind Rangely and Wattenberg, having produced 75 million barrels of oil and 125 billion cubic feet of natural gas. Nearly all of the producing wells in Adena Field were temporarily abandoned or shut-in during the secondary recovery phase in the mid-1980s when oil prices collapsed, and only a small number of wells have been produced since that time. Approximately 130 wells are currently shut-in or temporarily abandoned, of which the Company has initially identified approximately 75 wells to be reactivated in the J-Sand formation or recompleted in the D-Sand formation.
Management Comments
EnerJex’s CEO, Robert Watson, Jr., commented, “I am excited to announce these results for our shareholders. I am pleased with our initial results at Adena Field and look forward to continued growth throughout the year.”