Attached files
| file | filename |
|---|---|
| 8-K - AgEagle Aerial Systems Inc. | v208305_8k.htm |
| EX-10.1 - AgEagle Aerial Systems Inc. | v208305_ex10-1.htm |
FOR IMMEDIATE
RELEASE
ENERJEX
RESOURCES ACQUIRES OPERATING ASSETS
COMPANY
EXPECTS ANNUAL COST SAVINGS IN EXCESS OF $500,000
SAN ANTONIO, Texas (January 18, 2011)
– EnerJex Resources, Inc. (OTCBB: ENRJ) (“EnerJex”, or the “Company”), a
pure-play domestic onshore oil company, announced today that it has terminated
its services agreement with J&J Operating, LLC (“J&J”), and acquired
more than 20 pieces of heavy operating equipment from J&J for approximately
$230,000. In addition, the Company affirmed its obligation to convey to J&J
certain interests in working and operating assets that the Company acquires,
employed 16 former employees of J&J, engaged J&J's two principals under
five-year consulting agreements, and signed a five-year noncompetition and
nonsolicitation agreement with J&J and its two principals.
EnerJex
will now manage all of its operated assets in-house and have better control over
its costs and operations in anticipation of growth in oil production. In
addition, the Company expects this transaction will result in annual cost
savings in excess of $500,000.
Management
Comments
EnerJex’s
CEO, Robert Watson, Jr., commented, “I would like to thank J&J for its
commitment to EnerJex during the past 6 months and for the exceptional job it
did in stabilizing and growing the Company’s oil production during a
transitional period when the company had limited financial resources. Bringing
operations in-house is a natural transition for EnerJex as we continue to build
a strong foundation to support future growth.”
Mr.
Watson further commented, “I look forward to working closely with our new team
in an effort to build an efficient and cost-conscious field
operation.”
About EnerJex Resources,
Inc.
EnerJex
is a pure-play domestic onshore oil company with assets located in Eastern
Kansas and South Texas. The Company’s primary business is to explore, develop,
produce and acquire oil properties onshore in the United States. Additional
information is available on the Company’s website at www.enerjexresources.com.
1600 N.E. Loop 410, Suite 104 | San Antonio, TX 78209 | P: 210.451.5545 | F: 210.451.5546 | WWW.ENERJEXRESOURCES.COM
Forward-Looking
Statements
This
press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements give EnerJex’s current
expectations or forecasts of future events. The statements in this press release
regarding the acquisition of operating assets and related agreements; any
implied or perceived benefits from those transactions, and any other effects
resulting from any of the above, are forward-looking statements. Such statements
involve risks and uncertainties, including but not limited to: the continued
production of oil at historical rates; costs of operations; delays, and any
other difficulties related to producing oil; the ability of EnerJex to integrate
the newly purchased assets and newly acquired employees; price of oil; marketing
and sales of produced minerals; risks and effects of legal and administrative
proceedings and governmental regulation; future financial and operational
results; competition; general economic conditions; and the ability to manage and
continue growth. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual outcomes
may vary materially from those indicated. Important factors that could cause
actual results to differ materially from the forward-looking statements EnerJex
makes in this news release include market conditions and those set forth in
reports or documents EnerJex files from time to time with the SEC. EnerJex
undertakes no obligation to revise or update such statements to reflect current
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Contact
Robert
Watson, Jr., CEO
EnerJex
Resources, Inc.
(210)
451-5545
1600 N.E. Loop 410, Suite 104 | San Antonio, TX 78209 | P: 210.451.5545 | F: 210.451.5546 | WWW.ENERJEXRESOURCES.COM