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Oil Production Increase & Drilling Success at Rantoul

Source: www.gulfoilandgas.com 5/31/2012, Location: North America

EnerJex Resources, Inc. (EnerJex or the Company), a domestic onshore oil company, announced that it has completed 14 new oil wells and 30 new secondary recovery water injection wells in its Rantoul Project located in Eastern Kansas. Year-to-date, the Company has drilled 28 new oil wells and 49 new injection wells in this project with a 100% success rate. Twenty-two of the new oil wells have begun producing and 19 of the new secondary recovery wells have begun injecting water. The remaining wells are expected to be placed online in the near term.

Results from this drilling program have exceeded management's expectations, and production from this project has increased by 75% since the end of 2011 to approximately 175 barrels of oil per day. EnerJex currently has 2 rigs drilling new wells in its Rantoul Project, where the Company expects oil production to continue growing as new wells are completed and secondary recovery wells begin to pressurize the producing oil formation.

Management Comments
EnerJex's CEO, Robert Watson, Jr., stated, "EnerJex's drilling and production results continue to demonstrate the value of its extensive asset base, consisting of more than 500 low-risk oil drilling locations, the majority of which were not included in the Company's 2011 reserve report. Management expects the economic life of EnerJex's Kansas oil projects, which are characterized by low production decline rates, to exceed 50 years from today. I believe this provides an excellent foundation from which the Company can continue to increase per-share value for its stockholders."

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