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Published in Stocks and Investing on Friday, January 16th 2009 at 10:14 GMT, Last Modified on 2009-01-16 10:15:43 by Market Wire
OVERLAND PARK, Kan.--([ BUSINESS WIRE ])--EnerJex Resources, Inc. (OTCBB: ENRJ) today reported that it will retain ownership of the Gas City Project in Allen County, KS. Euramerica Energy Inc. ("Euramerica") had previously held an option to purchase and develop 6,600 acres of the approximately 7,500 acre property.
Euramerica failed to fully fund by January 15, 2009 both the balance of the purchase price and the remaining development capital owed under the Amended and Restated Well Development Agreement and Option for "Gas City Property" between the Registrant and Euramerica. Therefore, Euramerica has forfeited all of its interest in the property, including all interests in any wells, improvements or assets, and all of Euramerica's interest in the property reverts back to EnerJex Kansas, Inc., formerly known as Midwest Energy Inc., a wholly owned subsidiary of the Registrant. In addition, all operating agreements between the Registrant and Euramerica relating to the Gas City Project are null and void.
EnerJex CEO Steve Cochennet commented, "With the expiration of the Euramerica option we will begin to evaluate other alternatives toward the development or disposition of this asset."
About EnerJex Resources, Inc.
EnerJex is an oil and natural gas acquisition, exploration and development company. EnerJex's principal strategy is to focus on the acquisition of oil and natural gas mineral leases that have existing production and cash flow. Once such leases are acquired, EnerJex implements an accelerated development program utilizing capital resources, a regional operating focus, an experienced management and technical team, and enhanced recovery technologies to attempt to increase production and increase returns for its stockholders. EnerJex's oil and natural gas acquisition and development activities are currently focused in Eastern Kansas.
More information on EnerJex and its operations can be found on its website: [ www.EnerJexResources.com ].
Forward-Looking Statement
The statements in this press release regarding the operational successes, including the BOEPD from EnerJex wells, number of current and anticipated wells, well success rate, current operations, future outlook, and any other effects resulting from any of the above forward-looking statements involve risks and uncertainties. Such risks and uncertainties, include, but are not limited to: the continued production of oil in light of declining economic conditions and commodity prices; costs of operations and development; delays, and any other difficulties related to producing oil; rig availability; price of oil; exploitation and exploration successes; potential day to day fluctuations for a number of reasons, including weather, equipment failure, and normal operating cycles; marketing and sales of produced minerals; risks and effects of legal and administrative proceedings and governmental regulation; actions taken and to be taken by the government as a result of political and economic conditions; future financial and operational results; competition; general economic, market or business conditions; and the ability to manage and continue growth. Although EnerJex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
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 Securities and Exchange Commission (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.
