EnerJex announces drilling success in Mississippian Project
Thursday, Mar 15, 2012
SAN ANTONIO, March 14, 2012 /PRNewswire/ -- EnerJex Resources, Inc. (OTCMarkets:ENRJ) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today that it has completed drilling 5 new oil wells targeting the Mississippian formation in Southeast Kansas with a 100% success rate. These wells were drilled on the Company's recently acquired acreage in its Mississippian Project as part of a 10 well pilot program that is expected to be finished in approximately one month. Completion work is underway and initial oil production is expected within one week.
These wells are being drilled to delineate and evaluate the Mississippian formation across a 720 acre portion of the project in which EnerJex intends to drill approximately 100 wells during the next 12 months. In addition, EnerJex plans to test the deeper Arbuckle formation in an upcoming well. This zone has high potential but a low probability of success, and by deepening a new well it can be evaluated at minimal cost.
EnerJex's CEO, Robert Watson, Jr., commented, "I am pleased with our initial drilling results and look forward to bringing these wells online. EnerJex has identified hundreds of low-risk drilling locations in its Mississippian Project, and the Company plans to launch full-scale development in the coming months."
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 atwww.enerjexresources.com.